A Russian pilot has been rescued by Canadian after his helicopter crashed into the water in the Arctic Circle and managed to survive two days alone in the Arctic.

Sergey Ananov was found 'alive and well' on a large float of sheet ice and later said he had to scare off three polar bears after they attempted to climb on to the ice floe.

Mr Ananov was trying to become the first person to fly around the Arctic Circle in a small helicopter known as a Robinson R22

He started his journey in Moscow in mid-June and was meant to finish his epic flight in Greenland.

Record breaker: Sergey Ananov (pictured) was attempting to becom the first person to fly a Robinson R22 aircraft across the Arctic Circle

Terrifying: Mr Ananov spent two days on an ice floe and had to scare off three polar bears

Recalling the terrifying moment his helicopter developed a unknown fault, Mr Ananov said the helicopter 'was completely out of control'.

Realising his aircraft was going down, Ananov tried to land on the ice but only ended up in the freezing cold water, where it 'literally sank in 30 seconds.'

According to Rear Admiral John Newton from the Canadian Forces Joint Rescue Coordination Centre, Ananov was lucky to escape with his life.

Newton said that Amanov, 49, may have only had seconds to escape the helicopter as it careered into the water.

Sergey Ananov, who holds five world records, was found 'alive and well' on a large float of sheet ice

Saved: He was rescued after he managed to fire his only remaining flare into the air and alert the passing Pierre Radisson, a Canadian Coast Guard ship

Survivor: Ananov is now expected to return to Russia once he has had a bit more time to recover

Speaking about the Russian's survivors encounter with the polar bears, Newton said: 'He had some charming neighbors that would have come to his location to inquire what he was up to.'

He went on to praise the experienced pilot, who currently hold five world records for flying Robinson R22 aircrafts, including the highest take off by a pilot.

A post was written on his expedition facebook page titled 'Helicopter Solo Around the World' confirmed that Sergey had been found.

The statement read: 'Sergey is alive !!! He is on the board of the Canadian Coast Guard vessel. Thanks everyone for your prayers and well wishes and indescribable gratitude to all the men and women of the Canadian Search and Rescue!'

Mr Ananov was found in the David Straits, located between Baffin Island and Greenland.

He was rescued after he managed to fire his only remaining flare into the air and alert the passing Pierre Radisson, a Canadian Coast Guard ship.

'A red flare was spotted, and upon investigation it was determined to be the search subject alive and well on the floe. No medical attention is required.'

'He's OK. The joy of being found is the overwhelming emotion that cures a lot of your ills.'

Ananov, who started his daring journey in mid-June, is now expected to return to Russia once he has had a bit more time to recover.