Red Square came into being during the reign of Ivan III, at the end of the 15th century, and was originally know as Trinity Square, after the Trinity Cathedral, which used be located where St. Basil’s, (which is considered one of the most beautiful churches in the Russia) stands now.  It’s believed that the name was changed to Red Square at the end of the 17th century.
In 1712, Peter the Great moved the Russian capital to St. Petersburg and Red Square temporarily lost its political significance only to regain it two centuries later when the Bolsheviks moved the capital back to Moscow in 1918.  The square has been gradually built up since that point.
Red square was meant to serve as Moscow's main marketplace.  It’s Moscow's equivalent of ancient Rome's Forum.  It was used for various public ceremonies and proclamations, and occasionally as the site of coronations for Russia's czars.  It was also used as a meeting place to hear Government announcements and celebrate church festivals.  During the reign of Peter the Great and Ivan the Terrible, Red Square was used for public executions.


The buildings surrounding the square are all significant in some respect.  Such as, Lenin's Mausoleum.   It contains the embalmed body of Vladimir Ilyich Lenin, the founder of the Soviet Union, and nearby to the south is the elaborate brightly-domed Saint Basil's Cathedral and the palaces and cathedrals of the Kremlin.  There is also the GUM Department Store, the largest in Russia.   It’s a great place to do your luxury shopping.  At the northern end of the square there’s the State History Museum with its huge collection of artifacts charting Russia’s past right back to the stone age and the famous Red Square restaurant.
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Red Square is the main square and a popular attraction in Moscow, Russia.  It’s filled with world known sites and tourist attractions.  Interestingly, Red Square received its name from the Russian word “Red = Kasnaya”, which means beautiful. 
The square has also been the scene of Russia’s military might.  In 1941, lines of Russian tanks rolled through the square during a military parade on their way to a front-line confrontation with the Germans.  On that day thousands of Russian soldiers appeared in the parade on Red Square and then marched directly to the front line to defend the Soviet capital.   It provided a much needed boost to the Russian's morale in their greatest hour of danger.  The  parade boosted the confidence and fighting spirit of the Soviet people at the height of their battle with the Nazi forces.  After the war, in June 1945, hundreds of Soviet troops marched in columns across the square to celebrate the victory over the Nazis and 200 German banners were thrown at the foot of Lenin's Mausoleum.
More recently, the square hosted the Russian Live 8 concert, supporting the fight against world poverty.   The square has hosted high profile concerts by: Shakira, Scorpions, Paul McCartney, Roger Waters, Red Hot Chili Peppers, Alyonka & Diana Larionov, and many other celebrities have performed there.  For the New Years 2006, 2007 and 2008 celebrations, a skating rink was set up.  Paul McCartney's performance there was a historic moment for many, as The Beatles were banned in the Soviet Union, preventing any live performances there from any of The Beatles.   The Soviet Union also banned the sales of Beatles records, and that was the first time a Beatle ever performed in Russia.


Resources:Moscow taxi.com
Russia.com, Moscow-life.com
En.wikipedia.org
Photo: Porta San Pietro, by  Sue Stone
Photo by: Illudiumqh36

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