Ukraine invasion: Fraport exits St Petersburg Pulkovo Airport. Alarms sound for airport investors

The economic ramifications of the Russian invasion of Ukraine become more evident each day.

Germany, previously hesitant to participate in sanctions and other measures, suddenly opted to grasp the nettle and to take the lead internationally.

Accordingly, it is perhaps of no great surprise that Fraport, the only foreign operator to have a stake in a Russian airport, should follow suit. After 12 years managing the St Petersburg Pulkovo airport within an international consortium, it has put the keys through the door and just walked away, despite doubts it can even get its money back.

This action raises questions. Will Fraport reappraise all its investments? Will others do the same?

With very little M&A activity anyway, could this signify the end for foreign airport investment by the private sector just when it is most needed?