Alexander Lebedev, the paper's owner, said the story was “nonsense,” and that the newspaper is being “temporarily halted” due to its not being profitable. He also said there was no political reason to close the paper, The Independent reported.

Lebedev also co-owns the Novaya Gazeta, the newspaper assassinated journalist Anna Politkovskaya worked, and there have been “suggestions the incident may have been an attempt to set up Mr Lebedev by hardliners involved in a Kremlin turf war,” according to The Independent.