It seems to be relatively common knowledge that the name "Красная Площадь," while translated in English as "Red Square," does not actually mean "Red Square" in Russian, but rather "Beautiful Square." However, I saw this:
The name Red Square does not originate from the pigment of the surrounding bricks (which, in fact, were whitewashed at certain periods) nor from the link between the color red and communism. Rather, the name came about because the Russian word красная (krasnaya), which means "red," was applied to a small area between St. Basil's Cathedral, the Spassky Tower of the Kremlin, and the Lobnoe Mesto (place of execution), and Tsar Alexei Mikhailovich officially extended the name to the entire square, which had previously been called Pozhar, or "burnt-out place", in reference to the fact that several buildings had to be burned down to make place for the square.
I can't find an original source for that information and would be willing to dismiss it entirely. However, I would still wonder why in seemingly every language--including every other Slavic language--the name of the square is equivalent to "Red" Square--especially since in Russian, "красный" has a distinct tie with прекрасный/красивый, and in a number of cases is still understood to mean that.
Is there any chance that the name given for Красная Площадь was actually intended to mean "red"? (i.e., that the story that most people believe--of the epithet for St. Basil's Cathedral carrying over to the rest of the square--is not true?)
If you had to generalize, do Russians today hear/understand the name as "Red Square" or "Beautiful Square" (regardless of what they know intellectually about its origins)?
If the latter: why does ~every other nation, including former Soviet and CIS countries, seem, according to their translations, to understand it as "Red" Square?
Closely related: When did Красная Площадь begin to shift from Beautiful to Red?