UPDATE 1-Siemens loses World Bank business for 2 years

* Will not bid for World Bank projects until 2011

* Could lose annual sales below 100 mln eur

* May suffer longer ban from World Bank projects in Russia

* Shares down 5.3 percent

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FRANKFURT, July 2 (Reuters) - Siemens (SIEGn.DE: Quote, Profile, Research) is being barred from World Bank projects for two years over the bribery scandal that shook the German industrial conglomerate.

The World Bank said in a statement on Thursday that Siemens would also pay $100 million over 15 years to support global efforts to fight fraud and corruption.

Its exclusion from World Bank-financed projects is backdated to January 1, 2009 and will run until the beginning of 2011, Siemens said.

The World Bank said the bidding block was part of a settlement in the wake of "past misconduct" in Siemens' global business and the bank's investigation into corruption in a Russian project.