MOSCOW, December 3 (RIA Novosti) - Oil firm Sibir Energy will buy real estate assets worth $340 million from Russian entrepreneur Shalva Chigirinsky, including the Russia Tower project in the Moscow City business center, the company said on Wednesday.

The construction of the Russia Tower, which on completion is set to be the eighth-tallest building in the world, was recently halted after the developer came up against financing problems amid the global credit crunch.

Sibir Energy will pay Chigirinsky $127 million, and take on $213 million of the entrepreneur's debt.

Chigirinsky's real estate assets to be purchased by Sibir Energy also include an A-class office building in central Moscow; a multi-functional office complex in Mitino, northwest Moscow; the projects of the New Holland artificial triangular island and the Passage luxury retail arcade in St. Petersburg; the Tea Factory office and residential compound in Irkutsk in East Siberia; land sites covering over 400 hectares in Russia's westernmost exclave of Kaliningrad; and 118 hectares in central Russia.

Sibir will request a general meeting of its shareholders to approve the acquisitions, the company said.