VEON (VEON) 6-K 30 Aug 21 2021 Q2 Current report (foreign) Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2021
Cover [Abstract]
Document Type	6-K
Entity Registrant Name	VEON Ltd.
Entity Central Index Key	0001468091
Document Period End Date	Jun. 30, 2021
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2

INTERIM CONDENSED CONSOLIDATED

INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Profit or loss [abstract]
Service revenues	$ 1,927	$ 1,795	$ 3,780	$ 3,773
Sale of equipment and accessories	106	72	211	160
Other revenue	32	25	63	55
Total operating revenues	2,065	1,892	4,054	3,988
Other operating income	0	2	1	2
Service costs	(403)	(365)	(768)	(746)
Cost of equipment and accessories	(106)	(74)	(208)	(163)
Selling, general and administrative expenses	(677)	(646)	(1,324)	(1,352)
Depreciation	(421)	(389)	(837)	(804)
Amortization	(81)	(86)	(153)	(178)
Impairment (loss) / reversal	(3)	(1)	(9)	(1)
Gain / (loss) on disposal of non-current assets	0	(6)	(4)	(12)
Operating profit	374	327	752	734
Finance costs	(164)	(184)	(330)	(391)
Finance income	3	6	5	15
Other non-operating gain / (loss)	2	86	7	101
Net foreign exchange gain / (loss)	1	8	11	(21)
Profit / (loss) before tax	216	243	445	438
Income tax expense	(89)	(68)	(180)	(144)
Profit / (loss) for the period	127	175	265	294
Attributable to:
The owners of the parent	100	156	230	264
Non-controlling interest	$ 27	$ 19	$ 35	$ 30
Basic gain / (loss) per share attributable to ordinary equity holders of the parent (in USD per share)	$ 0.06	$ 0.09	$ 0.13	$ 0.15
Diluted gain / (loss) per share attributable to ordinary equity holders of the parent (in USD per share)	$ 0.06	$ 0.09	$ 0.13	$ 0.15

INTERIM CONDENSED CONSOLIDATE_2

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of comprehensive income [abstract]
Profit / (loss) for the period	$ 127	$ 175	$ 265	$ 294
Items that may be reclassified to profit or loss
Foreign currency translation	10	94	8	(486)
Other	3	0	0	1
Items reclassified to profit or loss
Other	1	0	2	(5)
Other comprehensive income / (loss) , net of tax	14	94	10	(490)
Total comprehensive income / (loss) , net of tax	141	269	275	(196)
Attributable to:
The owners of the parent	127	259	262	(150)
Non-controlling interests	14	10	13	(46)
Total comprehensive income / (loss) , net of tax	$ 141	$ 269	$ 275	$ (196)

INTERIM CONDENSED CONSOLIDATE_3

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Millions		Jun. 30, 2021	Dec. 31, 2020
Non-current assets
Property and equipment		$ 7,236	$ 6,879
Intangible assets		4,230	4,152
Investments and derivatives		369	305
Deferred tax assets		213	186
Other assets		206	179
Total non-current assets		12,254	11,701
Current assets
Inventories		123	111
Trade and other receivables		690	572
Investments and derivatives	[1]	68	90
Current income tax assets		60	73
Other assets		366	335
Cash and cash equivalents	[1]	1,192	1,669
Total current assets		2,499	2,850
Total assets		14,753	14,551
Equity
Equity attributable to equity owners of the parent		401	163
Non-controlling interests		825	850
Total equity		1,226	1,013
Non-current liabilities
Debt and derivatives		8,717	8,832
Provisions		149	141
Deferred tax liabilities		153	127
Other liabilities		31	28
Total non-current liabilities		9,050	9,128
Current liabilities
Trade and other payables	[1]	1,967	1,946
Debt and derivatives	[1]	1,216	1,255
Provisions		152	151
Current income tax payables		207	175
Dividend payable		44	0
Other liabilities		891	883
Total current liabilities		4,477	4,410
Total equity and liabilities		$ 14,753	$ 14,551
[1]	Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details.

INTERIM CONDENSED CONSOLIDATE_4

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Total	Issued capital	Capital Surplus	Other capital reserves	Accumulated deficit	Foreign currency translation	Non- controlling interests
Number of shares outstanding at beginning of period (in shares) at Dec. 31, 2019			1,749,127,404
Equity at beginning of period at Dec. 31, 2019	$ 2,220	$ 1,226	$ 2	$ 12,753	$ (1,887)	$ (1,330)	$ (8,312)	$ 994
Profit / (loss) for the period	294	264				264		30
Other comprehensive income / (loss)	(490)	(414)			(4)	(1)	(409)	(76)
Total comprehensive income / (loss) , net of tax	(196)	(150)			(4)	263	(409)	(46)
Dividends declared	(321)	(262)				(262)		(59)
Other	(1)	(3)			(3)	26	(26)	2
Number of shares outstanding at end of period (in shares) at Jun. 30, 2020			1,749,127,404
Equity at end of period at Jun. 30, 2020	1,702	811	$ 2	12,753	(1,894)	(1,303)	(8,747)	891
Number of shares outstanding at beginning of period (in shares) at Mar. 31, 2020			1,749,127,404
Equity at beginning of period at Mar. 31, 2020	1,492	543	$ 2	12,753	(1,893)	(1,494)	(8,825)	949
Profit / (loss) for the period	175	156				156		19
Other comprehensive income / (loss)	94	103				(1)	104	(9)
Total comprehensive income / (loss) , net of tax	269	259				155	104	10
Dividends declared	(59)							(59)
Other	0	9			(1)	36	(26)	(9)
Number of shares outstanding at end of period (in shares) at Jun. 30, 2020			1,749,127,404
Equity at end of period at Jun. 30, 2020	1,702	811	$ 2	12,753	(1,894)	(1,303)	(8,747)	891
Number of shares outstanding at beginning of period (in shares) at Dec. 31, 2020			1,749,127,404
Equity at beginning of period at Dec. 31, 2020	1,013	163	$ 2	12,753	(1,898)	(1,919)	(8,775)	850
Profit / (loss) for the period	265	230				230		35
Other comprehensive income / (loss)	10	32				0	32	(22)
Total comprehensive income / (loss) , net of tax	275	262				230	32	13
Dividends declared	(44)							(44)
Acquisition of subsidiary	(10)	(16)			(16)			6
Other	(8)	(8)			(7)	(1)
Number of shares outstanding at end of period (in shares) at Jun. 30, 2021			1,749,127,404
Equity at end of period at Jun. 30, 2021	1,226	401	$ 2	12,753	(1,921)	(1,690)	(8,743)	825
Number of shares outstanding at beginning of period (in shares) at Mar. 31, 2021			1,749,127,404
Equity at beginning of period at Mar. 31, 2021	1,147	298	$ 2	12,753	(1,897)	(1,792)	(8,768)	849
Profit / (loss) for the period	127	100				100		27
Other comprehensive income / (loss)	14	27				2	25	(13)
Total comprehensive income / (loss) , net of tax	141	127				102	25	14
Dividends declared	(44)							(44)
Acquisition of subsidiary	(10)	(16)			(16)			6
Other	(8)	(8)			(8)
Number of shares outstanding at end of period (in shares) at Jun. 30, 2021			1,749,127,404
Equity at end of period at Jun. 30, 2021	$ 1,226	$ 401	$ 2	$ 12,753	$ (1,921)	$ (1,690)	$ (8,743)	$ 825

INTERIM CONDENSED CONSOLIDATE_5

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020
Operating activities
Profit / (loss) before tax		$ 445	$ 438
Non-cash adjustments to reconcile profit before tax to net cash flows
Depreciation, amortization and impairment loss / (reversal)		999	983
(Gain) / loss on disposal of non-current assets		4	12
Finance costs		330	391
Finance income		(5)	(15)
Other non-operating (gain) / loss		(7)	(101)
Net foreign exchange (gain) / loss		(11)	21
Changes in trade and other receivables and prepayments		(156)	(100)
Changes in inventories		(14)	45
Changes in trade and other payables		50	(58)
Changes in provisions, pensions and other		6	(14)
Interest paid		(306)	(337)
Interest received		5	15
Income tax paid		(141)	(175)
Net cash flows from operating activities		1,199	1,105
Investing activities
Purchase of property, plant and equipment and intangible assets		(1,047)	(893)
Receipts from / (payment on) deposits		(52)	(98)
Receipts from / (investment in) financial assets	[1]	(29)	(33)
Other proceeds from investing activities, net		(6)	7
Net cash flows from / (used in) investing activities		(1,134)	(1,017)
Financing activities
Proceeds from borrowings, net of fees paid	[2]	437	2,951
Repayment of debt		(711)	(2,733)
Acquisition of non-controlling interest		(273)	(1)
Dividends paid to owners of the parent		0	(259)
Dividends paid to non-controlling interests		0	(19)
Net cash flows from / (used in) financing activities		(547)	(61)
Net (decrease) / increase in cash and cash equivalents		(482)	27
Net foreign exchange difference		0	(37)
Cash and cash equivalents at beginning of period	[1]	1,661	1,238
Cash and cash equivalents at end of period, net of overdrafts	[3]	$ 1,179	$ 1,228
[1]	Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details.
[2]	Fees paid for borrowings were US$19 (2020: US$15).
[3]	Overdrawn amount was US$13 (2020: US$3)

INTERIM CONDENSED CONSOLIDATE_6

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Statement of cash flows [abstract]
Fees paid for borrowings	$ 19	$ 15
Overdrawn amount	$ 13	$ 3

GENERAL INFORMATION

GENERAL INFORMATION	6 Months Ended
	Jun. 30, 2021
General Information
GENERAL INFORMATION	GENERAL INFORMATION VEON Ltd. ( “VEON” , the “Company” and together with its consolidated subsidiaries, the “Group” or “we” ) was incorporated in Bermuda on June 5, 2009. The registered office of VEON is Victoria Place, 31 Victoria Street, Hamilton HM 10, Bermuda. VEON’s headquarters and the principal place of business is located at Claude Debussylaan 88, 1082 MD Amsterdam, the Netherlands. VEON generates revenue from the provision of voice, data and other telecommunication services through a range of mobile and fixed-line technologies, as well as selling equipment and accessories. The interim condensed consolidated financial statements are presented in United States dollars ( “U.S. dollar” or “US$ ”). In these notes, U.S. dollar amounts are presented in millions, except for share and per share (or American Depository Shares ( “ADS” )) amounts and as otherwise indicated. VEON’s ADSs are listed on the NASDAQ Global Select Market ( “NASDAQ” ) and VEON’s common shares are listed on Euronext Amsterdam, the regulated market of Euronext Amsterdam N.V. (“ Euronext Amsterdam ”). Major developments during the six-month period ended June 30, 2021 Financing activities In March 2021, VEON successfully entered into a new multi-currency revolving credit facility agreement (the “ RCF ”) of US$1,250. The RCF replaces the revolving credit facility signed in February 2017, which is now cancelled. Refer Note 7 for further details. In March 2021, VEON successfully amended and restated its existing RUB 30 billion (US$396), bilateral term loan agreement with Alfa Bank by adding a new floating rate tranche of RUB 15 billion (US$198). Refer to Note 7 for further details. In April 2021, the proceeds from Alfa Bank new tranche of RUB 15 billion (US$198) were used to early repay RUB 15 billion (US$198) of loans from Sberbank, originally maturing in June 2023. In June 2021, Pakistan Mobile Communication Limited (PMCL) secured a PKR 50 billion ("US$320") syndicated credit facility from a banking consortium led by Habib Bank Limited. This 10-year facility will be used to finance the company’s ongoing 4G network rollouts and technology upgrades, as well as to address upcoming maturities. Refer to Note 7 for further details. Other developments In March 2021, VEON successfully concluded the acquisition of the 15% minority stake in Pakistan Mobile Communications Limited from the Dhabi Group for US$273. Refer to Note 7 for further details. In March 2021, VEON's operating company in Bangladesh acquired spectrum following successful bids at an auction held by the BTRC. Refer to Note 4 for further details.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2021
Operating Segments [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Management analyzes the Company’s operating segments separately because of different economic environments and stages of development in different geographical areas, requiring different investment and marketing strategies. All the segments are grouped and analyzed as three main markets - our cornerstone, our growth engines and our frontier markets - representing the Company's strategy and capital allocation framework. Management evaluates the performance of the Company’s segments on a regular basis, primarily based on earnings before interest, tax, depreciation, amortization, impairment, gain / loss on disposals of non-current assets, other non-operating gains / losses and share of profit / loss of joint ventures and associates ( “Adjusted EBITDA” ) along with assessing the capital expenditures excluding certain costs such as those for telecommunication licenses and right-of-use assets ( “CAPEX exc. licenses and ROU” ). Management does not analyze assets or liabilities by reportable segments. Financial information by reportable segment for the six and three-month periods ended June 30, is presented in the following tables. Inter-segment transactions between segments are not material, and are made on terms which are comparable to transactions with third parties. For the six-month period ended June 30 Service revenue Sale of equipment and accessories Other revenue Total Revenue Mobile Fixed 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Our cornerstone Russia 1,395 1,506 266 265 193 151 5 5 1,859 1,927 Our growth engines Pakistan 658 559 — — 10 3 50 42 718 604 Ukraine 466 429 33 30 — — 2 2 501 461 Kazakhstan 214 190 44 37 6 2 1 1 265 230 Uzbekistan 91 101 — 1 — — — — 91 102 Our frontier markets Algeria 321 343 — — 1 2 — — 322 345 Bangladesh 270 262 — — — — 5 5 275 267 Other frontier markets 37 55 — 12 — 2 — — 37 69 Other HQ and eliminations (6) (17) (9) — 1 — — — (14) (17) Total segments 3,446 3,428 334 345 211 160 63 55 4,054 3,988 Adjusted CAPEX 2021 2020 2021 2020 Our cornerstone Russia 715 784 498 415 Our growth engines Pakistan 317 280 181 153 Ukraine 340 313 91 96 Kazakhstan 138 124 44 52 Uzbekistan 40 45 13 26 Our frontier markets Algeria 139 145 50 38 Bangladesh 112 113 42 59 Other frontier markets 24 25 6 19 Other HQ and eliminations (70) (100) 2 2 Total segments 1,755 1,729 927 860 For the three-month period ended June 30 Service revenue Sale of equipment and accessories Other revenue Total Revenue Mobile Fixed 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Our cornerstone Russia 705 711 135 128 96 68 3 — 939 907 Our growth engines Pakistan 340 266 — — 5 1 26 21 371 288 Ukraine 239 208 17 14 — — 1 1 257 223 Kazakhstan 112 92 22 19 4 1 — — 138 112 Uzbekistan 46 47 — — — — — — 46 47 Our frontier markets Algeria 162 159 — — — 1 — — 162 160 Bangladesh 138 128 — — — — 2 3 140 131 Other frontier markets 19 25 — 6 1 1 — — 20 32 Other HQ and eliminations 1 (8) (9) — — — — — (8) (8) Total segments 1,762 1,628 165 167 106 72 32 25 2,065 1,892 Adjusted CAPEX 2021 2020 2021 2020 Our cornerstone Russia 354 357 299 249 Our growth engines Pakistan 161 133 89 85 Ukraine 173 151 52 58 Kazakhstan 72 61 23 28 Uzbekistan 18 20 1 21 Our frontier markets Algeria 71 64 17 24 Bangladesh 57 54 16 15 Other frontier markets 18 11 3 12 Other HQ and eliminations (45) (42) 2 — Total segments 879 809 502 492 The following table provides the reconciliation of Profit / (loss) before tax to Total Adjusted EBITDA for the six and three-month periods ended June 30: Six-month period Three-month period 2021 2020 2021 2020 Profit / (loss) before tax 445 438 216 243 Adjustments to reconcile Profit / (loss) before tax to Total Adjusted EBITDA Depreciation 837 804 421 389 Amortization 153 178 81 86 Impairment loss / (reversal) 9 1 3 1 (Gain) / loss on disposal of non-current assets 4 12 — 6 Finance costs 330 391 164 184 Finance income (5) (15) (3) (6) Other non-operating (gain) / loss (7) (101) (2) (86) Net foreign exchange (gain) / loss (11) 21 (1) (8) Total Adjusted EBITDA 1,755 1,729 879 809

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
Income Taxes [Abstract]
INCOME TAXES	INCOME TAXES Income tax expense is the total of the current and deferred income taxes. Current income tax is the expected tax expense, payable or receivable on taxable income or loss for the period, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable or receivable in respect of previous years. Deferred income tax is the tax asset or liability resulting from a difference in income recognition between enacted or substantively enacted local tax law and group IFRS accounting. Income tax expense consisted of the following for the six and three-month periods ended June 30: Six-month period Three-month period 2021 2020 2021 2020 Current income taxes 180 152 89 97 Deferred income taxes — (8) — (29) Income tax expense 180 144 89 68 Effective tax rate 40.4 % 32.9 % 41.2 % 28.0 % The difference between the statutory tax rate in the Netherlands (25.0%) and the effective corporate income tax rate for the Group in the six and three-month periods ending June 30, 2021 (40.4% and 41.2%, respectively) was primarily driven by a number of non-deductible expenses incurred by the Group in various countries, which are recorded in our consolidated income statement, as well as withholding taxes accrued for forecasted dividends from our operating companies. The difference between the statutory tax rate in the Netherlands (25.0%) and the effective corporate income tax rate for the Group in the six and three-month periods ending June 30, 2020 (32.9% and 28.0%, respectively) was primarily driven by a number of non-deductible expenses incurred by the Group in various countries, which are recorded in our consolidated income statement, as well as withholding taxes accrued for forecasted dividends from our operating companies.

SIGNIFICANT TRANSACTIONS

SIGNIFICANT TRANSACTIONS	6 Months Ended
	Jun. 30, 2021
Significant Transactions
SIGNIFICANT TRANSACTIONS	SIGNIFICANT TRANSACTIONS During the six-month period ended June 30, 2021 VEON subsidiary Banglalink successfully acquires 9.4MHz in spectrum auction In March 2021, Banglalink, the Company's wholly-owned subsidiary in Bangladesh, acquired 4.4MHz spectrum in the 1800MHz band and 5MHz spectrum in 2100MHz band following successful bids at an auction held by the Bangladesh Telecommunication Regulatory Commission (BTRC). The newly acquired spectrum will see Banglalink increase its total spectrum holding from 30.6MHz to 40MHz. Banglalink will invest BDT 10 billion (US$115) to purchase the spectrum. VEON completes the acquisition of majority shareholding in OTM In June 2021, VEON successfully acquired a majority stake of 67% in OTM (a technology platform for the automation and planning of online advertising purchases in Russia) for USD 16 M. During the six-month period ended June 30, 2020 GTH restructuring During the first half of 2020, VEON continued with the restructuring of Global Telecom Holding S.A.E. (" GTH "), with the intragroup transfer of Mobilink Bank and GTH Finance B.V. completed in March and April 2020, respectively. As the operating assets of GTH had previously been, and will continue to be, fully consolidated within the balance sheet of the VEON Group, there was no material impact on these consolidated financial statements stemming from these intragroup transfers. For further details on GTH restructuring, refer to the Group’s audited annual consolidated financial statements as of and for the year ended December 31, 2019. Significant movements in exchange rates An increase in demand for hard currencies, in part due to the coronavirus outbreak, resulted in the devaluation of exchange rates in the countries in which VEON operates. As such, in the first half of 2020, the book value of assets and liabilities of our foreign operations, in U.S. dollar terms, decreased significantly, with a corresponding loss of US$486 recorded against the foreign currency translation reserve in the Statement of Comprehensive Income.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 2021
Property, plant and equipment [abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT The following table summarizes the movement in the net book value of property and equipment for the six-month period ended June 30: Six-month period 2021 2020 Balance as of January 1 6,879 7,340 Additions* 1,122 839 Disposals (18) (25) Depreciation (837) (804) Impairment (9) (1) Translation adjustment 103 (689) Other (4) 19 Balance as of June 30 7,236 6,679 *There were no material changes in estimates other than lease term reassessments in Russia which had the effect of increasing right-of-use assets by US$89 (2020-US$13).

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2021
Intangible assets and goodwill [abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS Th e following table summarizes the movement in the net book value of intangible assets, including goodwill for the six-month period ended June 30: Six-month period 2021 2020 Balance as of January 1 4,152 5,688 Acquisition of subsidiary (Note 4) 18 — Additions 199 124 Amortization (153) (178) Impairment (1) — Translation adjustment 28 (519) Other (13) 4 Balance as of June 30 4,230 5,119 Goodwill Included within total intangible asset movements for the six month periods ended June 30, 2021, as shown above, are the following movements in goodwill for the group, per cash generating unit ("CGU") : CGU * June 30, 2021 Others Currency January 1, 2021 Russia** 1,156 2 23 1,131 Algeria 1,034 — (19) 1,053 Pakistan 323 (6) 5 324 Kazakhstan 137 — (3) 140 Uzbekistan 34 — — 34 Total 2,684 (4) 6 2,682 * There is no goodwill allocated to the CGUs of Ukraine, Bangladesh, Kyrgyzstan or Georgia ** In June 2021, VEON acquired a majority stake in OTM, a technology platform for the automation and planning of online advertising purchases in Russia. Impairment analysis Goodwill is tested for impairment annually or when circumstances indicate the carrying value may be impaired. When reviewing for indicators of impairment in interim periods, the Company considers, amongst others, the relationship between its market capitalization and its book value, as well as weighted average cost of capital and the quarterly financial performances of each cash-generating unit ( "CGU" ). VEON performed its annual impairment testing at September 30, 2020. For further details regarding calculations and assumptions used for impairment testing, refer to the Group’s audited annual consolidated financial statements as of and for the year ended December 31, 2020. There was no goodwill impairment recorded in the first half of 2021 or first half of 2020.

INVESTMENTS, DEBT AND DERIVATIV

INVESTMENTS, DEBT AND DERIVATIVES	6 Months Ended
	Jun. 30, 2021
Financial Instruments [Abstract]
INVESTMENTS, DEBT AND DERIVATIVES	INVESTMENTS, DEBT AND DERIVATIVES The Company holds the following investments and derivative assets: June 30, 2021 December 31, 2020 At fair value Derivatives not designated as hedges — 20 Derivatives designated as net investment hedges — 3 Other 8 8 8 31 At amortized cost Security deposits and cash collateral 380 325 Other investments 49 39 429 364 Total investments and derivatives 437 395 Non-current 369 305 Current 68 90 The Company holds the following debt and derivative liabilities: June 30, 2021 December 31, 2020 At fair value Derivatives not designated as hedges — 52 Derivatives designated as net investment hedges 13 1 Contingent consideration 1 — 14 53 At amortized cost Principal amount outstanding 7,658 7,678 Interest accrued 78 85 Discounts, unamortized fees, hedge basis adjustment (9) (5) Bank loans and bonds 7,727 7,758 Lease liabilities 2,050 1,912 Put-option liability over non-controlling interest 16 273 Other financial liabilities* 126 91 9,919 10,034 Total debt and derivatives 9,933 10,087 Non-current 8,717 8,832 Current 1,216 1,255 * Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details. Significant changes in financial assets and financial liabilities There were no significant changes in financial assets and liabilities in the six-month period ended June 30, 2021, except for the scheduled repayments of debt or as described below. Furthermore, there were no changes in risk management policies as disclosed in the Group’s annual consolidated financial statements as of and for the year ended December 31, 2020. Acquisition of minority stake in PMCL In March 2021, VEON successfully concluded the acquisition of the 15% minority stake in Pakistan Mobile Communications Limited ("PMCL"), its operating company in Pakistan, from the Dhabi Group for US$273. This transaction follows the Dhabi Group’s exercise of its put option in September 2020 and gives VEON 100% ownership of PMCL. The transaction is presented within 'Acquisition of non-controlling interest' within the Consolidated Statement of Cash Flows. VEON enters into a US$1,250 multi-currency revolving credit facility agreement In March 2021, VEON successfully entered into a new multi-currency revolving credit facility agreement (the “RCF”) of US$1,250. The RCF replaces the revolving credit facility signed in February 2017, which is now cancelled. The RCF has an initial tenor of three years, with the Company having the right to request two one-year extensions, subject to lender consent. International banks from Asia, Europe and the US have committed to the RCF. The new RCF caters for USD LIBOR cessation with the secured overnight financing rate ("SOFR") administered by the Federal Reserve Bank of New York USA agreed as the replacement risk free rate with credit adjustment spreads agreed for interest periods with a one month, three months and six month tenor. SOFR will apply to interest periods commencing on and from October 31, 2021 (or earlier if USD LIBOR is no longer published or ceases to be representative prior to that date). The Company will have the option to make each drawdown in either U.S. dollars or euro. PMCL enters into PKR 20 billion (US$131) loan facilities In March 2021, PMCL successfully entered into a new PKR 15 billion (US$98) syndicated facility with MCB Bank as agent and PKR 5 billion (US$33) bilateral term loan facility with United Bank Limited. Both these floating rate facilities have a tenor of seven years. VEON increases facility with Alfa-Bank In March 2021, VEON successfully amended and restated its existing RUB 30 billion (US$396) bilateral term loan agreement with Alfa Bank and increased the total facility size to RUB 45 billion (US$594), by adding a new floating rate tranche of RUB 15 billion (US$198). The new tranche has a five-year term. In April 2021, the proceeds from Alfa Bank new tranche of RUB 15 billion (US$198) were used to early repay RUB 15 billion (US$198) of loans from Sberbank, originally maturing in June 2023. PMCL secures syndicated credit facility In June 2021, PMCL secured a PKR 50 billion ("US$320") syndicated credit facility from a banking consortium led by Habib Bank Limited. This 10-year facility will be used to finance the company’s ongoing 4G network rollouts and technology upgrades, as well as to address upcoming maturities. Fair values The carrying amounts of all financial assets and liabilities are equal to or approximate their respective fair values as shown in the table above, with the exception of: • 'Bank loans and bonds, including interest accrued', for which fair value is equal to US$7,823 at June 30, 2021 (December 31, 2020: US$8,031); and • 'Lease liabilities', for which fair value has not been determined. Fair values were estimated based on quoted market prices (for bonds), derived from market prices or by discounting contractual cash flows at the rate applicable for the instruments with similar maturity and risk profile. As of June 30, 2021 and December 31, 2020, the Group recognized financial instruments at fair value in the statement of financial position, all of which were measured based on Level 2 inputs, except for Contingent consideration, for which fair value is classified as Level 3. Observable inputs (Level 2) used in valuation techniques include inter-bank interest rates, bond yields, swap curves, basis swap spreads, foreign exchange rates and credit default spreads. During the six-month period ended June 30, 2021, there were no transfers between Level 1, Level 2 and Level 3 fair value measurements. All impairment losses and changes in fair values of investments, debt and derivatives are unrealized and are recorded in "Other non-operating gain / (loss)" in the consolidated income statement.

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	6 Months Ended
	Jun. 30, 2021
Cash and cash equivalents [abstract]
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS Cash and cash equivalents consisted of the following items: June 30, 2021 December 31, 2020 Cash at banks and on hand 694 694 Short-term deposits with original maturity of less than three months* 498 975 Cash and cash equivalents 1,192 1,669 Less overdrafts (13) (8) Cash and cash equivalents, net of overdrafts 1,179 1,661 * Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details. ** Cash and cash equivalents include an amount of US$106 relating to banking operations in Pakistan. As of June 30, 2021 and December 31, 2020, there were no restricted cash and cash equivalent balances. Cash balances as of June 30, 2021 include investments in money market funds of US$61 (December 31, 2020: US$543). As of June 30, 2021, some bank accounts forming part of a cash pooling program and being an integral part of the Company’s cash management remained overdrawn by US$13 (2020: US$8). Even though the total balance of the cash pool remained positive, the Company has no legally enforceable right of set-off and therefore the overdrawn accounts are presented as financial liabilities within the statement of financial position. At the same time, because the overdrawn accounts are an integral part of the Company’s cash management, they were included as cash and cash equivalents within the statement of cash flows.

ISSUED CAPITAL

ISSUED CAPITAL	6 Months Ended
	Jun. 30, 2021
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract]
ISSUED CAPITAL	ISSUED CAPITAL The following table details the common shares of the Company as of: June 30, 2021 December 31, 2020 Authorized common shares (nominal value of US$0.001 per share) 1,849,190,667 1,849,190,667 Issued shares, including 7,603,731 shares held by a subsidiary of the Company 1,756,731,135 1,756,731,135 The holders of common shares are, subject to our by-laws and Bermuda law, generally entitled to enjoy all the rights attaching to common shares.

DIVIDENDS PAID AND PROPOSED

DIVIDENDS PAID AND PROPOSED	6 Months Ended
	Jun. 30, 2021
Subclassifications of assets, liabilities and equities [abstract]
DIVIDENDS PAID AND PROPOSED	DIVIDENDS PAID AND PROPOSED There were no dividends declared by VEON Ltd in the six-month period ended June 30, 2021. In March 2020, the Company paid a final dividend of US 15 cents per share for 2019, bringing total 2019 dividends to US 28 cents per share. The Company makes appropriate tax withholdings of up to 15% when dividends are paid to the Company’s share depository, The Bank of New York Mellon. For ordinary shareholders at Euronext Amsterdam, dividends are paid in euro.

RELATED PARTIES

RELATED PARTIES	6 Months Ended
	Jun. 30, 2021
Related Party [Abstract]
RELATED PARTIES	RELATED PARTIESFor the six and three-month periods ended June 30, there were no material transactions and there were no material balances recognized with related parties as of this date.

RISKS, COMMITMENTS, CONTINGENCI

RISKS, COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES	6 Months Ended
	Jun. 30, 2021
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
RISKS, COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES	RISKS, COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES O ther than disclosed below and elsewhere in these interim condensed consolidated financial statements, there were no material changes to risks, commitments, contingencies and uncertainties that occurred during the six-month period ended June 30, 2021.

EVENTS AFTER THE REPORTING PERI

EVENTS AFTER THE REPORTING PERIOD	6 Months Ended
	Jun. 30, 2021
Events After Reporting Period [Abstract]
EVENTS AFTER THE REPORTING PERIOD	EVENTS AFTER THE REPORTING PERIOD Exercised Put option to sell entirety stake in Omnium Telecom Algerie SpA On July 1, 2021 VEON exercised its put option to sell the entirety of its 45.57% stake in its Algerian subsidiary, Omnium Telecom Algerie SpA to the Algerian National Investment Fund, Fonds National d'Investissement (FNI). Omnium owns Algerian mobile network operator, Djezzy. The exercise of the put option is not expected to have an adverse effect on financial position of financial performance of the Company. Starting from July 1, 2021, the Algerian subsidiary will be classified as held for sale and discontinued operations, which will be recorded in VEON’s Q3 interim IFRS financial statements. The Algerian contribution to the VEON Group's financial position and financial performance is disclosed in Note 2 “Segment information”.

BASIS OF PREPARATION OF THE INT

BASIS OF PREPARATION OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2021
Accounting Policies, Accounting Estimates And Errors [Abstract]
BASIS OF PREPARATION OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	BASIS OF PREPARATION OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS BASIS OF PREPARATION The interim condensed consolidated financial statements for the six and three-month periods ended June 30, 2021 have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board ( "IASB" ). The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Group’s audited annual consolidated financial statements as of and for the year ended December 31, 2020. The preparation of these interim condensed consolidated financial statements has required management to apply accounting policies and methodologies based on complex and subjective judgments, estimates based on past experience and assumptions determined to be reasonable and realistic based on the related circumstances. The use of these judgments, estimates and assumptions affects the amounts reported in the statement of financial position, income statement, statement of cash flows, statement of changes in equity, as well as the notes. The final amounts for items for which estimates and assumptions were made in the consolidated financial statements may differ from those reported in these statements due to the uncertainties that characterize the assumptions and conditions on which the estimates are based. Certain comparative amounts have been reclassified to conform to the current period presentation. Specifically, the following December 31, 2020 balances were reclassified in the consolidated statement of financial position: • Short term investments for treasury bills shorter than 3 months maturity relating to micro finance bank operations of US$75 is now presented in cash and cash equivalents. Accordingly the cash flow movement of USD31 M relating to treasury bills has also been presented as cash and cash equivalent. • Short term portion of license fee payable of US$31 is now presented as other financial liabilities within current debt and derivative liabilities. STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE GROUP The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements as of and for the year ended December 31, 2020. A number of new and amended standards became effective as of January 1, 2021, which are not expected to have a material impact on VEON financial statements in current or future reporting periods or on foreseeable future transactions. The Group has not early adopted any other standards, interpretations or amendments that have been issued but have not yet become effective.

BASIS OF PREPARATION OF THE I_2

BASIS OF PREPARATION OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies, Accounting Estimates And Errors [Abstract]
BASIS OF PREPARATION	BASIS OF PREPARATION The interim condensed consolidated financial statements for the six and three-month periods ended June 30, 2021 have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board ( "IASB" ). The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Group’s audited annual consolidated financial statements as of and for the year ended December 31, 2020. The preparation of these interim condensed consolidated financial statements has required management to apply accounting policies and methodologies based on complex and subjective judgments, estimates based on past experience and assumptions determined to be reasonable and realistic based on the related circumstances. The use of these judgments, estimates and assumptions affects the amounts reported in the statement of financial position, income statement, statement of cash flows, statement of changes in equity, as well as the notes. The final amounts for items for which estimates and assumptions were made in the consolidated financial statements may differ from those reported in these statements due to the uncertainties that characterize the assumptions and conditions on which the estimates are based. Certain comparative amounts have been reclassified to conform to the current period presentation. Specifically, the following December 31, 2020 balances were reclassified in the consolidated statement of financial position: • Short term investments for treasury bills shorter than 3 months maturity relating to micro finance bank operations of US$75 is now presented in cash and cash equivalents. Accordingly the cash flow movement of USD31 M relating to treasury bills has also been presented as cash and cash equivalent. • Short term portion of license fee payable of US$31 is now presented as other financial liabilities within current debt and derivative liabilities.
STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE GROUP	STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE GROUP The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements as of and for the year ended December 31, 2020. A number of new and amended standards became effective as of January 1, 2021, which are not expected to have a material impact on VEON financial statements in current or future reporting periods or on foreseeable future transactions. The Group has not early adopted any other standards, interpretations or amendments that have been issued but have not yet become effective.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2021
Operating Segments [Abstract]
Schedule of reportable segments financial information by geography	Financial information by reportable segment for the six and three-month periods ended June 30, is presented in the following tables. Inter-segment transactions between segments are not material, and are made on terms which are comparable to transactions with third parties. For the six-month period ended June 30 Service revenue Sale of equipment and accessories Other revenue Total Revenue Mobile Fixed 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Our cornerstone Russia 1,395 1,506 266 265 193 151 5 5 1,859 1,927 Our growth engines Pakistan 658 559 — — 10 3 50 42 718 604 Ukraine 466 429 33 30 — — 2 2 501 461 Kazakhstan 214 190 44 37 6 2 1 1 265 230 Uzbekistan 91 101 — 1 — — — — 91 102 Our frontier markets Algeria 321 343 — — 1 2 — — 322 345 Bangladesh 270 262 — — — — 5 5 275 267 Other frontier markets 37 55 — 12 — 2 — — 37 69 Other HQ and eliminations (6) (17) (9) — 1 — — — (14) (17) Total segments 3,446 3,428 334 345 211 160 63 55 4,054 3,988 Adjusted CAPEX 2021 2020 2021 2020 Our cornerstone Russia 715 784 498 415 Our growth engines Pakistan 317 280 181 153 Ukraine 340 313 91 96 Kazakhstan 138 124 44 52 Uzbekistan 40 45 13 26 Our frontier markets Algeria 139 145 50 38 Bangladesh 112 113 42 59 Other frontier markets 24 25 6 19 Other HQ and eliminations (70) (100) 2 2 Total segments 1,755 1,729 927 860 For the three-month period ended June 30 Service revenue Sale of equipment and accessories Other revenue Total Revenue Mobile Fixed 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Our cornerstone Russia 705 711 135 128 96 68 3 — 939 907 Our growth engines Pakistan 340 266 — — 5 1 26 21 371 288 Ukraine 239 208 17 14 — — 1 1 257 223 Kazakhstan 112 92 22 19 4 1 — — 138 112 Uzbekistan 46 47 — — — — — — 46 47 Our frontier markets Algeria 162 159 — — — 1 — — 162 160 Bangladesh 138 128 — — — — 2 3 140 131 Other frontier markets 19 25 — 6 1 1 — — 20 32 Other HQ and eliminations 1 (8) (9) — — — — — (8) (8) Total segments 1,762 1,628 165 167 106 72 32 25 2,065 1,892
Schedule of segment adjusted EBITDA and capital expenditures by geography	Adjusted CAPEX 2021 2020 2021 2020 Our cornerstone Russia 354 357 299 249 Our growth engines Pakistan 161 133 89 85 Ukraine 173 151 52 58 Kazakhstan 72 61 23 28 Uzbekistan 18 20 1 21 Our frontier markets Algeria 71 64 17 24 Bangladesh 57 54 16 15 Other frontier markets 18 11 3 12 Other HQ and eliminations (45) (42) 2 — Total segments 879 809 502 492
Schedule of segments reconciliation of consolidated Adjusted EBITDA to Profit / (loss) before tax	The following table provides the reconciliation of Profit / (loss) before tax to Total Adjusted EBITDA for the six and three-month periods ended June 30: Six-month period Three-month period 2021 2020 2021 2020 Profit / (loss) before tax 445 438 216 243 Adjustments to reconcile Profit / (loss) before tax to Total Adjusted EBITDA Depreciation 837 804 421 389 Amortization 153 178 81 86 Impairment loss / (reversal) 9 1 3 1 (Gain) / loss on disposal of non-current assets 4 12 — 6 Finance costs 330 391 164 184 Finance income (5) (15) (3) (6) Other non-operating (gain) / loss (7) (101) (2) (86) Net foreign exchange (gain) / loss (11) 21 (1) (8) Total Adjusted EBITDA 1,755 1,729 879 809

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2021
Income Taxes [Abstract]
Schedule of income tax expense	Income tax expense consisted of the following for the six and three-month periods ended June 30: Six-month period Three-month period 2021 2020 2021 2020 Current income taxes 180 152 89 97 Deferred income taxes — (8) — (29) Income tax expense 180 144 89 68 Effective tax rate 40.4 % 32.9 % 41.2 % 28.0 %

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2021
Property, plant and equipment [abstract]
Schedule of movement in property and equipment	The following table summarizes the movement in the net book value of property and equipment for the six-month period ended June 30: Six-month period 2021 2020 Balance as of January 1 6,879 7,340 Additions* 1,122 839 Disposals (18) (25) Depreciation (837) (804) Impairment (9) (1) Translation adjustment 103 (689) Other (4) 19 Balance as of June 30 7,236 6,679 *There were no material changes in estimates other than lease term reassessments in Russia which had the effect of increasing right-of-use assets by US$89 (2020-US$13).

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2021
Intangible assets and goodwill [abstract]
Disclosure of detailed information about intangible assets	Th e following table summarizes the movement in the net book value of intangible assets, including goodwill for the six-month period ended June 30: Six-month period 2021 2020 Balance as of January 1 4,152 5,688 Acquisition of subsidiary (Note 4) 18 — Additions 199 124 Amortization (153) (178) Impairment (1) — Translation adjustment 28 (519) Other (13) 4 Balance as of June 30 4,230 5,119
Schedule of movement in goodwill for the Group, per cash generating unit	Included within total intangible asset movements for the six month periods ended June 30, 2021, as shown above, are the following movements in goodwill for the group, per cash generating unit ("CGU") : CGU * June 30, 2021 Others Currency January 1, 2021 Russia** 1,156 2 23 1,131 Algeria 1,034 — (19) 1,053 Pakistan 323 (6) 5 324 Kazakhstan 137 — (3) 140 Uzbekistan 34 — — 34 Total 2,684 (4) 6 2,682 * There is no goodwill allocated to the CGUs of Ukraine, Bangladesh, Kyrgyzstan or Georgia ** In June 2021, VEON acquired a majority stake in OTM, a technology platform for the automation and planning of online advertising purchases in Russia.

INVESTMENTS, DEBTS AND DERIVATI

INVESTMENTS, DEBTS AND DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 2021
Financial Instruments [Abstract]
Schedule of financial assets	The Company holds the following investments and derivative assets: June 30, 2021 December 31, 2020 At fair value Derivatives not designated as hedges — 20 Derivatives designated as net investment hedges — 3 Other 8 8 8 31 At amortized cost Security deposits and cash collateral 380 325 Other investments 49 39 429 364 Total investments and derivatives 437 395 Non-current 369 305 Current 68 90
Schedule of financial liabilities	The Company holds the following debt and derivative liabilities: June 30, 2021 December 31, 2020 At fair value Derivatives not designated as hedges — 52 Derivatives designated as net investment hedges 13 1 Contingent consideration 1 — 14 53 At amortized cost Principal amount outstanding 7,658 7,678 Interest accrued 78 85 Discounts, unamortized fees, hedge basis adjustment (9) (5) Bank loans and bonds 7,727 7,758 Lease liabilities 2,050 1,912 Put-option liability over non-controlling interest 16 273 Other financial liabilities* 126 91 9,919 10,034 Total debt and derivatives 9,933 10,087 Non-current 8,717 8,832 Current 1,216 1,255 * Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details.

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Cash and cash equivalents [abstract]
Schedule of cash and cash equivalents	Cash and cash equivalents consisted of the following items: June 30, 2021 December 31, 2020 Cash at banks and on hand 694 694 Short-term deposits with original maturity of less than three months* 498 975 Cash and cash equivalents 1,192 1,669 Less overdrafts (13) (8) Cash and cash equivalents, net of overdrafts 1,179 1,661 * Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details. ** Cash and cash equivalents include an amount of US$106 relating to banking operations in Pakistan.

ISSUED CAPITAL (Tables)

ISSUED CAPITAL (Tables)	6 Months Ended
	Jun. 30, 2021
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract]
Summary of common shares	The following table details the common shares of the Company as of: June 30, 2021 December 31, 2020 Authorized common shares (nominal value of US$0.001 per share) 1,849,190,667 1,849,190,667 Issued shares, including 7,603,731 shares held by a subsidiary of the Company 1,756,731,135 1,756,731,135

GENERAL INFORMATION (Details)

GENERAL INFORMATION (Details) ₽ in Millions	1 Months Ended
	Jun. 30, 2021USD ($)	Apr. 30, 2021RUB (₽)	Apr. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021PKR (₨)	Mar. 31, 2021RUB (₽)	Mar. 31, 2021USD ($)
PMCL (Pakistan Mobile Communications Ltd)
Disclosure of detailed information about financial instruments [line items]
Percentage of voting equity interests acquired							15.00%	15.00%
Consideration paid (received)				$ 273,000,000	$ 273,000,000
Veon Holdings B.V. revolving credit facility, available until february 2024
Disclosure of detailed information about financial instruments [line items]
Facility amount								$ 1,250,000,000
Tenor				3 years
RUB30bn Alfa bank facility
Disclosure of detailed information about financial instruments [line items]
Facility amount							₽ 30,000	396,000,000
RUB15bn Alfa Bank facility floating rate tranche
Disclosure of detailed information about financial instruments [line items]
Facility amount							₽ 15,000	$ 198,000,000
Proceeds from non-current borrowings		₽ 15,000	$ 198,000,000
PKR50BN syndicated credit facility | PMCL (Pakistan Mobile Communications Ltd)
Disclosure of detailed information about financial instruments [line items]
Facility amount	$ 320,000,000					₨ 50,000,000,000
Tenor	10 years
RUB100bn bilateral facility
Disclosure of detailed information about financial instruments [line items]
Repayments of non-current borrowings		₽ 15,000	$ 198,000,000

SEGMENT INFORMATION - Reportabl

SEGMENT INFORMATION - Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure of operating segments [line items]
Service revenues	$ 1,927	$ 1,795	$ 3,780	$ 3,773
Sale of equipment and accessories	106	72	211	160
Other revenue	32	25	63	55
Total Revenue	2,065	1,892	4,054	3,988
Adjusted  EBITDA	879	809	1,755	1,729
CAPEX exc. licenses and ROU	502	492	927	860
Algeria
Disclosure of operating segments [line items]
Adjusted  EBITDA	71	64	139	145
CAPEX exc. licenses and ROU	17	24	50	38
Bangladesh
Disclosure of operating segments [line items]
Adjusted  EBITDA	57	54	112	113
CAPEX exc. licenses and ROU	16	15	42	59
Other frontier markets
Disclosure of operating segments [line items]
Adjusted  EBITDA	18	11	24	25
CAPEX exc. licenses and ROU	3	12	6	19
Operating segments | Russia
Disclosure of operating segments [line items]
Sale of equipment and accessories	96	68	193	151
Other revenue	3	0	5	5
Total Revenue	939	907	1,859	1,927
Adjusted  EBITDA	354	357	715	784
CAPEX exc. licenses and ROU	299	249	498	415
Operating segments | Pakistan
Disclosure of operating segments [line items]
Sale of equipment and accessories	5	1	10	3
Other revenue	26	21	50	42
Total Revenue	371	288	718	604
Adjusted  EBITDA	161	133	317	280
CAPEX exc. licenses and ROU	89	85	181	153
Operating segments | Ukraine
Disclosure of operating segments [line items]
Sale of equipment and accessories	0	0	0	0
Other revenue	1	1	2	2
Total Revenue	257	223	501	461
Adjusted  EBITDA	173	151	340	313
CAPEX exc. licenses and ROU	52	58	91	96
Operating segments | Kazakhstan
Disclosure of operating segments [line items]
Sale of equipment and accessories	4	1	6	2
Other revenue	0	0	1	1
Total Revenue	138	112	265	230
Adjusted  EBITDA	72	61	138	124
CAPEX exc. licenses and ROU	23	28	44	52
Operating segments | Uzbekistan
Disclosure of operating segments [line items]
Sale of equipment and accessories	0	0	0	0
Other revenue	0	0	0	0
Total Revenue	46	47	91	102
Adjusted  EBITDA	18	20	40	45
CAPEX exc. licenses and ROU	1	21	13	26
Operating segments | Algeria
Disclosure of operating segments [line items]
Sale of equipment and accessories	0	1	1	2
Other revenue	0	0	0	0
Total Revenue	162	160	322	345
Adjusted  EBITDA	71	64	139	145
CAPEX exc. licenses and ROU	17	24	50	38
Operating segments | Bangladesh
Disclosure of operating segments [line items]
Sale of equipment and accessories	0	0	0	0
Other revenue	2	3	5	5
Total Revenue	140	131	275	267
Adjusted  EBITDA	57	54	112	113
CAPEX exc. licenses and ROU	16	15	42	59
Operating segments | Other frontier markets
Disclosure of operating segments [line items]
Sale of equipment and accessories	1	1	0	2
Other revenue	0	0	0	0
Total Revenue	20	32	37	69
Adjusted  EBITDA	18	11	24	25
CAPEX exc. licenses and ROU	3	12	6	19
HQ and eliminations
Disclosure of operating segments [line items]
Sale of equipment and accessories	0	0	1	0
Other revenue	0	0	0	0
Total Revenue	(8)	(8)	(14)	(17)
Adjusted  EBITDA	(45)	(42)	(70)	(100)
CAPEX exc. licenses and ROU	2	0	2	2
Mobile
Disclosure of operating segments [line items]
Service revenues	1,762	1,628	3,446	3,428
Mobile | Operating segments | Russia
Disclosure of operating segments [line items]
Service revenues	705	711	1,395	1,506
Mobile | Operating segments | Pakistan
Disclosure of operating segments [line items]
Service revenues	340	266	658	559
Mobile | Operating segments | Ukraine
Disclosure of operating segments [line items]
Service revenues	239	208	466	429
Mobile | Operating segments | Kazakhstan
Disclosure of operating segments [line items]
Service revenues	112	92	214	190
Mobile | Operating segments | Uzbekistan
Disclosure of operating segments [line items]
Service revenues	46	47	91	101
Mobile | Operating segments | Algeria
Disclosure of operating segments [line items]
Service revenues	162	159	321	343
Mobile | Operating segments | Bangladesh
Disclosure of operating segments [line items]
Service revenues	138	128	270	262
Mobile | Operating segments | Other frontier markets
Disclosure of operating segments [line items]
Service revenues	19	25	37	55
Mobile | HQ and eliminations
Disclosure of operating segments [line items]
Service revenues	1	(8)	(6)	(17)
Fixed
Disclosure of operating segments [line items]
Service revenues	165	167	334	345
Fixed | Operating segments | Russia
Disclosure of operating segments [line items]
Service revenues	135	128	266	265
Fixed | Operating segments | Pakistan
Disclosure of operating segments [line items]
Service revenues	0	0	0	0
Fixed | Operating segments | Ukraine
Disclosure of operating segments [line items]
Service revenues	17	14	33	30
Fixed | Operating segments | Kazakhstan
Disclosure of operating segments [line items]
Service revenues	22	19	44	37
Fixed | Operating segments | Uzbekistan
Disclosure of operating segments [line items]
Service revenues	0	0	0	1
Fixed | Operating segments | Algeria
Disclosure of operating segments [line items]
Service revenues	0	0	0	0
Fixed | Operating segments | Bangladesh
Disclosure of operating segments [line items]
Service revenues	0	0	0	0
Fixed | Operating segments | Other frontier markets
Disclosure of operating segments [line items]
Service revenues	0	6	0	12
Fixed | HQ and eliminations
Disclosure of operating segments [line items]
Service revenues	$ (9)	$ 0	$ (9)	$ 0

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of Adjusted EBITDA to Profit/(loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating Segments [Abstract]
Profit / (loss) before tax	$ 216	$ 243	$ 445	$ 438
Depreciation	421	389	837	804
Amortization	81	86	153	178
Impairment (loss) / reversal	3	1	9	1
Gain / (loss) on disposal of non-current assets	0	6	4	12
Finance costs	164	184	330	391
Finance income	(3)	(6)	(5)	(15)
Other non-operating gain / (loss)	(2)	(86)	(7)	(101)
Net foreign exchange (gain) / loss	(1)	(8)	(11)	21
Total Adjusted EBITDA	$ 879	$ 809	$ 1,755	$ 1,729

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Taxes [Abstract]
Current income taxes	$ 89	$ 97	$ 180	$ 152
Deferred income taxes	0	(29)	0	(8)
Income tax expense	$ 89	$ 68	$ 180	$ 144
Effective tax rate	41.20%	28.00%	40.40%	32.90%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Taxes Disclosure [Line Items]
Effective tax rate	41.20%	28.00%	40.40%	32.90%
Deferred tax assets	$ 213		$ 213		$ 186

SIGNIFICANT TRANSACTIONS (Detai

SIGNIFICANT TRANSACTIONS (Details) $ in Millions, ৳ in Billions	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2021USD ($)numberOfMegahertz	Mar. 31, 2021BDT (৳)numberOfMegahertz	Feb. 28, 2021numberOfMegahertz
Disclosure of subsidiaries [line items]
Foreign currency loss | $		$ (10)	$ (94)	$ (8)	$ 486
Banglalink
Disclosure of subsidiaries [line items]
Spectrum, frequency band						40	40	30.6
Spectrum cost						$ 115	৳ 10
OTM
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	67.00%
Consideration paid (received) | $	$ 16
1800 MHz Spectrum | Banglalink
Disclosure of subsidiaries [line items]
Spectrum, frequency band						4.4	4.4
Frequency bands						1,800	1,800
2100 MHz Spectrum | Banglalink
Disclosure of subsidiaries [line items]
Spectrum, frequency band						5	5
Frequency bands						2,100	2,100

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Property, plant and equipment [abstract]
Balance as of January 1	$ 6,879	$ 7,340
Additions	1,122	839
Disposals	(18)	(25)
Depreciation	(837)	(804)
Impairment	(9)	(1)
Translation adjustment	103	(689)
Other	(4)	19
Balance as of June 30	7,236	6,679
Additions to right-of-use assets	$ 89	$ 13

INTANGIBLE ASSETS - Schedule of

INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Disclosure of detailed information about intangible assets [line items]
Balance as of January 1	$ 4,152	$ 5,688
Acquisition of subsidiary (Note 4)	18	0
Additions	199	124
Amortization	(153)	(178)
Impairment	(1)	0
Translation adjustment	28	(519)
Other	(13)	4
Balance as of June 30	$ 4,230	$ 5,119

INTANGIBLE ASSETS - Goodwill (D

INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Disclosure of information for cash-generating units [line items]
Goodwill at beginning of period	$ 2,682
Others	(4)
Currency  translation	6
Goodwill at end of period	2,684
Impairment loss recognised in profit or loss, goodwill	0	$ 0
Russia
Disclosure of information for cash-generating units [line items]
Goodwill at beginning of period	1,131
Others	2
Currency  translation	23
Goodwill at end of period	1,156
Algeria
Disclosure of information for cash-generating units [line items]
Goodwill at beginning of period	1,053
Others	0
Currency  translation	(19)
Goodwill at end of period	1,034
Pakistan
Disclosure of information for cash-generating units [line items]
Goodwill at beginning of period	324
Others	(6)
Currency  translation	5
Goodwill at end of period	323
Kazakhstan
Disclosure of information for cash-generating units [line items]
Goodwill at beginning of period	140
Others	0
Currency  translation	(3)
Goodwill at end of period	137
Uzbekistan
Disclosure of information for cash-generating units [line items]
Goodwill at beginning of period	34
Others	0
Currency  translation	0
Goodwill at end of period	$ 34

INVESTMENTS, DEBTS AND DERIVA_2

INVESTMENTS, DEBTS AND DERIVATIVES - Financial Assets (Details) - USD ($) $ in Millions		Jun. 30, 2021	Dec. 31, 2020
Disclosure of financial assets [line items]
Total investments and derivatives		$ 437	$ 395
Non-current		369	305
Current	[1]	68	90
At fair value
Disclosure of financial assets [line items]
Total investments and derivatives		8	31
At amortized cost
Disclosure of financial assets [line items]
Total investments and derivatives		429	364
Derivatives not designated as hedges | At fair value
Disclosure of financial assets [line items]
Total investments and derivatives		0	20
Derivatives designated as net investment hedges | At fair value
Disclosure of financial assets [line items]
Total investments and derivatives		0	3
Other | At fair value
Disclosure of financial assets [line items]
Total investments and derivatives		8	8
Security deposits and cash collateral | At amortized cost
Disclosure of financial assets [line items]
Total investments and derivatives		380	325
Other investments | At amortized cost
Disclosure of financial assets [line items]
Total investments and derivatives		$ 49	$ 39
[1]	Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details.

INVESTMENTS, DEBTS AND DERIVA_3

INVESTMENTS, DEBTS AND DERIVATIVES - Financial Liabilities (Details) - USD ($) $ in Millions		Jun. 30, 2021	Dec. 31, 2020
Disclosure of financial liabilities [line items]
Total debt and derivatives		$ 9,933	$ 10,087
Non-current		8,717	8,832
Current	[1]	1,216	1,255
At fair value
Disclosure of financial liabilities [line items]
Total debt and derivatives		14	53
At amortized cost
Disclosure of financial liabilities [line items]
Total debt and derivatives		9,919	10,034
Derivatives not designated as hedges | At fair value
Disclosure of financial liabilities [line items]
Total debt and derivatives		0	52
Derivatives designated as net investment hedges | At fair value
Disclosure of financial liabilities [line items]
Total debt and derivatives		13	1
Contingent consideration | At fair value
Disclosure of financial liabilities [line items]
Total debt and derivatives		1	0
Principal amount outstanding | At amortized cost
Disclosure of financial liabilities [line items]
Total debt and derivatives		7,658	7,678
Interest accrued | At amortized cost
Disclosure of financial liabilities [line items]
Total debt and derivatives		78	85
Discounts, unamortized fees, hedge basis adjustment | At amortized cost
Disclosure of financial liabilities [line items]
Total debt and derivatives		(9)	(5)
Bank loans and bonds | At amortized cost
Disclosure of financial liabilities [line items]
Total debt and derivatives		7,727	7,758
Lease liabilities | At amortized cost
Disclosure of financial liabilities [line items]
Total debt and derivatives		2,050	1,912
Put-option liability over non-controlling interest | At amortized cost
Disclosure of financial liabilities [line items]
Total debt and derivatives		16	273
Other financial liabilities | At amortized cost
Disclosure of financial liabilities [line items]
Total debt and derivatives		$ 126	$ 91
[1]	Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details.

INVESTMENTS, DEBT AND DERIVAT_2

INVESTMENTS, DEBT AND DERIVATIVES - Significant Changes in Financial Assets and Financial Liabilities (Details) ₽ in Millions	1 Months Ended
	Jun. 30, 2021USD ($)	Apr. 30, 2021RUB (₽)	Apr. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021PKR (₨)	Mar. 31, 2021RUB (₽)extensionOption	Mar. 31, 2021USD ($)extensionOption	Mar. 31, 2021PKR (₨)extensionOption
Veon Holdings B.V. revolving credit facility, available until february 2024
Disclosure of detailed information about financial instruments [line items]
Facility amount								$ 1,250,000,000
Tenor				3 years
Number of extension options | extensionOption							2	2	2
Extension option, term				1 year
Veon Holdings B.V. revolving credit facility, available until february 2024 | Not later than one month
Disclosure of detailed information about financial instruments [line items]
Borrowings, interest payment period				1 month
Veon Holdings B.V. revolving credit facility, available until february 2024 | Not later than three months
Disclosure of detailed information about financial instruments [line items]
Borrowings, interest payment period				3 months
Veon Holdings B.V. revolving credit facility, available until february 2024 | Later than one month and not later than six months
Disclosure of detailed information about financial instruments [line items]
Borrowings, interest payment period				6 months
RUB30bn Alfa bank facility
Disclosure of detailed information about financial instruments [line items]
Facility amount							₽ 30,000	$ 396,000,000
RUB45bn Alfa Bank Facility
Disclosure of detailed information about financial instruments [line items]
Facility amount							45,000	594,000,000
RUB15bn Alfa Bank Floating Rate Tranche
Disclosure of detailed information about financial instruments [line items]
Facility amount							15,000	198,000,000
Tenor				5 years
RUB100bn bilateral facility
Disclosure of detailed information about financial instruments [line items]
Repayments of non-current borrowings		₽ 15,000	$ 198,000,000
RUB15bn Alfa Bank facility floating rate tranche
Disclosure of detailed information about financial instruments [line items]
Facility amount							₽ 15,000	198,000,000
Proceeds from non-current borrowings		₽ 15,000	$ 198,000,000
PMCL (Pakistan Mobile Communications Ltd)
Disclosure of detailed information about financial instruments [line items]
Financial instrument, put option, % ownership acquired				15.00%
Consideration paid (received)				$ 273,000,000	$ 273,000,000
Proportion of ownership interest in subsidiary				100.00%
PMCL (Pakistan Mobile Communications Ltd) | Floating interest rate
Disclosure of detailed information about financial instruments [line items]
Facility amount								131,000,000	₨ 20,000,000,000
PMCL (Pakistan Mobile Communications Ltd) | PKR15Bn MCB Bank Syndicated Facility
Disclosure of detailed information about financial instruments [line items]
Facility amount								98,000,000	15,000,000,000
PMCL (Pakistan Mobile Communications Ltd) | PKR15Bn MCB Bank Syndicated Facility | Floating interest rate
Disclosure of detailed information about financial instruments [line items]
Tenor				7 years
PMCL (Pakistan Mobile Communications Ltd) | PKR5Bn United Bank Bilateral Term Facility
Disclosure of detailed information about financial instruments [line items]
Facility amount								$ 33,000,000	₨ 5,000,000,000
PMCL (Pakistan Mobile Communications Ltd) | PKR5Bn United Bank Bilateral Term Facility | Floating interest rate
Disclosure of detailed information about financial instruments [line items]
Tenor				7 years
PMCL (Pakistan Mobile Communications Ltd) | PKR50BN syndicated credit facility
Disclosure of detailed information about financial instruments [line items]
Facility amount	$ 320,000,000					₨ 50,000,000,000
Tenor	10 years
PMCL (Pakistan Mobile Communications Ltd) | PKR50BN syndicated credit facility | Three Month Karachi Inter Bank Offered Rate Kibor
Disclosure of detailed information about financial instruments [line items]
Tenor	10 years

INVESTMENTS, DEBT AND DERIVAT_3

INVESTMENTS, DEBT AND DERIVATIVES - Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
At amortized cost | Bank loans and bonds
Disclosure of fair value measurement of assets and liabilities [line items]
Financial liabilities, at fair value	$ 7,823	$ 8,031

CASH AND CASH EQUIVALENTS - Sum

CASH AND CASH EQUIVALENTS - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Millions		Jun. 30, 2021		Dec. 31, 2020		Jun. 30, 2020		Dec. 31, 2019	[3]
Disclosure of classes of share capital [line items]
Cash at banks and on hand		$ 694		$ 694
Short-term deposits with original maturity of less than three months		498		975
Cash and cash equivalents	[1]	1,192		1,669
Less overdrafts		(13)		(8)		$ (3)
Cash and cash equivalents, net of overdrafts (as presented in the consolidated statement of cash flows)		$ 1,179	[2]	$ 1,661	[3]	$ 1,228	[2]	$ 1,238
[1]	Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details.
[2]	Overdrawn amount was US$13 (2020: US$3)
[3]	Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details.

CASH AND CASH EQUIVALENTS - Nar

CASH AND CASH EQUIVALENTS - Narrative (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Cash and cash equivalents [abstract]
Restricted cash and cash equivalents	$ 0	$ 0
Investments in money market funds	61,000,000	543,000,000
Overdrawn amount	$ 13,000,000	$ 8,000,000	$ 3,000,000

ISSUED CAPITAL - Common Stock (

ISSUED CAPITAL - Common Stock (Details) - Ordinary shares - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Disclosure of classes of share capital [abstract]
Authorized common shares (nominal value of US$0.001 per share)	1,849,190,667	1,849,190,667
Issued shares, including 7,603,731 shares held by a subsidiary of the Company	1,756,731,135	1,756,731,135
Par value per share (in dollars per share)	$ 0.001
Shares held by a subsidiary of the Company (in shares)	7,603,731

DIVIDENDS PAID AND PROPOSED (De

DIVIDENDS PAID AND PROPOSED (Details) - $ / shares	1 Months Ended	6 Months Ended	15 Months Ended
	Mar. 31, 2020	Jun. 30, 2021	Mar. 31, 2020
Dividends [Abstract]
Dividends declared, per share (in dollars per share)	$ 0.15	$ 0
Dividends paid, per share (in dollars per share)			$ 0.28
Maximum
Dividends [Abstract]
Tax withholdings percentage		15.00%

EVENTS AFTER THE REPORTING PE_2

EVENTS AFTER THE REPORTING PERIOD (Details)	Jul. 01, 2021
Disposal of major subsidiary | Omnium Telecom Algerie SpA
Disclosure of non-adjusting events after reporting period
Percentage ownership sold	45.57%

BASIS OF PREPARATION OF THE I_3

BASIS OF PREPARATION OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Details) - USD ($) $ in Millions		6 Months Ended		12 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disclosure of voluntary change in accounting policy [line items]
Cash and cash equivalents	[1]	$ 1,192		$ 1,669
Investments and derivatives	[1]	68		90
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes		(482)	$ 27
Debt and derivatives	[1]	$ 1,216		1,255
Increase (decrease) due to corrections of prior period errors
Disclosure of voluntary change in accounting policy [line items]
Cash and cash equivalents				75
Investments and derivatives				(75)
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes				31
Debt and derivatives				$ 31
[1]	Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details.