FRANKFURT, May 24 (Reuters) - Airport operator Fraport said on Tuesday it could not rule out an expropriation or further write-downs from its stake in St. Petersburg Pulkovo worth 111 million euros ($118.86 million) after a recent write-down of 48 million euros amid the Ukraine war.

"We have to wait and see what effect further sanctions will have, what further developments this will result in, and what this will mean for the investment in economic and financial terms," Chief Executive Stefan Schulte told shareholders.

Since Russia is discussing sanctions against companies from what it calls "unfriendly countries," Fraport also cannot rule out expropriation but the likelihood of such a scenario is still unclear, Schulte said at the group's annual general meeting. ($1 = 0.9339 euros) (Reporting by Zuzanna Szymanska Editing by Madeline Chambers)