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The Church of St. Nicholas in Old Russa is located near the Writers` Square, which is a square with a lawn on the banks of the small Malashka River. A monument to Fyodor Dostoevsky was erected in the center of the square in 2001. This square is located on Svarogi Street, which connects the Old Russa Resort with the city center. 

The stone Church of St. Nicholas was built in 1341. In those years, there was a trade square nearby, so the church was called "Nikola at the Trade". Saint Nicholas of Myra is the patron saint of trade.  

The architectural style of the Church of St. Nicholas in Old Russa is similar to the early churches of Veliky Novgorod. During the Pole Invasion, the church was partially destroyed and was in ruins for almost a century. In 1710, the Church of St. Nicholas was rebuilt on the same foundation. From the ancient church, only a 2-3-meter masonry at the ground has been preserved. In 1750, a bell tower in the classical style was erected next to the church. 

During the WWII, fierce battles took place near Old Russa, so the church was partially damaged. After the war, it was transferred to the Museum of Local Lore, so the church was restored. In 1986, the Seaboard’s Old Believer community was registered in Old Russa, and in 1990 the St. Nicholas Church was transferred to this Old Believer community for conducting services.