The monument in the square in Khreshchatyi Park was installed in November 1981 as part of the celebration of the 1,500th anniversary of Kyiv and the 60th anniversary of the founding of the USSR. Under a 35-metre high Arch, there is a monument based on the scene of Pereiaslav Council of 1654 when a peace alliance was concluded between the Hetmanship and the Moscow Tsardom.
On November 24, 2018, Ukrainian artists unveiled an installation on the Arch, the Crack of Friendship, associated with the problem of unlawful prosecution of Ukrainian political prisoners in Russia.
The Arch is surrounded by an amphitheatre and a sightseeing platform offering a view of the Dnieper and Kyiv’s Left Bank. Various events are regularly held here: concerts, festivals, fairs, exhibitions, etc.