For the first time in its 182-year history the Evening Standard will be free.

The London Evening Standard will be distributed for free from 12 October 2009, says its Russian owner.

Around 600,000 copies will be available from vendors near London’s tube and train stations, 350,000 more than its existing circulation at its current price of 50p.

The move comes after Russian billionaire, Alexander Lebedev took control of the paper from Daily Mail-owner Associated Newspapers in January. Mr Lebedev currently has a 75% stake in the Standard, while Daily Mail and General Trust (DMGT) has retained 25%.

It means that the paper will now directly compete against Associated Newspapers existing free paper London Lite – which has a circulation of 400,000 – though industry sources suggest that London Lite may eventually merge with the Standard.

Associated Press also prints the free Metro paper, which is distributed in London and other major cities.

Mr Lebedev, Chairman of Evening Standard Ltd, said: “[It] has been producing exceptional journalism since 1827 and that is not going to change under my ownership.

“The London Evening Standard is the first leading quality newspaper to go free and I’m sure others will follow.”

Georgie Grieg, editor of the iconic London daily, reassured readers that despite it being free it would remain a “quality newspaper”.

He said: “The Standard has an exciting and secure future with this new, pioneering strategy of more than doubling our distribution.

“I also want the paper to continue being a cheerleader for London, the greatest city in the world. We will celebrate where we can but also criticise and expose those who are not doing what is best for London and Londoners.””

Free papers have not been experiencing much success during the economic downturn as advertising revenues have fallen across the industry. Only two weeks ago (18 September) The London Paper ceased trading after three years as a free paper.