The Holy Vasilievsky Men's Monastery and the Holy Nikolai Women's Monastery are located in the village of Nikolsk in the Volnovakha district of the Donetsk region. They are situated on the site of the former Holy Vasilievsky parish, where in 1912, with the funds of parishioners and benefactors, a stone church was built in honor of St. Basil the Great to replace the old wooden church. In 1954, the church, which had suffered damage, was restored with one dome and a bell tower and has not been closed since.

After the October Revolution, a legend arose in the village of Nikolsk: when a monk comes to serve in the Holy Vasilievsky church, two monasteries will appear here. In 1986, Hieromonk Savvaty, the future schema-archimandrite Zosima, arrived in Nikolsk and found the church in a semi-ruined state, without an iconostasis, and the priest's house was replaced by a burned shed. Through the efforts of Abbot Savvaty, the church was restored, and a baptistery with the abbot's quarters and a guesthouse for pilgrims with a dining room were built. In 1990, Savvaty became an archimandrite, and in 1992 he was tonsured into the schema with the name Zosima.

Over time, more and more people sought to serve God under the guidance of schema-archimandrite Zosima. A brotherhood building was constructed, a charity house was organized, and a House of Mercy was established to care for the weak and elderly. In 2001, the Holy Nikolai Sisterhood was granted the status of a monastery, and in 2002, the Holy Vasilievsky Men's Monastery was registered. Until his death, the monastery was headed by schema-archimandrite Zosima. Currently, the holy archimandrite and abbot of the monastery is Metropolitan Ilarion of Donetsk and Mariupol. On May 7, 2005, Metropolitan Ilarion elevated the abbot of the monastery, schema-igumen Alipiy Bondarenko, to the rank of schema-archimandrite.

The monastery has adopted a communal rule, daily services are held, and the unceasing Psalter is read. Pilgrims from various dioceses of Ukraine and Russia visit the monastery. Currently, there are 70 male residents and 140 female residents living in the monastery.