A laser interferometer-deformograph with a 75-m-long arm has been developed by Moscow State University's Sternberg State Astronomical Institute to record and study lithospheric deformations over a wide frequency range. The design and the performance characteristics of the interferometer are described. It is located near Mount Elbrus, in one of the Russian regions with the highest level of geodynamical activity, which determines the range of geophysical and geodynamical problems to be solved using experimental data obtained with this instrument. Based on experience gained over ten years of routine observations, the whole measuring system has been comprehensively updated. As a result, its technical potentials have been substantially extended and the reliability and quality of experimental data have been improved. The limiting sensitivity of the laser interferometer is assessed, and the results from observations are presented.