Dutch businessman Derk Sauer announced in June that The Moscow Times brand would be moved to a charitable foundation in partnership with the publication’s current owner, Demyan Kudryavtsev.
Writing on Twitter, Sauer said that the move would “secure” the publication’s future.
The decision sees the publication move to a web-only format, with the majority of staff losing their jobs.
"Throughout its existence, The Moscow Times has remained dedicated to independent reporting and excellence in journalism," said outgoing editor Mikhail Fishman. "It has played a unique role in covering Russian affairs and politics from the inside. I hope it will continue to stick to these principles throughout the future."