MOSCOW, February 10. /TASS/. Russia’s private space company Dauria Aerospace, which develops and manufactures micro-satellites, is planning to close its representation offices in Europe and the United States, the company’s president said on Tuesday.

"Currently, we focus on the Russian part of business and the export potential of space systems manufactured in the Russian subdivision of Dauria Aerospace," Mikhail Kokorich said.

"The European and US parts [of business] are currently gradually scaling down up their activity and will practically halt their activity in the near future," he said linking the plans to the uneasy political and economic situation in the world, which negatively affects the Russian company and its ability to attract financing.

He explained that the financing market for the companies with Russian shareholders has been closed and that’s why Dauria Aerospace cannot compete with foreign startups, many of which have received a large-scale funding.

"In these conditions, we have been forced to wind up the company’s foreign activity, as we can’t be equal rivals with the players who have secured more funding," Kokorich said.

In current conditions, the company will focus on developing the Russian branch and is set to develop and create satellite systems for domestic and foreign customers.

"The company’s portfolio of orders is rather significant now, what allows us to look to the future with optimism, especially amid the ruble devaluation and the decrease in prime costs [development and manufacturing of satellites] compared with foreign players," Kokorich said.

Russia’s Dauria Aerospace consists of several branches, and its Russian branch, based in the Skolkovo high-technology hub near Moscow, creates small spacecraft. The US branch, Canopus Systems US, develops and assembles nanosatellites.

In autumn 2014, a subsidiary of the group of companies, Dauria Geo started working in the US as the earth remote-sensing satellite operator, and the CloudEO subsidiary has the same activities in Germany.

The Russian branch of Dauria has developed and created a DX1 satellite, which was launched by the Soyuz 2.1 b carrier rocket in July 2014. The satellite has equipment to receive signals of the global navigation system and identify vessels in the world ocean. In June 2014, two Perseus-M maritime surveillance satellites manufactured by the US branch of Dauria were placed into orbit by a Dnepr launch vehicle.