In the 17th century, more than half of Russia's foreign trade turnover passed through Arkhangelsk. Trade with representatives of the Moscow Company was conducted in a wooden trading courtyard built in the early 17th century.

On May 16, 1667, a major fire occurred in the city, destroying the wooden trading courtyards. Soon, a decision was made to construct a stone Trading Courtyard. On June 26, 1667, by order of Tsar Alexei Mikhailovich, city planners Pyotr Gavrilovich Marselis, 'master German' Vilim Sharf, and five stonemasons were sent to Arkhangelsk. They were tasked with choosing a location for the construction of stone trading courtyards and granaries. During Marselis's trip, it was decided to build the stone Trading Courtyards on the site of the former wooden ones at Pur-Navolok cape.

On February 29, 1668, the construction of two complexes began: the Russian and German Trading Courtyards. The works were led by foreign engineer Matiss Antsin, and from 1671, by Russian architect Dmitry Mikhailovich Starcev.

In 1670, a large fire destroyed the wooden defensive fortress of Arkhangelsk, and it was decided to supplement the complex with military elements, creating a space in the center between the Russian and German Trading Courtyards in the form of a Stone City-Fortress. Walls, four corner towers, and two towers in the center of the long walls along the Northern Dvina were built. By 1684, by the city's centenary, construction was completed. Ten years later, Peter I visited Arkhangelsk, frequently visiting the Trading Courtyard to observe the trade of Dutch, English, Danish, and Norwegian merchants.

In the 18th century, the main foreign economic activity shifted to St. Petersburg, and restrictions were imposed on trade through Arkhangelsk. The Trading Courtyards became unclaimed and began to deteriorate.

In the 1770s, the building was recognized as emergency, and a decision was made to reconstruct it. The Stone City and the German Trading Courtyard were dismantled, and bricks and limestone slabs were used to repair the remaining part of the Russian Trading Courtyard.

In 1788, a building for the exchange with a tower was constructed. During navigation, a flag was raised over the tower and a lantern was installed. In 1809, salt warehouses were completed.

In the early 20th century, the southern, eastern, and northern parts of the Russian Trading Courtyard were dismantled, leaving only the western wall along the Northern Dvina.

In 1981, the complex was transferred to the Arkhangelsk Regional Museum of Local Lore, and exhibition halls of the museum were established in the building.

In the post-Soviet period, the ensemble remained in an emergency state for a long time. In 2006, the Trading Courtyard was included in the regional program 'Culture of the Russian North (2006, 2009)', which allocated funds for restoration. In 2008, the Exchange building with the central tower was restored and painted yellow.