The event is organized by the Eventica company, the Russian-British Culture Association and RIA Novosti, the main information sponsor.
London and Moscow Mayors Ken Livingston and Yury Luzhkov will open the festival. Bands from many Russian regions, including folk group Zolotoye Koltso (Golden Ring), rock band DDT and pop groups Bratya Grim and Blestyashchiye, will participate in the event.
The festival's program also includes a circus performance, an exposition of Russian folk crafts, and a festival of ice sculptures, which resemble Russian and British attractions.
Russian masters will create an ice replica of Russia's St. Basil Cathedral on Trafalgar Square January 11 and an ice replica of Britain's Big Ben will be created in Moscow on Pushkin Square.
Guests and participants of the festival will be also treated to traditional Russian dishes and handed 55,000 white-blue-red ribbons representing the colors of the Russian tricolor on RIA Novosti's initiative.
The organizers of the festival said London was glad to host another event, which would provide for stronger relations between the two countries, let people to get to know each other better and to demonstrate the openness of Russian people.
The previous festival presented a new image of Russia in Britain, a leader in the number of tourists visiting Russia.
Such events as the Russian Winter festival also help promote tourist links between the two countries.