British taxpayers underwrote more than pounds 100m worth of exports to
The revelation that British government financial support is being extended to Russian deals is likely to embarrass
The credit insurance funding was provided by
On its website, the company says it was "established at the initiative and with the participation of Rosoboronexport with the objective of raising product competitiveness of defence industry and civil engineering enterprises and facilitating their modernisation".
Another pounds 38m of government funding guarantee was extended to help EADS Astrium sell high-powered communication satellites to Russia Space Communication, which is part of the Russian communications ministry.
UKEF funding support is designed to help British companies obtain insurance and credit to help them export goods when traditional lenders may be afraid to provide financing. If the buyer goes bust or refuses to pay, the British taxpayer could be liable for the full value of the deal.
The revelation of
He has also expressed frustration that other EU countries, including
"It is totally hypocritical to be subsidising
A government spokeswoman said: "The role of UKEF is to support
She declined to comment on whether UKEF had stopped supporting Russian exports in the wake of the crisis.
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