On 19 July 2024, the State Hermitage is to announce the commencement of the final phase of the restoration and adaptation to modern-day use of the Exchange building on the Spit of Saint Petersburg’s Vasilyevsky Island.


The Hermitage has been carrying out restoration work on the Exchange since 2014. Over those ten years, correcting shortcomings in the plan and overcoming poor work by contractors (with some of whom it was even necessary to rescind contracts), the museum has effectively saved one of Russia’s outstanding architectural monuments of the early 19th century from destruction. In the course of the decade, the foundations were reinforced and hydraulically sealed, concreting of the floors was completed, the restoration of the external granite facing of the stylobate has come close to competition, the eastern and western flights of granite steps were finished, the facades, sculptural groups on the pediments and the skylight were completely restored, and the roof thoroughly repaired.
On 23 May 2024, the Government of Russia took the decision to entrust the function of state commissioning body for the performance of repair and restoration work on the Exchange building directly to the Ministry of Culture. This was prompted by the assignment given by President Vladimir Putin to speed up work on the creation of a Museum of Russian Martial Glory and Victories. The new deadlines and expanded volume of work led to an increase in the cost of the final phase of the restoration.
The Ministry of Culture of the Russian Federation is taking upon itself the realization of the large-scale repair and restoration work. The State Hermitage, for its part, will determine the content and create within the restored premises new displays devoted to the history of the Russian Corps of Guards from the 17th to 21st centuries, the history of Russian and world heraldry, awards and decorations.
To carry out the research needed to refine the planning documentation for the final phase of the restoration, the Ministry of Culture has chosen as a contactor the company Stroi Expert, which has already begun work.
In the process of museifying the edifice, the Hermitage will devote attention above all to the Hall of Russian Glory – the central space in the Exchange which will subsequently become a venue for the holding of formal national and municipal ceremonies. In this way, the Hermitage is continuing its work in reviving old and creating new traditions, as St George’s Day, the Day of the Russian Guards and the anniversary of the expulsion of the enemy from the borders of Russia in 1812 have become within the museum.
The results of these collective efforts will be to return to life and fill with fresh content the Exchange building that is justly one of the symbols of Saint Petersburg.