The paper presents data preserved in Old Norse-Icelandic literature on Hólmgarðr, a place that is traditionally identified with Novgorod. Hólmgarðr appears in these writings as a capital of Garðaríki (Old Rus’): all Russian princes familiar from these sources have their seat in this place. Almost all the events occurring in Russia are associated in the sagas with Hólmgarðr: Scandinavians come to Hólmgarðr to seek refuge or service; four Norwegian kings stay in Hólmgarðr for a period of time; Scandinavians return to their homeland or sail to distant lands from this place; and Scandinavian merchants also come to this town. Hólmgarðr is described in a generalized way. It has the prince’s court, the chamber of the princess, a special hall built for the Varangian guards, the Church of St. Olav, and a marketplace; in other words, we are dealing with a traditional set of characteristics of a capital city. Novgorod on the mental map of medieval Scandinavians belongs to the eastern quarter (Austrhálfa) of the oekumene, and to get there travelers had to go austr ‘east,’ to cross the Baltic Sea (Austmarr, Eystrasalt), and to pass Ladoga (Aldeigja, Aldeigjuborg), where they changed from ocean-going ships to river vessels and where they waited for a guaranty of safe travel (grið) from the prince of Novgorod (konungr í Hólmgarði).