MP Denis MacShane warns against investing in Russia; A former minister for Europe has urged the Government to attach “health and safety” warnings to promotional material that encourages businesses to invest in Russia.

Denis MacShane, Labour MP for Rotherham, has written to Lord Green, the trade minister, in protest at a conference scheduled for today and sponsored by UK Trade & Investment that will promote Skolkovo, billed as Russia’s Silicon Valley.

Citing the damage caused to companies by “corrupt officials in Russia”, he wrote: “It seems irresponsible for British companies to be putting themselves in harm’s way without full disclosure about the tragedies that could befall them in Russia.”The Government should add an official health and safety warning so British businesses seeking to be involved in Russia do so with their eyes open.”

Mr MacShane drew attention to the case of Hermitage, a hedge fund hounded out of Russia and whose lawyer Sergei Magnitsky died in jail on trumped-up charges after uncovering an alleged $230m fraud by police and tax officials. He also referred to the difficult experiences of BP, NewsCorp and IKEA.

He said he has had “meetings with businessmen who have not wanted to make their cases public for fear of retaliation by the Russian government”.

Referencing Hermitage, he added “there has been a distinct lack of British government support when things go badly wrong” and urged UKTI not to “legitimise a regime so plagued by criminality and corruption”.