British business leaders have criticised the UK prime minister for expressing concerns over the investment climate in Russia even as Moscow steps up moves to take control of energy assets belonging to foreign companies.

At an investment forum in St Petersburg over the weekend, where dozens of global chief executives paid homage to Russia’s growing economic might, Hans Jörg Rudloff, the chairman of Barclays Capital, said the British government was mistaken when it expressed public concern last week over the growing risks of investing in Russia.