The Federation complex, located in the Moscow City business center, is divided into two skyscrapers - the smaller West Tower at 243 meters tall (61 floors) and the East Tower, designed to be 360 meters (120 floors).
Ara Aramyan, vice president of the Mirax Group, told a business conference in Moscow on Tuesday, that the company lacked the funds to complete the construction of the ambitious project.
"The smaller West Tower, part of the Federation complex, has already been built. The bigger East Tower is currently being built. However, today it is clear that there will be a certain delay in its construction. In our opinion, this delay could be, possibly, half a year," Aramyan said.
Construction of the towers began in 2004, and was due to be completed in 2010, when the Federation complex was set to become the tallest building in Europe. It was however expected to be overtaken in 2012 by the nearby Russia Tower, designed by British architect Sir Norman Foster.
The construction of the Russia Tower, which would also have been the eighth tallest free-standing construction in the world, was however recently halted due to the developer's inability to secure financing amid the global credit crunch. It is not know when construction will resume.
Moscow already boasts the two tallest buildings in Europe - the Naberezhnaya Tower C, at 268 meters, also located in the Moscow City complex - and the Triumph-Palace apartment building at 264 meters.
