The area on Balchug Island known as Zayanitskoy may get its name from either the Zayatsky (Ural) Cossacks or Tatars who lived here in the early 17th century. It is believed a church dedicated to St Nicholas has existed here since the end of the 15th century but the current turquoise version was built between 1741 and 1759. During the Soviet years the church was closed. During this period its bell tower was destroyed and many of its relics were transferred to the State Tretyakov Gallery. It was eventually returned to the Orthodox Church in 1992 and services began once more in 1996 after restoration work was carried out.

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