diff --git a/runtime/near-vm-runner/src/logic/logic.rs b/runtime/near-vm-runner/src/logic/logic.rs
index af8f2c3f6af..257fd3ded45 100644
--- a/runtime/near-vm-runner/src/logic/logic.rs
+++ b/runtime/near-vm-runner/src/logic/logic.rs
@@ -43,7 +43,7 @@ pub struct VMLogic<'a> {
     /// results of the methods that made the callback are stored in this collection.
     promise_results: &'a [PromiseResult],
     /// Pointer to the guest memory.
-    memory: super::vmstate::Memory<'a>,
+    memory: super::vmstate::Memory,
 
     /// Keeping track of the current account balance, which can decrease when we create promises
     /// and attach balance to them.
@@ -135,7 +135,7 @@ impl<'a> VMLogic<'a> {
         config: &'a Config,
         fees_config: &'a RuntimeFeesConfig,
         promise_results: &'a [PromiseResult],
-        memory: &'a mut dyn MemoryLike,
+        memory: impl MemoryLike + 'static,
     ) -> Self {
         // Overflow should be checked before calling VMLogic.
         let current_account_balance = context.account_balance + context.attached_deposit;
@@ -194,7 +194,7 @@ impl<'a> VMLogic<'a> {
     }
 
     #[cfg(test)]
-    pub(super) fn memory(&mut self) -> &mut super::vmstate::Memory<'a> {
+    pub(super) fn memory(&mut self) -> &mut super::vmstate::Memory {
         &mut self.memory
     }
 
diff --git a/runtime/near-vm-runner/src/logic/mocks/mock_memory.rs b/runtime/near-vm-runner/src/logic/mocks/mock_memory.rs
index 94d4b135470..51340e450ff 100644
--- a/runtime/near-vm-runner/src/logic/mocks/mock_memory.rs
+++ b/runtime/near-vm-runner/src/logic/mocks/mock_memory.rs
@@ -2,6 +2,7 @@ use crate::logic::{MemSlice, MemoryLike};
 
 use std::borrow::Cow;
 
+#[derive(Clone)]
 pub struct MockedMemory(Box<[u8]>);
 
 impl MockedMemory {
diff --git a/runtime/near-vm-runner/src/logic/tests/vm_logic_builder.rs b/runtime/near-vm-runner/src/logic/tests/vm_logic_builder.rs
index b3358b1fa6b..14864d2fe0c 100644
--- a/runtime/near-vm-runner/src/logic/tests/vm_logic_builder.rs
+++ b/runtime/near-vm-runner/src/logic/tests/vm_logic_builder.rs
@@ -43,7 +43,7 @@ impl VMLogicBuilder {
             &self.config,
             &self.fees_config,
             &self.promise_results,
-            &mut self.memory,
+            self.memory.clone(),
         ))
     }
 
diff --git a/runtime/near-vm-runner/src/logic/vmstate.rs b/runtime/near-vm-runner/src/logic/vmstate.rs
index a1ac607f697..bd72ff0f7f7 100644
--- a/runtime/near-vm-runner/src/logic/vmstate.rs
+++ b/runtime/near-vm-runner/src/logic/vmstate.rs
@@ -19,7 +19,7 @@ type Result<T> = ::std::result::Result<T, VMLogicError>;
 /// the compiler can deconstruct the access to each field of [`VMLogic`] and do
 /// more granular lifetime analysis.  In particular, this design is what allows
 /// us to forgo copying register value in [`VMLogic::read_register`].
-pub(super) struct Memory<'a>(&'a mut dyn MemoryLike);
+pub(super) struct Memory(Box<dyn MemoryLike>);
 
 macro_rules! memory_get {
     ($_type:ty, $name:ident) => {
@@ -48,9 +48,9 @@ macro_rules! memory_set {
     };
 }
 
-impl<'a> Memory<'a> {
-    pub(super) fn new(mem: &'a mut dyn MemoryLike) -> Self {
-        Self(mem)
+impl Memory {
+    pub(super) fn new(mem: impl MemoryLike + 'static) -> Self {
+        Self(Box::new(mem))
     }
 
     /// Returns view of the guest memory.
@@ -237,13 +237,13 @@ impl Registers {
 /// of gas counter, memory and registers separately.  This allows `VMLogic` to
 /// borrow value from a register and then continue constructing mutable
 /// references to other fields in the structure..
-pub(super) fn get_memory_or_register<'a, 'b>(
+pub(super) fn get_memory_or_register<'a>(
     gas_counter: &mut GasCounter,
-    memory: &'b Memory<'a>,
-    registers: &'b Registers,
+    memory: &'a Memory,
+    registers: &'a Registers,
     ptr: u64,
     len: u64,
-) -> Result<Cow<'b, [u8]>> {
+) -> Result<Cow<'a, [u8]>> {
     if len == u64::MAX {
         registers.get(gas_counter, ptr).map(Cow::Borrowed)
     } else {
diff --git a/runtime/near-vm-runner/src/near_vm_runner/runner.rs b/runtime/near-vm-runner/src/near_vm_runner/runner.rs
index 203f468ff83..050bba91ebd 100644
--- a/runtime/near-vm-runner/src/near_vm_runner/runner.rs
+++ b/runtime/near-vm-runner/src/near_vm_runner/runner.rs
@@ -304,7 +304,7 @@ impl NearVM {
 
         crate::metrics::record_compiled_contract_cache_lookup(is_cache_hit);
 
-        let mut memory = NearVmMemory::new(
+        let memory = NearVmMemory::new(
             self.config.limit_config.initial_memory_pages,
             self.config.limit_config.max_memory_pages,
         )
@@ -313,7 +313,7 @@ impl NearVM {
         // Note that we don't clone the actual backing memory, just increase the RC.
         let vmmemory = memory.vm();
         let mut logic =
-            VMLogic::new(ext, context, &self.config, fees_config, promise_results, &mut memory);
+            VMLogic::new(ext, context, &self.config, fees_config, promise_results, memory);
 
         let result = logic.before_loading_executable(method_name, wasm_bytes);
         if let Err(e) = result {
diff --git a/runtime/near-vm-runner/src/wasmer2_runner.rs b/runtime/near-vm-runner/src/wasmer2_runner.rs
index 8d0798f0e9f..dcf3e7e173e 100644
--- a/runtime/near-vm-runner/src/wasmer2_runner.rs
+++ b/runtime/near-vm-runner/src/wasmer2_runner.rs
@@ -574,7 +574,7 @@ impl crate::runner::VM for Wasmer2VM {
         let Some(code) = ext.get_contract() else {
             return Err(VMRunnerError::ContractCodeNotPresent);
         };
-        let mut memory = Wasmer2Memory::new(
+        let memory = Wasmer2Memory::new(
             self.config.limit_config.initial_memory_pages,
             self.config.limit_config.max_memory_pages,
         )
@@ -584,7 +584,7 @@ impl crate::runner::VM for Wasmer2VM {
         // Note that we don't clone the actual backing memory, just increase the RC.
         let vmmemory = memory.vm();
         let mut logic =
-            VMLogic::new(ext, context, &self.config, fees_config, promise_results, &mut memory);
+            VMLogic::new(ext, context, &self.config, fees_config, promise_results, memory);
 
         let result = logic.before_loading_executable(method_name, code.code().len() as u64);
         if let Err(e) = result {
diff --git a/runtime/near-vm-runner/src/wasmer_runner.rs b/runtime/near-vm-runner/src/wasmer_runner.rs
index f0b7a2552fb..b9a983f6946 100644
--- a/runtime/near-vm-runner/src/wasmer_runner.rs
+++ b/runtime/near-vm-runner/src/wasmer_runner.rs
@@ -438,7 +438,7 @@ impl crate::runner::VM for Wasmer0VM {
             panic!("AVX support is required in order to run Wasmer VM Singlepass backend.");
         }
 
-        let mut memory = WasmerMemory::new(
+        let memory = WasmerMemory::new(
             self.config.limit_config.initial_memory_pages,
             self.config.limit_config.max_memory_pages,
         );
@@ -446,7 +446,7 @@ impl crate::runner::VM for Wasmer0VM {
         let memory_copy = memory.clone();
 
         let mut logic =
-            VMLogic::new(ext, context, &self.config, fees_config, promise_results, &mut memory);
+            VMLogic::new(ext, context, &self.config, fees_config, promise_results, memory);
 
         let result = logic.before_loading_executable(method_name, code.code().len() as u64);
         if let Err(e) = result {
diff --git a/runtime/near-vm-runner/src/wasmtime_runner.rs b/runtime/near-vm-runner/src/wasmtime_runner.rs
index 32c79c2b343..d9ebcbdb714 100644
--- a/runtime/near-vm-runner/src/wasmtime_runner.rs
+++ b/runtime/near-vm-runner/src/wasmtime_runner.rs
@@ -250,7 +250,7 @@ impl WasmtimeVM {
         )?;
 
         let mut store = Store::new(&self.engine, ());
-        let mut memory = WasmtimeMemory::new(
+        let memory = WasmtimeMemory::new(
             &mut store,
             self.config.limit_config.initial_memory_pages,
             self.config.limit_config.max_memory_pages,
@@ -258,7 +258,7 @@ impl WasmtimeVM {
         .unwrap();
         let memory_copy = memory.0;
         let mut logic =
-            VMLogic::new(ext, context, &self.config, fees_config, promise_results, &mut memory);
+            VMLogic::new(ext, context, &self.config, fees_config, promise_results, memory);
         let result = logic.before_loading_executable(method_name, wasm_bytes);
         if let Err(e) = result {
             return Ok(VMOutcome::abort(logic, e));