[1] In 2000 he moved to work in the Moscow mayor’s office, where he was responsible for the construction of municipal projects and the renovation of substandard (dilapidated) housing.

The Moscow International House of Music, the new stage for the Bolshoi Theatre, Square of Europe near the Kiyevsky railway station and the MGU Library[4] were remodelled while he was working for the mayor of Moscow.

Balakin is the majority shareholder of the SU-155 Group of companies,[6] comprising over 80 industrial and construction businesses.

[10][11] Included in Forbes rating of richest Russian businessmen since 2005 (except for 2009), and in Forbes global rating since 2010:[12] Balakin has been a member of the Public Council of the Russian Ministry of Construction Industry, Housing and Utilities Sector since 2014.

Initially, it was assumed that he would run as an independent candidate, but in the end he went to the polls from the Liberal Democratic Party.

On 23 July 2018, the Moscow City Court found the refusal of registration illegal and ordered to register Balakin as a mayoral candidate.