Russia's Railways to Sell Iconic Moscow Skyscraper Amid Debt Crisis

Russia's government has tasked Russian Railways with selling a central Moscow skyscraper to alleviate its $50 billion debt. The move is part of broader discussions to support the state-owned company, which employs 700,000 people. Other financial strategies are still under consideration.

In a bid to reduce its towering $50 billion debt, Russian Railways has been directed by the government to sell its 62-floor skyscraper in central Moscow, sources disclosed to Reuters.

The decision comes as Russia's largest commercial employer struggles with dwindling revenues and escalating debt expenses, exacerbated by the nation's economic slowdown and highest interest rates in two decades.

Plans to convert some bank debt into shares, among other financial measures, are still under consideration. The sale of the skyscraper, located within the Manhattan-style 'Moscow City', aims to prevent dramatic price hikes in cargo transportation.

(With inputs from agencies.)