VEON (VEON) 6-K 4 Aug 22 2022 Q2 Current report (foreign) Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2022
Cover [Abstract]
Document Type	6-K
Entity Registrant Name	VEON Ltd.
Entity Central Index Key	0001468091
Document Period End Date	Jun. 30, 2022
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

INTERIM CONDENSED CONSOLIDATED

INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	[1]	Jun. 30, 2022	Jun. 30, 2021	[1]
Profit or loss [abstract]
Service revenues	$ 1,889	$ 1,764		$ 3,565	$ 3,458
Sale of equipment and accessories	84	106		194	210
Other revenue	35	32		72	63
Total operating revenues	2,008	1,902		3,831	3,731
Other operating income	2	1		4	1
Service costs	(355)	(363)		(659)	(689)
Cost of equipment and accessories	(76)	(106)		(179)	(207)
Selling, general and administrative expenses	(666)	(626)		(1,311)	(1,220)
Depreciation	(420)	(375)		(780)	(752)
Amortization	(87)	(75)		(173)	(141)
Impairment (loss) / reversal	(14)	(3)		(486)	(5)
Gain / (loss) on disposal of non-current assets	9	0		18	(4)
Gains (losses) recognised when control of subsidiary is lost	(31)	0		(32)	0
Operating profit	370	355		233	714
Finance costs	(222)	(157)		(399)	(321)
Finance income	7	3		13	5
Other non-operating gain / (loss)	(12)	2		1	7
Net foreign exchange gain / (loss)	61	1		172	12	[2]
Profit / (loss) before tax from continuing operations	204	204		20	417	[2]
Income tax expense	(81)	(85)		(55)	(172)
Profit / (loss) from continuing operations	123	119		(35)	245
Profit / (loss) after tax from discontinued operations	61	8		122	20
Profit / (loss) for the period	184	127		87	265
Attributable to:
The owners of the parent (continuing operations)	108	96		(61)	221
The owners of the parent (discontinued operations)	28	4		56	9
Non-controlling interest	$ 48	$ 27		$ 92	$ 35
Basic and diluted gain / (loss) per share attributable to ordinary equity holders of the parent
Basic gain (loss) from continuing operations per share (in dollars per share)	$ 0.06	$ 0.06		$ (0.03)	$ 0.13
Diluted gain (loss) per share from continuing operations (in dollars per share)	0.06	0.06		(0.03)	0.13
Basic gain (loss) from discontinued operations per share (in dollars per share)	0.02	0		0.03	0.01
Diluted gain (loss) per share from discontinued operations (in dollars per share)	0.02	0		0.03	0.01
Basic gain (loss) per share (in USD per share)	0.08	0.06		0	0.14
Diluted gain (loss) per share (in USD per share)	$ 0.08	$ 0.06		$ 0	$ 0.14
[1]Prior period comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 5 ). Note 5 ).

INTERIM CONDENSED CONSOLIDATE_2

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021		Jun. 30, 2022	Jun. 30, 2021
Statement of comprehensive income [abstract]
Profit / (loss) for the period	$ 184	$ 127	[1]	$ 87	$ 265	[1]
Items that may be reclassified to profit or loss
Foreign currency translation	228	10		(22)	8
Other	0	3		0	0
Items reclassified to profit or loss
Other	0	1		0	2
Other comprehensive income / (loss) , net of tax	228	14		(22)	10
Total comprehensive income / (loss) , net of tax	412	141		65	275
Attributable to:
The owners of the parent	369	127		8	262
Non-controlling interests	43	14		57	13
Total comprehensive income / (loss) , net of tax	$ 412	$ 141		$ 65	$ 275
[1]Prior period comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 5 ).

INTERIM CONDENSED CONSOLIDATE_3

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Non-current assets
Property and equipment	$ 8,329	$ 6,717
Intangible assets	3,086	3,244
Investments and derivatives	125	99
Deferred tax assets	234	228
Other assets	225	216
Total non-current assets	11,999	10,504
Current assets
Inventories	115	111
Trade and other receivables	783	690
Investments and derivatives	113	86
Current income tax assets	94	70
Other assets	350	344
Cash and cash equivalents	2,339	2,252
Total current assets	3,794	3,553
Assets classified as held for sale	1,901	1,864
Total assets	17,694	15,921
Equity
Equity attributable to equity owners of the parent	591	586
Non-controlling interests	972	919
Total equity	1,563	1,505
Non-current liabilities
Debt and derivatives	9,439	9,404
Provisions	105	87
Deferred tax liabilities	22	115
Other liabilities	57	36
Total non-current liabilities	9,623	9,642
Current liabilities
Trade and other payables	1,870	2,031
Debt and derivatives	3,142	1,242
Provisions	78	109
Current income tax payables	222	228
Dividend payable	4	0
Other liabilities	820	773
Total current liabilities	6,136	4,383
Liabilities associated with assets held for sale	372	391
Total equity and liabilities	$ 17,694	$ 15,921

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, 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	[1]	230				230		35
Other comprehensive income / (loss)	10		32					32	(22)
Total comprehensive income / (loss) , net of tax	275		262				230	32	13
Dividends declared	(44)		0						(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	[1]	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)
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
Number of shares outstanding at beginning of period (in shares) at Dec. 31, 2021				1,749,127,404
Equity at beginning of period at Dec. 31, 2021	1,505		586	$ 2	12,753	(1,990)	(1,246)	(8,933)	919
Profit / (loss) for the period	87		(5)				(5)		92
Reclassifications	0		0			21	127	(148)
Transfer to income statement on disposal of subsidiary	41		41					41
Other comprehensive income / (loss)	(63)		(28)					(28)	(35)
Total comprehensive income / (loss) , net of tax	65		8			21	122	(135)	57
Dividends declared	(11)								(11)
Changes in ownership interest in a subsidiary that do not result in a loss of control	0		(2)			(2)			2
Other	4		(1)			(2)	(3)	4	5
Number of shares outstanding at end of period (in shares) at Jun. 30, 2022				1,749,127,404
Equity at end of period at Jun. 30, 2022	1,563		591	$ 2	12,753	(1,973)	(1,127)	(9,064)	972
Number of shares outstanding at beginning of period (in shares) at Mar. 31, 2022				1,749,127,404
Equity at beginning of period at Mar. 31, 2022	1,150		227	$ 2	12,753	(1,967)	(1,221)	(9,340)	923
Profit / (loss) for the period	184		136				136		48
Reclassifications	0		0				(39)	39
Transfer to income statement on disposal of subsidiary	41		41					41
Other comprehensive income / (loss)	187		192					192	(5)
Total comprehensive income / (loss) , net of tax	412		369				97	272	43
Dividends declared	0
Changes in ownership interest in a subsidiary that do not result in a loss of control	0		(2)			(2)			2
Other	1		(3)			(4)	(3)	4	4
Number of shares outstanding at end of period (in shares) at Jun. 30, 2022				1,749,127,404
Equity at end of period at Jun. 30, 2022	$ 1,563		$ 591	$ 2	$ 12,753	$ (1,973)	$ (1,127)	$ (9,064)	$ 972
[1]Prior period comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 5 ).

INTERIM CONDENSED CONSOLIDATE_5

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	[1]
Operating activities
Profit / (loss) before tax		$ 20	$ 417	[2]
Non-cash adjustments to reconcile profit before tax to net cash flows
Depreciation, amortization and impairment loss / (reversal)		1,439	898
(Gain) / loss on disposal of non-current assets		(18)	4
(Gain) / loss on disposal of subsidiaries		32	0
Finance costs		399	321
Finance income		(13)	(5)
Other non-operating (gain) / loss		(1)	(7)
Net foreign exchange (gain) / loss		(172)	(12)	[2]
Changes in trade and other receivables and prepayments		(30)	(110)
Changes in inventories		20	(14)
Changes in trade and other payables		(97)	19
Changes in provisions, pensions and other		9	2
Interest paid		(372)	(304)
Interest received		12	5
Income tax paid		(180)	(132)
Net cash flows from operating activities from continuing operations		1,048	1,082
Net cash flows from operating activities from discontinued operations		124	117
Investing activities
Purchase of property, plant and equipment and intangible assets		(1,227)	(981)
Receipts from / (payment on) deposits		(40)	(52)
Receipts from / (investment in) financial assets		(11)	46
Acquisition of a subsidiary, net of cash acquired		1	(13)
Proceeds from sales of share in subsidiaries, net of cash		42	0
Other proceeds from investing activities, net		7	7
Net cash flows from / (used in) investing activities from continuing operations		(1,228)	(993)
Net cash flows from / (used in) investing activities from discontinued operations		(55)	(66)
Financing activities
Proceeds from borrowings, net of fees paid	[3]	1,954	437
Repayment of debt		(1,658)	(700)
Acquisition of non-controlling interest		0	(273)
Dividends paid to owners of the parent		0	0
Dividends paid to non-controlling interests		(7)	0
Net cash flows from / (used in) financing activities from continuing operations		290	(535)
Net cash flows from / (used in) financing activities from discontinued operations		(11)	(12)
Net (decrease) / increase in cash and cash equivalents		168	(407)
Net foreign exchange difference related to continuing operations		(14)	0
Net foreign exchange difference related to discontinued operations		(7)	0
Cash and cash equivalents classified as held for sale at the beginning of the period		113	0
Cash and cash equivalents classified as held for sale at the end of the period		(163)	0
Cash and cash equivalents at beginning of period, net of overdrafts		2,239	1,585
Cash and cash equivalents at end of period, net of overdrafts	[4]	$ 2,336	$ 1,178
[1]Prior period comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 5 ). Note 5 ).

INTERIM CONDENSED CONSOLIDATE_6

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of cash flows [abstract]
Fees paid for borrowings	$ 8	$ 19
Overdrawn amount	$ 3	$ 13

GENERAL INFORMATION

GENERAL INFORMATION	6 Months Ended
	Jun. 30, 2022
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 wireless, fixed and broadband internet services, as well as selling equipment, infrastructure 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 ”). Due to the ongoing conflict between Russia and Ukraine, material uncertainties have been identified that may cast significant doubt on the Company’s ability to continue as a going concern which are discussed in detail in Note 15 of these consolidated financial statements. Major developments during the six-month period ended June 30, 2022 Financing activities In February 2022, the maturity of the multi-currency revolving credit facility originally entered into in March 2021 (the "RCF") was extended for one year until March 2025; two banks did not agree to extend as a result US$250 will mature at the original maturity in March 2024. In February 2022, VEON Holdings B.V. drew US$430 under the RCF. Subject to the terms set out in the RCF, the outstanding balance can be rolled over until final maturity. In February 2022, VEON Holdings B.V. repaid its 7.50% Note of US$417 originally maturing in March 2022. In February 2022, VEON Holdings B.V. prepaid RUB 30 billion (US$396) of outstanding loans to VTB Bank originally maturing in July 2025. In February 2022, VEON Finance Ireland DAC signed a RUB 30 billion (US$400) Term Facility Agreement with VTB Bank with a floating rate. This facility was guaranteed by VEON Holding B.V. and had a maturity of February 2029. The proceeds from this facility were used for general corporate purposes, including the financing of intercompany loans to PJSC VimpelCom. In March 2022, Alfa Bank (US$125 commitment) and Raiffeisen Bank Russia (US$70 commitment) notified the Agent under the RCF that as a result of new Russian regulatory requirements following a presidential decree, they could no longer participate in the RCF. As a result, their available commitments were cancelled and the total RCF size reduced from US$1,250 to US$1,055. The drawn portion from Alfa Bank (US$43) was subsequently repaid in April and the drawn portion from Raiffeisen Bank Russia (US$24) was repaid in May 2022. In March 2022, Pakistan Mobile Communication Limited ("PMCL") fully utilized the remaining PKR 40 billion (US$222) available under its existing credit line. In March 2022, VEON Finance Ireland DAC prepaid the RUB 30 billion (US$259) Term Facility Agreement with VTB Bank in accordance with its terms, and the facility was cancelled. In April and May 2022, VEON Holdings B.V. received US$610 following a utilization under the RCF. Subject to the terms set out in the RCF, this amount can be rolled until maturity. In April 2022, VEON novated two bank loans, with Sberbank (RUB 45 billion (US$556)) and Alfa Bank (RUB 45 billion (US$556)) totaling RUB 90 billion (US$1,112), to PJSC VimpelCom, resulting in the former borrower, VEON Finance Ireland DAC and the former guarantor, VEON Holdings B.V., having been released from their obligations. In April 2022, PMCL signed a PKR 40 billion (US$217) syndicated loan with a 10 year maturity. The drawn amount under the facility is PKR 30 billion (US$156). In April 2022, Banglalink signed a BDT 12 billion (US$139) syndicated loan with a five year maturity till April 2027. During May 2022, Banglalink utilized BDT 9 billion (US$103) of the total syndicated loan which was partially used to fully repay the existing facility (US$38). In 2022, Kyivstar fully prepaid a UAH 1,350 million (US$46) loan with JSC CitiBank, a UAH 1,275 (US$44) million loan with JSC Credit Agricole and a UAH 1,677 million (US$57) loan with Alfa bank, and also prepaid a portion of a UAH 1,250 million loan with OTP Bank (UAH 490 million (US$17)). Other developments On February 24, 2022, a military conflict began between Russia and Ukraine and as of August 4, 2022, the conflict is still ongoing. Refer to Note 15 for further details. On March 31, 2022, Banglalink acquired new spectrum for a fee of US$205 payable in installments over eleven years, doubling its spectrum holding in Bangladesh. Banglalink acquired 40 MHz of spectrum from the 2,300 MHz band. On April 12, 2022, Jazz signed a 4G license renewal with the PTA for a fee of PKR 45 billion (US$486) for fifteen years, of which 50% has been settled, and the remaining amount will be paid in five equal annual installments. On April 12, 2022, VEON confirmed that on April 7, 2022 VEON received notification from the Listing Qualifications Department of NASDAQ that VEON is not in compliance with the minimum bid price requirement set forth in NASDAQ’s Listing Rule 5550(a)(2). This does not impact current NASDAQ listing and trading, and VEON is evaluating options to return to compliance. Changes to Board of Directors On January 5, 2022, VEON announced the appointment of Karen Linehan to the Board of Directors as a non-executive director, following the resignation of Steve Pusey in 2021. On March 1, 2022, VEON announced the resignation of Mikhail Fridman from the Board of Directors, effective from February 28, 2022. On March 8, 2022, VEON announced the resignation of Robert Jan van de Kraats from the Board of Directors, effective from March 7, 2022. On March 16, 2022, VEON announced the appointment of Michiel Soeting to the Board of Directors as a non-executive director and Chairman of the Audit and Risk Committee, following the resignation of Robert Jan van de Kraats on March 7, 2022. On May 25, 2022 VEON announced that its Board of Directors and its Nominating and Corporate Governance Committee have recommended 11 individuals for the Board, including eight directors currently serving on the Board and three new members.The Board also announced that Gennady Gazin, Leonid Boguslavsky and Sergi Herrero did not put themselves up for reelection. On June 29, 2022, at the Annual General Meeting, shareholders elected three new directors: Augie Fabela, Morten Lundal and Stan Miller as well as eight previously serving directors: Hans-Holger Albrecht, Yaroslav Glazunov, Andrei Gusev, Gunnar Holt, Karen Linehan, Irene Shvakman, Vasily Sidorov and Michiel Soeting. Sale of Georgia Operations On March 31, 2022, VEON Georgia Holdings B.V. entered a non-binding share purchase agreement with Miren Invest LLC, VEON's former local partner, for the sale of VEON Georgia LLC, our operating company in Georgia, for US$45, subject to VEON corporate approvals and regulatory approvals. The sale was completed on June 8, 2022 (see Note 4 Significant Transactions). 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 8 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 8 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 8 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 8 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, 2022
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. 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 excl. licenses and ROU” ). Management does not analyze assets or liabilities by reportable segments. Reportable segments consist of Russia, Pakistan, Ukraine, Kazakhstan, Uzbekistan and Bangladesh. Following the exercise of the put option for our stake in Algeria on July 1, 2021, the Algerian business has, in line with the IFRS 5 requirements, become a discontinued operation, and accounted for as an “Asset held for sale” (see Note 5 ). We also present our results of operations for “Others” and “HQ and eliminations” separately, although these are not reportable segments. “Others” represents our operations in Kyrgyzstan and Georgia and “HQ and eliminations” represents transactions related to management activities within the group. See N ote 4 Significant Transactions for details on the sale of Georgia operations. Financial information by reportable segment for the six and three-month periods ended June 30, is presented in the following tables. Inter-segment transactions 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 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Russia 1,447 1,395 278 266 179 193 6 5 1,910 1,859 Pakistan 602 658 — — 8 10 54 50 664 718 Ukraine 493 466 32 33 — — 3 2 528 501 Kazakhstan 263 214 27 44 6 6 5 1 301 265 Uzbekistan 108 91 — — — — — — 108 91 Bangladesh 288 270 — — — — 5 5 293 275 Others 39 37 — — — — — — 39 37 HQ and eliminations (8) (7) (4) (9) 1 1 (1) — (12) (15) Total segments 3,232 3,124 333 334 194 210 72 63 3,831 3,731 Adjusted CAPEX 2022 2021 2022 2021 Russia 776 715 367 498 Pakistan 310 317 141 181 Ukraine 326 340 58 91 Kazakhstan 154 138 34 44 Uzbekistan 72 40 40 13 Bangladesh 111 112 105 42 Others 16 24 7 6 HQ and eliminations (79) (70) — 2 Total segments 1,686 1,616 752 877 For the three-month period ended June 30 Service revenue Sale of equipment and accessories Other revenue Total Revenue Mobile Fixed 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Russia 819 705 153 135 78 96 3 3 1,053 939 Pakistan 296 340 — — 3 5 26 26 325 371 Ukraine 236 239 15 17 — — 1 1 252 257 Kazakhstan 139 112 15 22 2 4 3 — 159 138 Uzbekistan 55 46 — — — — — — 55 46 Bangladesh 146 138 — — — — 2 2 148 140 Others 19 19 — — — 1 — — 19 20 HQ and eliminations (3) — (1) (9) 1 — — — (3) (9) Total segments 1,707 1,599 182 165 84 106 35 32 2,008 1,902 Adjusted CAPEX 2022 2021 2022 2021 Russia 449 354 176 299 Pakistan 152 161 57 89 Ukraine 155 173 36 52 Kazakhstan 88 72 16 23 Uzbekistan 45 18 36 1 Bangladesh 56 57 53 16 Others 9 18 4 3 HQ and eliminations (41) (45) (3) 2 Total segments 913 808 375 485 The following table provides the reconciliation of Profit / (loss) before tax from continuing operations to Total Adjusted EBITDA for the six and three-month periods ended June 30: Six-month period Three-month period 2022 2021 2022 2021 Profit / (loss) before tax from continuing operations 20 417 204 204 Adjustments to reconcile Profit / (loss) before tax to Total Adjusted EBITDA Depreciation 780 752 420 375 Amortization 173 141 87 75 Impairment loss / (reversal) 486 5 14 3 (Gain) / loss on disposal of non-current assets (18) 4 (9) — (Gain) / loss on disposal of subsidiaries 32 — 31 — Finance costs 399 321 222 157 Finance income (13) (5) (7) (3) Other non-operating (gain) / loss (1) (7) 12 (2) Net foreign exchange (gain) / loss (172) (12) (61) (1) Total Adjusted EBITDA 1,686 1,616 913 808

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2022
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 2022 2021 2022 2021 Current income taxes (164) (163) (99) (77) Deferred income taxes 109 (9) 18 (8) Income tax expense (55) (172) (81) (85) Effective tax rate (275.0) % (41.2) % (39.7) % (41.7) % 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, 2022 -275.0% and -39.7%, respectively) was primarily driven by a US$446 of goodwill impairment which was disallowed for tax purposes, as well as a number of prior year adjustments incurred by the Group in various countries, which are recorded in our consolidated income statement. In addition, deferred tax was primarily driven by a reversal of the withholding tax provided for as a deferred tax on outside basis during 2021 on the dividends planned to be paid out in 2022 of US$95, and a change in deferred tax assets which have not been recognized of US$7. 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 -41.2% and -41.7%, 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 tax uncertainties and withholding taxes accrued for forecasted dividends from our operating companies.

SIGNIFICANT TRANSACTIONS

SIGNIFICANT TRANSACTIONS	6 Months Ended
	Jun. 30, 2022
Significant Transactions
SIGNIFICANT TRANSACTIONS	SIGNIFICANT TRANSACTIONS During the six-month period ended June 30, 2022 VEON subsidiary Banglalink acquired 40 MHz of spectrum On March 31, 2022, Banglalink, the Company's wholly-owned subsidiary in Bangladesh, acquired new spectrum for a fee of US $205 payable in installments over eleven years, doubling its spectrum holding in Bangladesh. Banglalink acquired 40 MHz of spectrum from the 2,300 MHz band VEON subsidiary Jazz signed 4G License renewal On April 12, 2022, Jazz signed a 4G license renewal with the PTA for a fee of PKR 45 billion (US$486) for fifteen years, of which 50% has been settled, and the remaining amount will be paid in five equal annual installments. Sale of Georgia operations On March 31, 2022, VEON Georgia Holdings B.V. entered a non-binding share purchase agreement with Miren Invest LLC ("Miren"), VEON's former local partner, for the sale of VEON Georgia LLC ("VEON Georgia"), our operating company in Georgia, for US$45, subject to VEON corporate approvals and regulatory approvals. The required approvals were subsequently obtained and the sale was completed on June 8, 2022. On June 8, 2022, upon completion of the sale to Miren, control of VEON Georgia was transferred to Miren and VEON recognized a US$30 loss on disposal of VEON Georgia, which includes the recycling of currency translation reserve in the amount of US$41. 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

HELD FOR SALE AND DISCONTINUED

HELD FOR SALE AND DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2022
Held For Sale and Discontinued Operations [Abstract]
Schedule of assets and liabilities classified as held for sale	HELD FOR SALE AND DISCONTINUED OPERATIONS The following table provides the details of assets and liabilities classified as held-for-sale as of June 30, 2022: Assets held-for-sale Liabilities held-for-sale Algeria 1,879 372 Other individual assets 22 — Total assets and liabilities held for sale 1,901 372 Exercised Put option to sell entirety of its 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 (Algeria) to the Fonds National d'Investissement (FNI). Omnium owns Algerian mobile network operator, Djezzy. Under the terms of the Shareholders' Agreement, the transaction is expected to be completed in Q3 2022 for a sale price of US$682. The Company classified its operations in Algeria as held-for-sale and discontinued operations. In connection with this classification, the Company no longer accounts for depreciation and amortization expenses of Algeria assets as of July 1, 2021. The sale remains highly probable and as such, the classification as held-for-sale remains appropriate. The results for Algeria in the consolidated income statements and the consolidated statements of cash flows for the six-month periods ended June 30, 2022 and 2021 have been presented separately. There were no triggering events indicating any impairment or decline in the fair value of Algeria subsequent to its measurement as held for sale and discontinued operation. As such, the net assets of Algeria are presented at lower of cost and fair value less costs to sell. The following table shows the profit/(loss) and other comprehensive income relating to Algeria operations for the six-month periods ended June 30: Six-month period Income statement and statement of comprehensive income 2022 2021 Operating revenue 323 323 Operating expenses (182) (286) Other expenses (7) (9) Profit / (loss) before tax for the period 134 28 Income tax benefit / (expense) (12) (8) Profit / (loss) after tax for the period 122 20 Other comprehensive income / (loss)* (68) (25) Total comprehensive income / (loss) 54 (5) *other comprehensive income is relating to the foreign currency translation of discontinued operations. The following table shows the assets and liabilities classified as held-for-sale relating to Algeria as of June 30, 2022: 2022 Property and equipment 554 Intangible assets excl. goodwill 116 Goodwill 951 Other non-current assets 35 Other current assets 223 Total assets held for sale 1,879 Non-current liabilities 93 Current liabilities 279 Total liabilities held for sale 372 Net assets of the discontinued operations of Algeria includes US$699 relating to cumulative currency translation losses as of June 30, 2022, which will be recycled through the consolidated income statement upon the completion of the sale.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 2022
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: 2022 2021 Balance as of January 1 6,717 6,879 Additions 979 1,122 Disposals (48) (18) Depreciation (780) (837) Impairment* (35) (9) Currency translation 1,498 103 Other (2) (4) Balance as of June 30 8,329 7,236 * This includes an impairment recorded for US$27 relating to Ukraine property, plant and equipment as a result of physical damage to sites in Ukraine cause by the ongoing conflict between Russia and Ukraine.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2022
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: 2022 2021 Balance as of January 1 3,244 4,152 Acquisition of subsidiary — 18 Additions 306 199 Disposals and write offs (3) — Amortization (173) (153) Impairment (446) (1) Currency translation 160 28 Other (2) (13) Balance as of June 30 3,086 4,230 Goodwill Included within total intangible asset movements for the six month periods ended June 30, 2022, as shown above, are the following movements in goodwill for the group, per cash generating unit ("CGU") : CGU * June 30, 2022 Others Impairment Divestments and reclassification to HFS Currency January 1, 2022 Russia** 846 1 (446) 2 205 1,084 Pakistan 249 — — — (38) 287 Kazakhstan 126 — — — (10) 136 Uzbekistan 34 (1) — — — 35 Total 1,255 — (446) 2 157 1,542 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, among other things, the relationship between its market capitalization and its book value, as well as the weighted average cost of capital and the quarterly financial performance of each cash-generating unit ("CGU"). Refer to the table above for an overview of the carrying value of goodwill per CGU. VEON performed its annual impairment testing at September 30, 2021. 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, 2021. Impairment losses in 2022 The Company performed an assessment if a goodwill impairment exists in any of the CGUs during the six-month period ended June 30, 2022. Based on the analysis performed, no impairment was identified for any CGUs, except for our Russian CGU, which was already recognized in the three-month period ended March 31, 2022. For Russia there were no new triggers except for the ones identified based on which impairment was already recognized in the three-months period ended March 31, 2022 as explained in paragraphs below. The conflict between Russia and Ukraine started on February 24, 2022 and has impacted our operations in both countries. For further details regarding the direct or indirect impact that the conflict in Ukraine and the international response have had or may have on our business, please refer to the Group’s audited annual consolidated financial statements as of and for the year ended December 31, 2021 and our annual report on Form 20-F for the year ended December 31, 2021 published on April 29, 2022. In response to the events in Ukraine, wide-ranging economic sanctions and trade restrictions were imposed on Russia by the United States, the European Union (and individual EU member states), the United Kingdom, as well as other countries which have targeted individuals and entities as well as large aspects of the Russian economy, including freezing the assets of Russia’s central bank, other Russian financial institutions, and individuals, removing selected Russian banks from the Swift banking system, and curbing certain products exported to Russia. Furthermore, as a response to the imposed sanctions, Russia introduced a number of counter-sanctions aimed at stabilizing domestic financial markets. These, among other things, include restrictions related to capital and foreign exchange controls, restrictions on lending to foreign (non-Russian) persons, restrictions on foreign persons’ transactions with Russian securities and real estate, and limitations on export and import of certain goods into and outside Russia. The above factors have resulted in an impairment of US$446 against the carrying value of goodwill in Russia in the first quarter of 2022. The recoverable amount of the CGU of US$1,886 was determined based on fair value less costs of disposal calculations (Level 3 in the fair value hierarchy) using a discounted cash flow model, based on cash flow projections from business plans prepared by management. March 31, 2022 *** September 30, 2021 Key assumptions – Russia CGU Explicit forecast period Terminal Combined average * Explicit forecast period Terminal Combined average * Discount rate — % — % 20.5 % — % — % 9.3 % Average annual revenue growth rate 6.2 % 1.6 % 5.5 % 5.0 % 1.6 % 4.4 % Average operating margin 32.4 % 35.0 % 32.8 % 33.2 % 35.5 % 33.6 % Average CAPEX / revenue ** 20.3 % 18.0 % 19.9 % 25.4 % 21.0 % 24.7 % * Combined average based on explicit forecast period of six years (2022-2027) and terminal period in 2028, and for comparative period explicit forecast period of five years (2022-2026) and terminal period in 2027. ** CAPEX excludes licenses and ROU *** The growth rates as of March 31, 2022, in the explicit forecast period and the combined average, were revised to conform the growth rates applied in the calculation of the recoverable amount in the first quarter of 2022. The Company also performed impairment testing for the Ukraine, Pakistan and Bangladesh CGUs following impairment triggers identified during the six-month period ended June 30, 2022. Based on the recoverable amounts of the CGUs of US$1,463 for Ukraine in the first quarter of 2022, and US$1,228 and US$379 in the second quarter of 2022 for Pakistan and Bangladesh, respectively, no impairment was recorded. For any write-off booked for property, plant and equipment during the six-month period ended June 30, 2022 please refer to Note 6. Sensitivity analysis The following table illustrates the potential additional impairment for the Russia CGU if certain key parameters would adversely change by one percentage point within both the explicit forecast and terminal periods ('+/- 1.0 pp'). Any additional adverse changes in the key parameters by more than one percentage point would increase the amount of impairment exposure approximately proportionally. Sensitivity analysis Combined average * +/- 1.0 pp Discount rate 20.5% 21.6% Change in key assumption 0.0 pp 1.0 pp Headroom / (impairment) — (115) Average annual revenue growth rate 5.5% 4.5% Change in key assumption 0.0 pp (1.0) pp Headroom / (impairment) — (88) Average operating margin 32.8% 31.8% Change in key assumption 0.0 pp (1.0) pp Headroom / (impairment) — (157) Average CAPEX / revenue 19.9% 20.9% Change in key assumption 0.0 pp 1.0 pp Headroom / (impairment) — (161) * Combined average based on explicit forecast period of six years (2022-2027) and terminal period (2028), includes intervening period of 2022 Following the recognition of an impairment loss in the first quarter of 2022, the book value of the Russia CGU is equal to its recoverable amount. As such, the 'break-even' assumptions for the Russia CGU are equivalent to the 'Combined average' assumptions Although we believe that judgments made supporting our impairment assessment are reasonable (relying on information reasonably available to us), the current geopolitical situation makes it challenging for us to estimate the future performance of our CGUs. As circumstances change and/or new information becomes available, we may be required to record impairments in future periods.

INVESTMENTS, DEBT AND DERIVATIV

INVESTMENTS, DEBT AND DERIVATIVES	6 Months Ended
	Jun. 30, 2022
Financial Instruments [Abstract]
INVESTMENTS, DEBT AND DERIVATIVES	INVESTMENTS, DEBT AND DERIVATIVES The Company holds the following investments and derivative assets: June 30, 2022 December 31, 2021 At fair value Derivatives not designated as hedges — — Derivatives designated as net investment hedges — — Other 52 37 52 37 At amortized cost Security deposits and cash collateral 63 49 Bank deposits 5 — Other investments 118 99 186 148 Total investments and derivatives 238 185 Non-current 125 99 Current 113 86 The Company holds the following debt and derivative liabilities: June 30, 2022 December 31, 2021 At fair value Derivatives not designated as hedges 8 4 Derivatives designated as net investment hedges — 4 Contingent consideration 1 — 9 8 At amortized cost Principal amount outstanding 8,674 7,595 Interest accrued 88 86 Discounts, unamortized fees, hedge basis adjustment (18) (15) Bank loans and bonds 8,744 7,666 Lease liabilities 3,595 2,667 Put-option liability over non-controlling interest 27 16 Other financial liabilities 206 289 12,572 10,638 Total debt and derivatives 12,581 10,646 Non-current 9,439 9,404 Current 3,142 1,242 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, 2022, 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, 2021. During the six-month period ended June 30, 2022 VEON USD bond repayment In February 2022, VEON Holdings B.V. repaid its 7.50% Note of US$417 originally maturing in March 2022. VTB Bank loan In February 2022, VEON Holdings B.V. prepaid RUB 30 billion (US$396) of outstanding loans to VTB Bank originally maturing in July 2025. In February 2022, VEON Finance Ireland DAC signed a RUB 30 billion (US$400) Term Facility Agreement with VTB Bank with a floating rate. This facility was guaranteed by VEON Holding B.V. and had a maturity of February 2029. The proceeds from this facility were used for general corporate purposes, including the financing of intercompany loans to PJSC VimpelCom. In March 2022, VEON Finance Ireland DAC prepaid its RUB 30 billion (US$259) Term Facility Agreement with VTB Bank in accordance with its terms, and the facility was cancelled. VEON US$1,250 multi-currency revolving credit facility agreement In February 2022, the maturity of the multi-currency revolving credit facility originally entered into in March 2021 (the "RCF") was extended for one year until March 2025; two banks did not agree to extend as a result US$250 will mature at the original maturity in March 2024. In February 2022, VEON Holdings B.V. drew US$430 under the RCF. Subject to the terms set out in the RCF, the outstanding balance can be rolled over until final maturity. In March 2022, Alfa Bank (US$125 commitment) and Raiffeisen Bank Russia (US$70 commitment) notified the Agent under the RCF that as a result of new Russian regulatory requirements following a presidential decree, they could no longer participate in the RCF. As a result, their available commitments were cancelled and the total RCF size reduced from US$1,250 to US$1,055.The drawn portion from Alfa Bank (US$43) was subsequently repaid in April and the drawn portion from Raiffeisen Bank Russia (US$24) was repaid in May 2022 In April and May 2022, VEON Holdings B.V. received US$610 following a utilization under the RCF. Subject to the terms set out in the RCF, this amount can be rolled until maturity. PMCL syndicated credit facility In March 2022, Pakistan Mobile Communication Limited ("PMCL") fully utilized the remaining PKR 40 billion (US$222) available under its existing credit line. VEON Finance Ireland Rub debt novation to PJSC VimpelCom In April 2022, VEON novated two bank loans, with Sberbank (RUB 45 billion (US$556)) and Alfa Bank (RUB 45 billion (US$556)) totaling RUB 90 billion (US$1,112), to PJSC VimpelCom, resulting in the former borrower, VEON Finance Ireland DAC and the former guarantor, VEON Holdings B.V., having been released from their obligations. PMCL secures syndicated credit facility In April 2022, PMCL signed a PKR 40 billion (US$217) syndicated loan with a 10 year maturity. The drawn amount under the facility is PKR 30 billion (US$156). Banglalink secures syndicated credit facility In April 2022, Banglalink signed a BDT 12 billion (US$139) syndicated loan with a five Kyivstar prepays debt In 2022, Kyivstar fully prepaid a UAH 1,350 million (US$46) loan with JSC CitiBank, a UAH1,275 (US$44) million loan with JSC Credit Agricole and a UAH 1,677 million (US$57) loan with Alfa bank, and also prepaid a portion of a UAH 1,250 million loan with OTP Bank (UAH490 million (US$17). During the six-month period ended June 30, 2021 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. Subsequently in April 2021, the proceeds from the new tranche 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$7,650 at June 30, 2022 (December 31, 2021: US$7,709); and • 'Lease liabilities', for which fair value has not been determined. Fair values for bank loans and bonds, including interest accrued were estimated based on quoted market prices, 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, 2022 and December 31, 2021, the Group recognized other financial instruments at fair value in the statement of financial position, all of which were measured based on Level 2 inputs. 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, 2022, 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, 2022
Cash and cash equivalents [abstract]
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS Cash and cash equivalents consisted of the following items: June 30, 2022 December 31, 2021 Cash at banks and on hand 1,924 1,485 Short-term deposits with original maturity of less than three months 415 767 Cash and cash equivalents* 2,339 2,252 Less overdrafts (3) (13) Cash and cash equivalents, net of overdrafts 2,336 2,239 * Cash and cash equivalents include an amount of US$42 relating to banking operations in Pakistan. As of June 30, 2022 and December 31, 2021, there were no restricted cash and cash equivalent balances. Cash balances as of June 30, 2022 include investments in money market funds of US$57 (December 31, 2021: US$397). As of June 30, 2022, 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$3 (December 31, 2021: US$13). 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, 2022
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, 2022 December 31, 2021 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, 2022
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, 2022. The Company makes appropriate tax withholding 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, 2022
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, 2022
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, 2022.

EVENTS AFTER THE REPORTING PERI

EVENTS AFTER THE REPORTING PERIOD	6 Months Ended
	Jun. 30, 2022
Events After Reporting Period [Abstract]
EVENTS AFTER THE REPORTING PERIOD	EVENTS AFTER THE REPORTING PERIOD Ongoing conflict between Russia and Ukraine As of August 4, 2022, the conflict between Russia and Ukraine remains ongoing. Other developments

BASIS OF PREPARATION OF THE INT

BASIS OF PREPARATION OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2022
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, 2022 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, 2021. 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. Ongoing conflict between Russia and Ukraine As of August 4, 2022, hostilities continue in Ukraine. One third of our total subscribers are in Ukraine and Russia, where they are supported by 32,000 employees. VEON’s priority is to protect the safety and well-being of our employees and their families. We have developed and, in some cases, implemented additional contingency plans to relocate work and/or personnel to other geographies and add new locations, as appropriate. As of August 4, 2022, most of our Ukraine subsidiary’s employees remain in the country. As of August 4, 2022, millions of people have fled Ukraine and the country has sustained significant damage to infrastructure and assets. As the conflict persists, we could lose a greater percentage of our customer base in Ukraine. If Ukrainian refugees choose to relocate permanently outside of Ukraine and switch to local providers, this could have a significant impact on their use and spending on our services. Due to the efforts of our Ukrainian team as well as collaboration with other telecommunications operators in the region, network capacity has remained stable with minimal disruptions since the beginning of the conflict. We have incurred and will continue to incur additional expenditures to maintain and repair our mobile and fixed-line telecommunications infrastructure in Ukraine as a result of any damage inflicted on our infrastructure due to the ongoing conflict, as well as for security, increased energy costs, and related operational and capital expenditures. In addition, our ability to provide services in Ukraine may be impaired if we are unable to maintain key personnel within Ukraine and/or our infrastructure within Ukraine is significantly damaged or destroyed. In response to the events in Ukraine, the United States, European Union (and individual EU member states) and, the United Kingdom, as well as other countries have imposed wide-ranging economic sanctions and trade restrictions which have targeted individuals and entities as well as large aspects of the Russian economy, including freezing the assets of Russia’s central bank, other Russian financial institutions, and individuals, removing selected Russian banks from the Swift banking system, and curbing certain products exported to Russia. Furthermore, as a response to the imposed sanctions, Russia introduced a number of counter-sanctions aimed at stabilizing domestic financial markets. These, among others, include restrictions related to capital and foreign exchange controls, restrictions on lending to foreign (non-Russian) persons, restrictions on foreign persons’ transactions with Russian securities and real estate, and limitations on export and import of certain goods into and outside Russia. Ukraine is also considering implementation of sanctions on entities with close ties with Russia, which may impact Kyivstar in case it is considered by the local authorities as a Russia-owned company. This may lead to restrictions on payout of dividends, prohibition on renting state property and land, participation in public procurement impacting B2G revenue and potential prohibition on transfer of technology and intellectual rights to Kyivstar from VEON. The ongoing conflict between Russia and Ukraine, and the sanctions imposed by the various jurisdictions, counter sanctions and other legal and regulatory measures, as well as responses by our service providers, partners, suppliers and other counterparties, including certain professional service providers we rely on, and the consequences of all the foregoing, have negatively impacted and, if the conflict, sanctions and such responses continue or escalate, will continue to negatively impact aspects of our operations and results in Russia and Ukraine, and may affect aspects of our operations and results in the other countries in which we operate. Refer to Form 20-F 2021 Item 3.D—Risk Factors – Market Risks – We have suffered reputational harm as a result of the ongoing conflict between Russia and Ukraine . The conflict has resulted in the following events and conditions that may cast significant doubt on the Company’s ability to continue as a going concern: • The current events in the regions where we operate in Ukraine and where we derive a significant amount of our business may pose security risks to our people, our facilities, our operations, and infrastructure, such as utilities and network services, and the disruption of any or all of them could significantly affect our business, financial conditions and results of operations in Ukraine, and cause volatility in the value of our securities. The conflict has also had a marked impact on the economies of Russia and Ukraine. However, since the beginning of the conflict, a significant majority of Ukraine’s network infrastructure has been operating effectively and disruptions in service have been limited to specific areas where the conflict is most intense. • We have recorded material impairment charges with respect to goodwill in Russia and have also recorded impairment charges related to assets in Ukraine during the period ended June 30, 2022 (refer to Note 6 and Note 7 for additional information), and we may need to record future impairment charges, which could be material, if the conflict continues or escalates and as more information becomes available to management. It is possible further impairment charges may rise to a level as to require additional analysis to determine the true value of assets as outlined in the provisions of our debt agreements and in the worst scenario, when the true value of assets is lower than the liabilities, could require early repayments of our long term debt. • In Russia, macroeconomic conditions and outlook remains uncertain. We expect our results of operations in Russia on a U.S. dollar basis to fluctuate for the foreseeable future compared to results prior to the onset of the conflict, largely due to the volatility of the Russian ruble. • As of August 4, 2022, the Company continues to conclude that neither VEON Ltd. nor any of its subsidiaries is targeted by sanctions imposed by the United States, European Union (and individual EU member states) and, the United Kingdom. However, the interpretation and enforcement of these new sanctions and counter-sanctions may result in unanticipated outcomes and could give rise to material uncertainties, which could complicate our business decisions. For example, to protect US foreign policy and national security interests, the US government has broad discretion to at times impose a broad range of extraterritorial “secondary” sanctions under which non-US persons carrying out certain activities may be penalized or designated as sanctioned parties, even if the activities have no ties, contact with, or nexus to the United States or the US financial system at all. These secondary sanctions could be imposed on the Company or any of the Company’s subsidiaries if they were to engage in activity that the US government determined was undertaken knowingly and rose to the level of material or significant support to, for, or on behalf of certain sanctioned parties. The broad nature of the financial sanctions targeted at the Russian financial system, including several banks that have historically provided funding to the Company, along with comprehensive sanctions on investment and vendors in Russia and the ongoing conflict between Russia and Ukraine may therefore have a material impact on aspects of the Company’s operations and business plans in Russia and Ukraine. In addition, we are still assessing the potential impact of the recently introduced guidance regarding the ban on “new investment” in the Russian Federation by U.S. persons and UK persons and the prohibition on U.S., EU, and UK persons furnishing accounting and certain other services to Russia, which may have an effect on our ability to timely file full year 2022 audited financial statements. • Based on the current state of affairs, the Company currently has sufficient liquidity to satisfy our current obligations at least over the next twelve months from the issuance of the financial statements without the needs of additional financing. Our current liquidity forecast assumes the completion of the anticipated sale of our business in Algeria as disclosed in Note 5 reconsider our capital outlay to ensure we have sufficient liquidity for maintenance capital expenditures and other key operational spend while at the same time servicing our indebtedness. As a result, capital expenditures that are more discretionary in nature may be put on hold until the impact of the ongoing conflict between Russia and Ukraine, and particularly its effects on our liquidity and financial profile, becomes more certain. • In response to the geopolitical and economic situation in both Ukraine and Russia, there is a risk of either country imposing external administration over foreign companies or assets. For example, there are laws under review by the Ukrainian government regarding nationalization of property and assets in Ukraine with association to the Russian Federation. Such measures, if adopted and applied in relation to either our Ukrainian or Russian subsidiary, or both, could lead to the involuntary deconsolidation of our Ukrainian and/or Russian operations. Additionally, the United States imposed sweeping export control restrictions on Russia’s ability to obtain goods, software and technology subject to U.S. export control jurisdiction, including a broad array of foreign-made items, that were previously not subject to U.S. export control jurisdiction. This could have an adverse impact on our ability to maintain and/or improve our infrastructure and adversely impact the availability and quality of our services and therefore have a material adverse effect on our operations and results of operation. In the event of future imposed laws and regulations as a result of the ongoing conflict between Russia and Ukraine, our business, the operation of our networks, our supply chain stability of items critical to the telecommunications sector in Russia, and our ability to comply with the terms of our operating licenses and local laws and regulations could be materially adversely impacted. Management’s actions to address these events and conditions are as follows: • We have implemented business continuity plans to address known contingency scenarios to ensure that we have adequate processes and practices in place to protect the safety of our people and to handle potential impacts to our operations in Ukraine and Russia. • The Company has performed sensitivities on the volatility of the Russian ruble with respect to the impact on our financial results and does not expect fluctuations to have a significant impact. In the normal course of business, the Company manages its foreign currency risk by selectively hedging committed exposures and hedges part of its exposure to fluctuations on the translation into U.S. dollars of its foreign operations by holding the borrowings in foreign currencies or by foreign exchange swaps and forwards. • Management is actively monitoring any new developments in applicable sanctions to ensure that we are in compliance and to evaluate any potential impact on the Company’s financial performance, operations, and governance. As a result of current economic sanctions affecting Russian banks, we repaid our RUB 30 billion seven • Management actively monitors the Company’s liquidity position, our financial and non-financial provisions in our debt agreements, and our equity levels on a regular and continuous basis both at the group and operating company levels and should they reach a level considered at-risk, management will take actions to ensure our liquidity position is sufficient and our financial covenants and non-financial provisions in our debt agreements are met. In the event a default provision within our debt agreements is triggered, VEON is in regular communication with its relevant lenders and has an obligation to notify them of any default that occurs and is continuing to occur. Should this occur, VEON will proactively and promptly respond to queries from lenders on the relevant covenant breach and initiate negotiations with lenders should the need arise. • Management is actively monitoring any new developments in new laws and regulations to ensure that we are in compliance and to evaluate any potential impact on the Company’s financial performance, operations, and governance. The United States imposed sweeping new export control restrictions on Russia’s ability to obtain goods, software and technology subject to U.S. export control jurisdiction, including a broad array of foreign-made items, that were previously not subject to U.S. export control jurisdiction. This could have an adverse impact on our ability to maintain and/or improve our infrastructure and adversely impact the availability and quality of our services and therefore will negatively impact our operations and results of operation in Russia. The Company is currently developing contingency plans to maximize the use of existing equipment in order to minimize the impact on our operations and results while also analyzing the potential for applying for licenses and the applicability of certain exceptions to the licensing requirements with respect to Russia in order to permit continued procurement of goods, software and technology subject to U.S. export control jurisdiction. • Management is in active talks in order to finalize engagement of an independent auditing firm. As previously announced on May 25, 2022, it is intended that a shareholder resolution to approve such appointment will be the subject of a future general meeting of shareholders. The accompanying unaudited interim condensed consolidated financial statements have been prepared on a going concern basis. In accordance with International Accounting Standards (“IAS”) 1, Presentation of Financial Statements, the Company has determined that the aforementioned conditions and events, considered in the aggregate, may cast significant doubt about the Company’s ability to continue as a going concern for at least twelve months after the date these consolidated financial statements were authorized for issuance. Management expects the actions it has taken or will take will mitigate the risk associated with the identified events and conditions. However, given the uncertainty and exogenous nature of the ongoing conflict and potential future imposed sanctions as well as potential new counter-sanctions, and given the possible future imposition of external administration over our Russian and Ukrainian operations in particular, management concluded that a material uncertainty remains related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern, such that it may be unable to realize its assets and discharge its liabilities in the normal course of business. NEW 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, 2021. A number of new and amended standards became effective as of January 1, 2022, which did not have a material impact on VEON financial statements. 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, 2022
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, 2022 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, 2021. 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. Ongoing conflict between Russia and Ukraine As of August 4, 2022, hostilities continue in Ukraine. One third of our total subscribers are in Ukraine and Russia, where they are supported by 32,000 employees. VEON’s priority is to protect the safety and well-being of our employees and their families. We have developed and, in some cases, implemented additional contingency plans to relocate work and/or personnel to other geographies and add new locations, as appropriate. As of August 4, 2022, most of our Ukraine subsidiary’s employees remain in the country. As of August 4, 2022, millions of people have fled Ukraine and the country has sustained significant damage to infrastructure and assets. As the conflict persists, we could lose a greater percentage of our customer base in Ukraine. If Ukrainian refugees choose to relocate permanently outside of Ukraine and switch to local providers, this could have a significant impact on their use and spending on our services. Due to the efforts of our Ukrainian team as well as collaboration with other telecommunications operators in the region, network capacity has remained stable with minimal disruptions since the beginning of the conflict. We have incurred and will continue to incur additional expenditures to maintain and repair our mobile and fixed-line telecommunications infrastructure in Ukraine as a result of any damage inflicted on our infrastructure due to the ongoing conflict, as well as for security, increased energy costs, and related operational and capital expenditures. In addition, our ability to provide services in Ukraine may be impaired if we are unable to maintain key personnel within Ukraine and/or our infrastructure within Ukraine is significantly damaged or destroyed. In response to the events in Ukraine, the United States, European Union (and individual EU member states) and, the United Kingdom, as well as other countries have imposed wide-ranging economic sanctions and trade restrictions which have targeted individuals and entities as well as large aspects of the Russian economy, including freezing the assets of Russia’s central bank, other Russian financial institutions, and individuals, removing selected Russian banks from the Swift banking system, and curbing certain products exported to Russia. Furthermore, as a response to the imposed sanctions, Russia introduced a number of counter-sanctions aimed at stabilizing domestic financial markets. These, among others, include restrictions related to capital and foreign exchange controls, restrictions on lending to foreign (non-Russian) persons, restrictions on foreign persons’ transactions with Russian securities and real estate, and limitations on export and import of certain goods into and outside Russia. Ukraine is also considering implementation of sanctions on entities with close ties with Russia, which may impact Kyivstar in case it is considered by the local authorities as a Russia-owned company. This may lead to restrictions on payout of dividends, prohibition on renting state property and land, participation in public procurement impacting B2G revenue and potential prohibition on transfer of technology and intellectual rights to Kyivstar from VEON. The ongoing conflict between Russia and Ukraine, and the sanctions imposed by the various jurisdictions, counter sanctions and other legal and regulatory measures, as well as responses by our service providers, partners, suppliers and other counterparties, including certain professional service providers we rely on, and the consequences of all the foregoing, have negatively impacted and, if the conflict, sanctions and such responses continue or escalate, will continue to negatively impact aspects of our operations and results in Russia and Ukraine, and may affect aspects of our operations and results in the other countries in which we operate. Refer to Form 20-F 2021 Item 3.D—Risk Factors – Market Risks – We have suffered reputational harm as a result of the ongoing conflict between Russia and Ukraine . The conflict has resulted in the following events and conditions that may cast significant doubt on the Company’s ability to continue as a going concern: • The current events in the regions where we operate in Ukraine and where we derive a significant amount of our business may pose security risks to our people, our facilities, our operations, and infrastructure, such as utilities and network services, and the disruption of any or all of them could significantly affect our business, financial conditions and results of operations in Ukraine, and cause volatility in the value of our securities. The conflict has also had a marked impact on the economies of Russia and Ukraine. However, since the beginning of the conflict, a significant majority of Ukraine’s network infrastructure has been operating effectively and disruptions in service have been limited to specific areas where the conflict is most intense. • We have recorded material impairment charges with respect to goodwill in Russia and have also recorded impairment charges related to assets in Ukraine during the period ended June 30, 2022 (refer to Note 6 and Note 7 for additional information), and we may need to record future impairment charges, which could be material, if the conflict continues or escalates and as more information becomes available to management. It is possible further impairment charges may rise to a level as to require additional analysis to determine the true value of assets as outlined in the provisions of our debt agreements and in the worst scenario, when the true value of assets is lower than the liabilities, could require early repayments of our long term debt. • In Russia, macroeconomic conditions and outlook remains uncertain. We expect our results of operations in Russia on a U.S. dollar basis to fluctuate for the foreseeable future compared to results prior to the onset of the conflict, largely due to the volatility of the Russian ruble. • As of August 4, 2022, the Company continues to conclude that neither VEON Ltd. nor any of its subsidiaries is targeted by sanctions imposed by the United States, European Union (and individual EU member states) and, the United Kingdom. However, the interpretation and enforcement of these new sanctions and counter-sanctions may result in unanticipated outcomes and could give rise to material uncertainties, which could complicate our business decisions. For example, to protect US foreign policy and national security interests, the US government has broad discretion to at times impose a broad range of extraterritorial “secondary” sanctions under which non-US persons carrying out certain activities may be penalized or designated as sanctioned parties, even if the activities have no ties, contact with, or nexus to the United States or the US financial system at all. These secondary sanctions could be imposed on the Company or any of the Company’s subsidiaries if they were to engage in activity that the US government determined was undertaken knowingly and rose to the level of material or significant support to, for, or on behalf of certain sanctioned parties. The broad nature of the financial sanctions targeted at the Russian financial system, including several banks that have historically provided funding to the Company, along with comprehensive sanctions on investment and vendors in Russia and the ongoing conflict between Russia and Ukraine may therefore have a material impact on aspects of the Company’s operations and business plans in Russia and Ukraine. In addition, we are still assessing the potential impact of the recently introduced guidance regarding the ban on “new investment” in the Russian Federation by U.S. persons and UK persons and the prohibition on U.S., EU, and UK persons furnishing accounting and certain other services to Russia, which may have an effect on our ability to timely file full year 2022 audited financial statements. • Based on the current state of affairs, the Company currently has sufficient liquidity to satisfy our current obligations at least over the next twelve months from the issuance of the financial statements without the needs of additional financing. Our current liquidity forecast assumes the completion of the anticipated sale of our business in Algeria as disclosed in Note 5 reconsider our capital outlay to ensure we have sufficient liquidity for maintenance capital expenditures and other key operational spend while at the same time servicing our indebtedness. As a result, capital expenditures that are more discretionary in nature may be put on hold until the impact of the ongoing conflict between Russia and Ukraine, and particularly its effects on our liquidity and financial profile, becomes more certain. • In response to the geopolitical and economic situation in both Ukraine and Russia, there is a risk of either country imposing external administration over foreign companies or assets. For example, there are laws under review by the Ukrainian government regarding nationalization of property and assets in Ukraine with association to the Russian Federation. Such measures, if adopted and applied in relation to either our Ukrainian or Russian subsidiary, or both, could lead to the involuntary deconsolidation of our Ukrainian and/or Russian operations. Additionally, the United States imposed sweeping export control restrictions on Russia’s ability to obtain goods, software and technology subject to U.S. export control jurisdiction, including a broad array of foreign-made items, that were previously not subject to U.S. export control jurisdiction. This could have an adverse impact on our ability to maintain and/or improve our infrastructure and adversely impact the availability and quality of our services and therefore have a material adverse effect on our operations and results of operation. In the event of future imposed laws and regulations as a result of the ongoing conflict between Russia and Ukraine, our business, the operation of our networks, our supply chain stability of items critical to the telecommunications sector in Russia, and our ability to comply with the terms of our operating licenses and local laws and regulations could be materially adversely impacted. Management’s actions to address these events and conditions are as follows: • We have implemented business continuity plans to address known contingency scenarios to ensure that we have adequate processes and practices in place to protect the safety of our people and to handle potential impacts to our operations in Ukraine and Russia. • The Company has performed sensitivities on the volatility of the Russian ruble with respect to the impact on our financial results and does not expect fluctuations to have a significant impact. In the normal course of business, the Company manages its foreign currency risk by selectively hedging committed exposures and hedges part of its exposure to fluctuations on the translation into U.S. dollars of its foreign operations by holding the borrowings in foreign currencies or by foreign exchange swaps and forwards. • Management is actively monitoring any new developments in applicable sanctions to ensure that we are in compliance and to evaluate any potential impact on the Company’s financial performance, operations, and governance. As a result of current economic sanctions affecting Russian banks, we repaid our RUB 30 billion seven • Management actively monitors the Company’s liquidity position, our financial and non-financial provisions in our debt agreements, and our equity levels on a regular and continuous basis both at the group and operating company levels and should they reach a level considered at-risk, management will take actions to ensure our liquidity position is sufficient and our financial covenants and non-financial provisions in our debt agreements are met. In the event a default provision within our debt agreements is triggered, VEON is in regular communication with its relevant lenders and has an obligation to notify them of any default that occurs and is continuing to occur. Should this occur, VEON will proactively and promptly respond to queries from lenders on the relevant covenant breach and initiate negotiations with lenders should the need arise. • Management is actively monitoring any new developments in new laws and regulations to ensure that we are in compliance and to evaluate any potential impact on the Company’s financial performance, operations, and governance. The United States imposed sweeping new export control restrictions on Russia’s ability to obtain goods, software and technology subject to U.S. export control jurisdiction, including a broad array of foreign-made items, that were previously not subject to U.S. export control jurisdiction. This could have an adverse impact on our ability to maintain and/or improve our infrastructure and adversely impact the availability and quality of our services and therefore will negatively impact our operations and results of operation in Russia. The Company is currently developing contingency plans to maximize the use of existing equipment in order to minimize the impact on our operations and results while also analyzing the potential for applying for licenses and the applicability of certain exceptions to the licensing requirements with respect to Russia in order to permit continued procurement of goods, software and technology subject to U.S. export control jurisdiction. • Management is in active talks in order to finalize engagement of an independent auditing firm. As previously announced on May 25, 2022, it is intended that a shareholder resolution to approve such appointment will be the subject of a future general meeting of shareholders. The accompanying unaudited interim condensed consolidated financial statements have been prepared on a going concern basis. In accordance with International Accounting Standards (“IAS”) 1, Presentation of Financial Statements, the Company has determined that the aforementioned conditions and events, considered in the aggregate, may cast significant doubt about the Company’s ability to continue as a going concern for at least twelve months after the date these consolidated financial statements were authorized for issuance. Management expects the actions it has taken or will take will mitigate the risk associated with the identified events and conditions. However, given the uncertainty and exogenous nature of the ongoing conflict and potential future imposed sanctions as well as potential new counter-sanctions, and given the possible future imposition of external administration over our Russian and Ukrainian operations in particular, management concluded that a material uncertainty remains related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern, such that it may be unable to realize its assets and discharge its liabilities in the normal course of business.
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE GROUP	NEW 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, 2021. A number of new and amended standards became effective as of January 1, 2022, which did not have a material impact on VEON financial statements. 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, 2022
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 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 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Russia 1,447 1,395 278 266 179 193 6 5 1,910 1,859 Pakistan 602 658 — — 8 10 54 50 664 718 Ukraine 493 466 32 33 — — 3 2 528 501 Kazakhstan 263 214 27 44 6 6 5 1 301 265 Uzbekistan 108 91 — — — — — — 108 91 Bangladesh 288 270 — — — — 5 5 293 275 Others 39 37 — — — — — — 39 37 HQ and eliminations (8) (7) (4) (9) 1 1 (1) — (12) (15) Total segments 3,232 3,124 333 334 194 210 72 63 3,831 3,731 Adjusted CAPEX 2022 2021 2022 2021 Russia 776 715 367 498 Pakistan 310 317 141 181 Ukraine 326 340 58 91 Kazakhstan 154 138 34 44 Uzbekistan 72 40 40 13 Bangladesh 111 112 105 42 Others 16 24 7 6 HQ and eliminations (79) (70) — 2 Total segments 1,686 1,616 752 877 For the three-month period ended June 30 Service revenue Sale of equipment and accessories Other revenue Total Revenue Mobile Fixed 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Russia 819 705 153 135 78 96 3 3 1,053 939 Pakistan 296 340 — — 3 5 26 26 325 371 Ukraine 236 239 15 17 — — 1 1 252 257 Kazakhstan 139 112 15 22 2 4 3 — 159 138 Uzbekistan 55 46 — — — — — — 55 46 Bangladesh 146 138 — — — — 2 2 148 140 Others 19 19 — — — 1 — — 19 20 HQ and eliminations (3) — (1) (9) 1 — — — (3) (9) Total segments 1,707 1,599 182 165 84 106 35 32 2,008 1,902
Schedule of segment adjusted EBITDA and capital expenditures by geography	Adjusted CAPEX 2022 2021 2022 2021 Russia 449 354 176 299 Pakistan 152 161 57 89 Ukraine 155 173 36 52 Kazakhstan 88 72 16 23 Uzbekistan 45 18 36 1 Bangladesh 56 57 53 16 Others 9 18 4 3 HQ and eliminations (41) (45) (3) 2 Total segments 913 808 375 485
Schedule of segments reconciliation of consolidated Adjusted EBITDA to Profit / (loss) before tax	The following table provides the reconciliation of Profit / (loss) before tax from continuing operations to Total Adjusted EBITDA for the six and three-month periods ended June 30: Six-month period Three-month period 2022 2021 2022 2021 Profit / (loss) before tax from continuing operations 20 417 204 204 Adjustments to reconcile Profit / (loss) before tax to Total Adjusted EBITDA Depreciation 780 752 420 375 Amortization 173 141 87 75 Impairment loss / (reversal) 486 5 14 3 (Gain) / loss on disposal of non-current assets (18) 4 (9) — (Gain) / loss on disposal of subsidiaries 32 — 31 — Finance costs 399 321 222 157 Finance income (13) (5) (7) (3) Other non-operating (gain) / loss (1) (7) 12 (2) Net foreign exchange (gain) / loss (172) (12) (61) (1) Total Adjusted EBITDA 1,686 1,616 913 808

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2022
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 2022 2021 2022 2021 Current income taxes (164) (163) (99) (77) Deferred income taxes 109 (9) 18 (8) Income tax expense (55) (172) (81) (85) Effective tax rate (275.0) % (41.2) % (39.7) % (41.7) %

HELD FOR SALE AND DISCONTINUE_2

HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 2022
Held For Sale and Discontinued Operations [Abstract]
Schedule of assets and liabilities held for sale	The following table provides the details of assets and liabilities classified as held-for-sale as of June 30, 2022: Assets held-for-sale Liabilities held-for-sale Algeria 1,879 372 Other individual assets 22 — Total assets and liabilities held for sale 1,901 372 2022 Property and equipment 554 Intangible assets excl. goodwill 116 Goodwill 951 Other non-current assets 35 Other current assets 223 Total assets held for sale 1,879 Non-current liabilities 93 Current liabilities 279 Total liabilities held for sale 372
Schedule of profit (loss) and other comprehensive income held-for-sale	The following table shows the profit/(loss) and other comprehensive income relating to Algeria operations for the six-month periods ended June 30: Six-month period Income statement and statement of comprehensive income 2022 2021 Operating revenue 323 323 Operating expenses (182) (286) Other expenses (7) (9) Profit / (loss) before tax for the period 134 28 Income tax benefit / (expense) (12) (8) Profit / (loss) after tax for the period 122 20 Other comprehensive income / (loss)* (68) (25) Total comprehensive income / (loss) 54 (5) *other comprehensive income is relating to the foreign currency translation of discontinued operations.

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2022
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: 2022 2021 Balance as of January 1 6,717 6,879 Additions 979 1,122 Disposals (48) (18) Depreciation (780) (837) Impairment* (35) (9) Currency translation 1,498 103 Other (2) (4) Balance as of June 30 8,329 7,236 * This includes an impairment recorded for US$27 relating to Ukraine property, plant and equipment as a result of physical damage to sites in Ukraine cause by the ongoing conflict between Russia and Ukraine.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2022
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: 2022 2021 Balance as of January 1 3,244 4,152 Acquisition of subsidiary — 18 Additions 306 199 Disposals and write offs (3) — Amortization (173) (153) Impairment (446) (1) Currency translation 160 28 Other (2) (13) Balance as of June 30 3,086 4,230
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, 2022, as shown above, are the following movements in goodwill for the group, per cash generating unit ("CGU") : CGU * June 30, 2022 Others Impairment Divestments and reclassification to HFS Currency January 1, 2022 Russia** 846 1 (446) 2 205 1,084 Pakistan 249 — — — (38) 287 Kazakhstan 126 — — — (10) 136 Uzbekistan 34 (1) — — — 35 Total 1,255 — (446) 2 157 1,542
Schedule of key assumptions used in fair value less costs of disposal calculations	March 31, 2022 *** September 30, 2021 Key assumptions – Russia CGU Explicit forecast period Terminal Combined average * Explicit forecast period Terminal Combined average * Discount rate — % — % 20.5 % — % — % 9.3 % Average annual revenue growth rate 6.2 % 1.6 % 5.5 % 5.0 % 1.6 % 4.4 % Average operating margin 32.4 % 35.0 % 32.8 % 33.2 % 35.5 % 33.6 % Average CAPEX / revenue ** 20.3 % 18.0 % 19.9 % 25.4 % 21.0 % 24.7 % * Combined average based on explicit forecast period of six years (2022-2027) and terminal period in 2028, and for comparative period explicit forecast period of five years (2022-2026) and terminal period in 2027. ** CAPEX excludes licenses and ROU *** The growth rates as of March 31, 2022, in the explicit forecast period and the combined average, were revised to conform the growth rates applied in the calculation of the recoverable amount in the first quarter of 2022.
Schedule of information for cash-generating units	The following table illustrates the potential additional impairment for the Russia CGU if certain key parameters would adversely change by one percentage point within both the explicit forecast and terminal periods ('+/- 1.0 pp'). Any additional adverse changes in the key parameters by more than one percentage point would increase the amount of impairment exposure approximately proportionally. Sensitivity analysis Combined average * +/- 1.0 pp Discount rate 20.5% 21.6% Change in key assumption 0.0 pp 1.0 pp Headroom / (impairment) — (115) Average annual revenue growth rate 5.5% 4.5% Change in key assumption 0.0 pp (1.0) pp Headroom / (impairment) — (88) Average operating margin 32.8% 31.8% Change in key assumption 0.0 pp (1.0) pp Headroom / (impairment) — (157) Average CAPEX / revenue 19.9% 20.9% Change in key assumption 0.0 pp 1.0 pp Headroom / (impairment) — (161) * Combined average based on explicit forecast period of six years (2022-2027) and terminal period (2028), includes intervening period of 2022 Following the recognition of an impairment loss in the first quarter of 2022, the book value of the Russia CGU is equal to its recoverable amount. As such, the 'break-even' assumptions for the Russia CGU are equivalent to the 'Combined average' assumptions

INVESTMENTS, DEBTS AND DERIVATI

INVESTMENTS, DEBTS AND DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 2022
Financial Instruments [Abstract]
Schedule of financial assets	The Company holds the following investments and derivative assets: June 30, 2022 December 31, 2021 At fair value Derivatives not designated as hedges — — Derivatives designated as net investment hedges — — Other 52 37 52 37 At amortized cost Security deposits and cash collateral 63 49 Bank deposits 5 — Other investments 118 99 186 148 Total investments and derivatives 238 185 Non-current 125 99 Current 113 86
Schedule of financial liabilities	The Company holds the following debt and derivative liabilities: June 30, 2022 December 31, 2021 At fair value Derivatives not designated as hedges 8 4 Derivatives designated as net investment hedges — 4 Contingent consideration 1 — 9 8 At amortized cost Principal amount outstanding 8,674 7,595 Interest accrued 88 86 Discounts, unamortized fees, hedge basis adjustment (18) (15) Bank loans and bonds 8,744 7,666 Lease liabilities 3,595 2,667 Put-option liability over non-controlling interest 27 16 Other financial liabilities 206 289 12,572 10,638 Total debt and derivatives 12,581 10,646 Non-current 9,439 9,404 Current 3,142 1,242

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	6 Months Ended
	Jun. 30, 2022
Cash and cash equivalents [abstract]
Schedule of cash and cash equivalents	Cash and cash equivalents consisted of the following items: June 30, 2022 December 31, 2021 Cash at banks and on hand 1,924 1,485 Short-term deposits with original maturity of less than three months 415 767 Cash and cash equivalents* 2,339 2,252 Less overdrafts (3) (13) Cash and cash equivalents, net of overdrafts 2,336 2,239 * Cash and cash equivalents include an amount of US$42 relating to banking operations in Pakistan.

ISSUED CAPITAL (Tables)

ISSUED CAPITAL (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 December 31, 2021 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, ₴ in Millions, ৳ in Billions

1 Months Ended

2 Months Ended

6 Months Ended

Jun. 08, 2022 USD ($)

Apr. 12, 2022 USD ($) installment

Apr. 12, 2022 PKR (₨) installment

Mar. 31, 2022 USD ($) numberOfMegahertz

Mar. 09, 2022 RUB (₽)

May 31, 2022 USD ($)

May 31, 2022 BDT (৳)

Apr. 30, 2022 USD ($) loan

Mar. 31, 2022 USD ($) numberOfMegahertz

Mar. 31, 2022 PKR (₨)

Feb. 28, 2022 USD ($) bank

Feb. 28, 2022 RUB (₽) bank

Jun. 30, 2021 USD ($)

Apr. 30, 2021 USD ($)

Apr. 30, 2021 RUB (₽)

Mar. 31, 2021 USD ($)

May 31, 2022 USD ($)

Jun. 30, 2022 USD ($)

Jun. 30, 2022 UAH (₴)

Jun. 30, 2021 USD ($)

Jun. 30, 2022 PKR (₨)

Jun. 30, 2022 UAH (₴)

Jun. 29, 2022 candidate

May 25, 2022 candidate

Apr. 30, 2022 PKR (₨)

Apr. 30, 2022 RUB (₽)

Apr. 30, 2022 BDT (৳)

Mar. 31, 2022 RUB (₽) numberOfMegahertz

Feb. 28, 2022 RUB (₽)

Jun. 30, 2021 PKR (₨)

Mar. 31, 2021 RUB (₽)

Disclosure of detailed information about financial instruments [line items]

Repayments of debt

$ 1,658,000,000

$ 700,000,000

[1]

Number of candidates recommended for board | candidate

11

Director

Disclosure of detailed information about financial instruments [line items]

Number of candidates recommended for board | candidate

8

Number of directors elected | candidate

8

Other

Disclosure of detailed information about financial instruments [line items]

Number of candidates recommended for board | candidate

3

Number of directors elected | candidate

3

Banglalink

Disclosure of detailed information about financial instruments [line items]

New spectrum admission fee

$ 205,000,000

Spectrum maturity, term

11 years

Banglalink | 40 MHz spectrum

Disclosure of detailed information about financial instruments [line items]

Frequency bands | numberOfMegahertz

40

40

40

Banglalink | 2300 MHz spectrum

Disclosure of detailed information about financial instruments [line items]

Frequency bands | numberOfMegahertz

2,300

2,300

2,300

Jazz | Telecommunications licenses, frequencies and permissions

Disclosure of detailed information about financial instruments [line items]

License renewal fee

$ 486,000,000

₨ 45,000,000,000

License term

15 years

15 years

Proportion of license fee settled, percent

50%

50%

License fee, number of installments | installment

5

5

VEON Georgia LLC | VEON Georgia Holdings B.V.

Disclosure of detailed information about financial instruments [line items]

Consideration paid (received)

$ (45,000,000)

PMCL

Disclosure of detailed information about financial instruments [line items]

Percentage of voting equity interests acquired (as a percent)

15%

15%

Consideration paid (received)

$ 273,000,000

Revolving credit facility

Disclosure of detailed information about financial instruments [line items]

Number of banks not extending facility | bank

2

2

Facility amount

1,250,000,000

Extension option, term

1 year

1 year

Proceeds from borrowings

$ 430,000,000

$ 610,000,000

Maximum borrowing capacity

$ 1,055,000,000

$ 1,055,000,000

1,250,000,000

Revolving credit facility | Later than one year and not later than two years

Disclosure of detailed information about financial instruments [line items]

Facility amount

250,000,000

Notes at 7.5%

Disclosure of detailed information about financial instruments [line items]

Facility amount

$ 417,000,000

Borrowings, interest rate

7.50%

7.50%

VTB Bank bilateral term loan

Disclosure of detailed information about financial instruments [line items]

Tenor

7 years

Repayments of debt

₽ 30,000

$ 396,000,000

₽ 30,000

VTB Bank term loan facility agreement, maturity February 2029

Disclosure of detailed information about financial instruments [line items]

Facility amount

259,000,000

259,000,000

$ 400,000,000

₽ 30,000

₽ 30,000

Alfa Bank $125 commitment, revolving credit facility

Disclosure of detailed information about financial instruments [line items]

Facility amount

125,000,000

125,000,000

Repayments of debt

$ 43,000,000

Raiffeisen Bank Russia $70 commitment, revolving credit facility

Disclosure of detailed information about financial instruments [line items]

Facility amount

$ 70,000,000

70,000,000

Repayments of debt

$ 24,000,000

Alfa Bank RUB 45m loan

Disclosure of detailed information about financial instruments [line items]

Facility amount

556,000,000

₽ 45,000

Sherbank RUB 45m loan

Disclosure of detailed information about financial instruments [line items]

Facility amount

556,000,000

45,000

Sberbank and Alfa Bank

Disclosure of detailed information about financial instruments [line items]

Facility amount

$ 1,112,000,000

₽ 90,000

Number of group level loans | loan

2

Syndicated loan with a 10 year maturity | PMCL

Disclosure of detailed information about financial instruments [line items]

Facility amount

$ 217,000,000

₨ 40,000,000,000

Tenor

10 years

Borrowings

$ 156,000,000

₨ 30,000,000,000

Syndicated loan with a five years maturity | Banglalink

Disclosure of detailed information about financial instruments [line items]

Facility amount

$ 139,000,000

৳ 12

Proceeds from borrowings

103,000,000

৳ 9

Tenor

5 years

JSC Citibank | Kyivstar

Disclosure of detailed information about financial instruments [line items]

Facility amount

46,000,000

₴ 1,350

JSC Credit Agricole | Kyivstar

Disclosure of detailed information about financial instruments [line items]

Facility amount

44,000,000

1,275

Alfa Bank $1667m loan | Kyivstar

Disclosure of detailed information about financial instruments [line items]

Facility amount

57,000,000

1,677

OTP Bank UAH 490m loan | Kyivstar

Disclosure of detailed information about financial instruments [line items]

Facility amount | ₴

₴ 1,250

Repayments of debt

17,000,000

₴ 490

USD300M syndicated term facility | Banglalink

Disclosure of detailed information about financial instruments [line items]

Repayments of debt

$ 38,000,000

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

Extension option, term

1 year

Tenor

3 years

RUB30bn Alfa bank facility

Disclosure of detailed information about financial instruments [line items]

Facility amount

$ 396,000,000

₽ 30,000

RUB15bn Alfa Bank facility floating rate tranche

Disclosure of detailed information about financial instruments [line items]

Facility amount

$ 198,000,000

₽ 15,000

Proceeds from borrowings

$ 198,000,000

₽ 15,000

PKR50BN syndicated credit facility | PMCL

Disclosure of detailed information about financial instruments [line items]

Proceeds from borrowings

$ 222,000,000

₨ 40,000,000,000

PKR50BN syndicated credit facility | PMCL

Disclosure of detailed information about financial instruments [line items]

Facility amount

$ 320,000,000

$ 320,000,000

$ 320,000,000

₨ 50,000,000,000

₨ 50,000,000,000

Tenor

10 years

RUB100bn bilateral facility

Disclosure of detailed information about financial instruments [line items]

Repayments of borrowings

$ 198,000,000

₽ 15,000

[1]Prior period comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 5 ).

SEGMENT INFORMATION - Reportabl

SEGMENT INFORMATION - Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021		Jun. 30, 2022	Jun. 30, 2021
Disclosure of operating segments [line items]
Service revenues	$ 1,889	$ 1,764	[1]	$ 3,565	$ 3,458	[1]
Sale of equipment and accessories	84	106	[1]	194	210	[1]
Other revenue	35	32	[1]	72	63	[1]
Total Revenue	2,008	1,902	[1]	3,831	3,731	[1]
Adjusted  EBITDA	913	808		1,686	1,616
CAPEX exc. licenses and ROU	375	485		752	877
Operating segments | Russia
Disclosure of operating segments [line items]
Sale of equipment and accessories	78	96		179	193
Other revenue	3	3		6	5
Total Revenue	1,053	939		1,910	1,859
Adjusted  EBITDA	449	354		776	715
CAPEX exc. licenses and ROU	176	299		367	498
Operating segments | Pakistan
Disclosure of operating segments [line items]
Sale of equipment and accessories	3	5		8	10
Other revenue	26	26		54	50
Total Revenue	325	371		664	718
Adjusted  EBITDA	152	161		310	317
CAPEX exc. licenses and ROU	57	89		141	181
Operating segments | Ukraine
Disclosure of operating segments [line items]
Sale of equipment and accessories	0	0		0	0
Other revenue	1	1		3	2
Total Revenue	252	257		528	501
Adjusted  EBITDA	155	173		326	340
CAPEX exc. licenses and ROU	36	52		58	91
Operating segments | Kazakhstan
Disclosure of operating segments [line items]
Sale of equipment and accessories	2	4		6	6
Other revenue	3	0		5	1
Total Revenue	159	138		301	265
Adjusted  EBITDA	88	72		154	138
CAPEX exc. licenses and ROU	16	23		34	44
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	55	46		108	91
Adjusted  EBITDA	45	18		72	40
CAPEX exc. licenses and ROU	36	1		40	13
Operating segments | Bangladesh
Disclosure of operating segments [line items]
Sale of equipment and accessories	0	0		0	0
Other revenue	2	2		5	5
Total Revenue	148	140		293	275
Adjusted  EBITDA	56	57		111	112
CAPEX exc. licenses and ROU	53	16		105	42
Operating segments | Others
Disclosure of operating segments [line items]
Sale of equipment and accessories	0	1		0	0
Other revenue	0	0		0	0
Total Revenue	19	20		39	37
Adjusted  EBITDA	9	18		16	24
CAPEX exc. licenses and ROU	4	3		7	6
HQ and eliminations
Disclosure of operating segments [line items]
Sale of equipment and accessories	1	0		1	1
Other revenue	0	0		(1)	0
Total Revenue	(3)	(9)		(12)	(15)
Adjusted  EBITDA	(41)	(45)		(79)	(70)
CAPEX exc. licenses and ROU	(3)	2		0	2
Mobile
Disclosure of operating segments [line items]
Service revenues	1,707	1,599		3,232	3,124
Mobile | Operating segments | Russia
Disclosure of operating segments [line items]
Service revenues	819	705		1,447	1,395
Mobile | Operating segments | Pakistan
Disclosure of operating segments [line items]
Service revenues	296	340		602	658
Mobile | Operating segments | Ukraine
Disclosure of operating segments [line items]
Service revenues	236	239		493	466
Mobile | Operating segments | Kazakhstan
Disclosure of operating segments [line items]
Service revenues	139	112		263	214
Mobile | Operating segments | Uzbekistan
Disclosure of operating segments [line items]
Service revenues	55	46		108	91
Mobile | Operating segments | Bangladesh
Disclosure of operating segments [line items]
Service revenues	146	138		288	270
Mobile | Operating segments | Others
Disclosure of operating segments [line items]
Service revenues	19	19		39	37
Mobile | HQ and eliminations
Disclosure of operating segments [line items]
Service revenues	(3)	0		(8)	(7)
Fixed
Disclosure of operating segments [line items]
Service revenues	182	165		333	334
Fixed | Operating segments | Russia
Disclosure of operating segments [line items]
Service revenues	153	135		278	266
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	15	17		32	33
Fixed | Operating segments | Kazakhstan
Disclosure of operating segments [line items]
Service revenues	15	22		27	44
Fixed | Operating segments | Uzbekistan
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 | Others
Disclosure of operating segments [line items]
Service revenues	0	0		0	0
Fixed | HQ and eliminations
Disclosure of operating segments [line items]
Service revenues	$ (1)	$ (9)		$ (4)	$ (9)
[1]Prior period comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 5 ).

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of Adjusted EBITDA to Profit/(loss) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021		Jun. 30, 2022	Jun. 30, 2021
Operating Segments [Abstract]
Profit / (loss) before tax from continuing operations	$ 204	$ 204	[1]	$ 20	$ 417	[1],[2]
Depreciation	420	375	[1]	780	752	[1]
Amortization	87	75	[1]	173	141	[1]
Impairment (loss) / reversal	14	3	[1]	486	5	[1]
Gain / (loss) on disposal of non-current assets	(9)	0	[1]	(18)	4	[1]
(Gain) / loss on disposal of subsidiaries	31	0	[1]	32	0	[1]
Finance costs	222	157	[1]	399	321	[1]
Finance income	(7)	(3)	[1]	(13)	(5)	[1]
Other non-operating gain / (loss)	12	(2)	[1]	(1)	(7)	[1]
Net foreign exchange (gain) / loss	(61)	(1)	[1]	(172)	(12)	[1],[2]
Adjusted  EBITDA	$ 913	$ 808		$ 1,686	$ 1,616
[1]Prior period comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 5 ). Note 5 ).

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021		Jun. 30, 2022	Jun. 30, 2021
Income Taxes [Abstract]
Current income taxes	$ (99)	$ (77)		$ (164)	$ (163)
Deferred income taxes	18	(8)		109	(9)
Income tax expense	$ (81)	$ (85)	[1]	$ (55)	$ (172)	[1]
Effective tax rate (as a percent)	(39.70%)	(41.70%)		(275.00%)	(41.20%)
[1]Prior period comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 5 ).

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Income Taxes Disclosure [Line Items]
Effective tax rate (as a percent)	(39.70%)	(41.70%)	(275.00%)	(41.20%)
Impairment			$ 446
Dividend payables					$ 95
Deductible temporary differences for which no deferred tax asset is recognised	$ 7		$ 7

SIGNIFICANT TRANSACTIONS (Detai

SIGNIFICANT TRANSACTIONS (Details) $ in Millions, ₨ in Billions, ৳ in Billions

1 Months Ended

3 Months Ended

6 Months Ended

Jun. 08, 2022 USD ($)

Apr. 12, 2022 USD ($) installment

Apr. 12, 2022 PKR (₨) installment

Mar. 31, 2022 USD ($) numberOfMegahertz

Jun. 30, 2021 USD ($)

Jun. 30, 2022 USD ($)

Jun. 30, 2021 USD ($)

[1]

Jun. 30, 2022 USD ($)

Jun. 30, 2021 USD ($)

[1]

Mar. 31, 2021 USD ($) numberOfMegahertz

Mar. 31, 2021 BDT (৳) numberOfMegahertz

Feb. 28, 2021 numberOfMegahertz

Disclosure of subsidiaries [line items]

Gains (losses) recognised when control of subsidiary is lost | $

$ (31)

$ 0

$ (32)

$ 0

Transfer to income statement on disposal of subsidiary | $

41

41

Foreign currency translation

Disclosure of subsidiaries [line items]

Transfer to income statement on disposal of subsidiary | $

$ 41

$ 41

VEON Georgia LLC

Disclosure of subsidiaries [line items]

Gains (losses) recognised when control of subsidiary is lost | $

$ (30)

VEON Georgia LLC | Foreign currency translation

Disclosure of subsidiaries [line items]

Transfer to income statement on disposal of subsidiary | $

41

Banglalink

Disclosure of subsidiaries [line items]

Spectrum, frequency band | numberOfMegahertz

40

40

30.6

Spectrum cost

$ 115

৳ 10

OTM

Disclosure of subsidiaries [line items]

Proportion of ownership interest in subsidiary

67%

Consideration paid (received) | $

$ 16

1800 MHz spectrum | Banglalink

Disclosure of subsidiaries [line items]

Frequency bands | numberOfMegahertz

1,800

1,800

Spectrum, frequency band | numberOfMegahertz

4.4

4.4

2100 MHz spectrum | Banglalink

Disclosure of subsidiaries [line items]

Frequency bands | numberOfMegahertz

2,100

2,100

Spectrum, frequency band | numberOfMegahertz

5

5

Banglalink

Disclosure of subsidiaries [line items]

New spectrum admission fee | $

$ 205

Spectrum maturity, term

11 years

Banglalink | 40 MHz spectrum

Disclosure of subsidiaries [line items]

Frequency bands | numberOfMegahertz

40

Banglalink | 2300 MHz spectrum

Disclosure of subsidiaries [line items]

Frequency bands | numberOfMegahertz

2,300

Jazz | Telecommunications licenses, frequencies and permissions

Disclosure of subsidiaries [line items]

License renewal fee

$ 486

₨ 45

License term

15 years

15 years

Proportion of license fee settled, percent

50%

50%

License fee, number of installments | installment

5

5

VEON Georgia Holdings B.V. | VEON Georgia LLC

Disclosure of subsidiaries [line items]

Consideration paid (received) | $

$ (45)

Banglalink

Disclosure of subsidiaries [line items]

Spectrum, frequency band | numberOfMegahertz

9.4

9.4

[1]Prior period comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 5 ).

HELD FOR SALE AND DISCONTINUE_3

HELD FOR SALE AND DISCONTINUED OPERATIONS - Summary of details over assets and liabilities classified as held-for-sale (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Assets classified as held for sale	$ 1,901	$ 1,864
Liabilities associated with assets held for sale	372	$ 391
Assets and liabilities classified as held for sale
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Assets classified as held for sale	1,901
Liabilities associated with assets held for sale	372
Assets and liabilities classified as held for sale | Algeria
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Assets classified as held for sale	1,879
Liabilities associated with assets held for sale	372
Assets and liabilities classified as held for sale | Other individual assets
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Assets classified as held for sale	22
Liabilities associated with assets held for sale	$ 0

HELD FOR SALE AND DISCONTINUE_4

HELD FOR SALE AND DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
	Jul. 01, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Disclosure of subsidiaries [line items]
Total equity			$ 1,563	$ 1,150	$ 1,505	$ 1,226	$ 1,147	$ 1,013
Foreign currency translation
Disclosure of subsidiaries [line items]
Total equity			(9,064)	$ (9,340)	$ (8,933)	$ (8,743)	$ (8,768)	$ (8,775)
Foreign currency translation | Assets and liabilities classified as held for sale
Disclosure of subsidiaries [line items]
Total equity			$ 699
Algeria
Disclosure of subsidiaries [line items]
Percentage ownership sold	45.57%
Algeria | Forecast
Disclosure of subsidiaries [line items]
Consideration paid		$ 682

HELD FOR SALE AND DISCONTINUE_5

HELD FOR SALE AND DISCONTINUED OPERATIONS - Summary of profit loss and other comprehensive income relating to Algeria operations (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021		Jun. 30, 2022	Jun. 30, 2021
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Profit / (loss) before tax from continuing operations	$ 204	$ 204	[1]	$ 20	$ 417	[1],[2]
Income tax benefit / (expense)	81	85	[1]	55	172	[1]
Profit / (loss) for the period	184	127	[1]	87	265	[1]
Other comprehensive income / (loss)	228	14		(22)	10
Total comprehensive income / (loss) , net of tax	$ 412	$ 141		65	275
Assets and liabilities classified as held for sale | Algeria
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Operating revenue				323	323
Operating expenses				(182)	(286)
Other expenses				(7)	(9)
Profit / (loss) before tax from continuing operations				134	28
Income tax benefit / (expense)				(12)	(8)
Profit / (loss) for the period				122	20
Other comprehensive income / (loss)				(68)	(25)
Total comprehensive income / (loss) , net of tax				$ 54	$ (5)
[1]Prior period comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 5 ). Note 5 ).

HELD FOR SALE AND DISCONTINUE_6

HELD FOR SALE AND DISCONTINUED OPERATIONS - Summary of assets and liabilities classified as held-for-sale relating to Algeria (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Property and equipment	$ 8,329	$ 6,717	$ 7,236	$ 6,879
Goodwill	1,255	1,542
Other non-current assets	225	216
Other current assets	350	344
Total assets	17,694	15,921
Non-current liabilities	9,623	9,642
Current liabilities	6,136	$ 4,383
Assets and liabilities classified as held for sale
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Property and equipment	554
Intangible assets excl. goodwill	116
Goodwill	951
Other non-current assets	35
Other current assets	223
Total assets	1,879
Non-current liabilities	93
Current liabilities	279
Total liabilities held for sale	$ 372

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Property, plant and equipment [abstract]
Balance as of January 1	$ 6,717	$ 6,879
Additions	979	1,122
Disposals	(48)	(18)
Depreciation	(780)	(837)
Impairment	(35)	(9)
Currency translation	1,498	103
Other	(2)	(4)
Balance as of June 30	$ 8,329	$ 7,236

PROPERTY AND EQUIPMENT - Narrat

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Impairment	$ 35	$ 9
Ukraine
Disclosure of detailed information about property, plant and equipment [line items]
Impairment	$ 27

INTANGIBLE ASSETS - Schedule of

INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disclosure of detailed information about intangible assets [line items]
Balance as of January 1	$ 3,244	$ 4,152
Acquisition of subsidiary	0	18
Additions	306	199
Disposals and write offs	(3)	0
Amortization	(173)	(153)
Impairment	(446)	(1)
Currency translation	160	28
Other	(2)	(13)
Balance as of June 30	$ 3,086	$ 4,230

INTANGIBLE ASSETS - Goodwill (D

INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022
Disclosure of information for cash-generating units [line items]
Goodwill at beginning of period	$ 1,542	$ 1,542
Others		0
Impairment		(446)
Divestments and reclassification to HFS		2
Currency  translation		157
Goodwill at end of period		1,255
Russia
Disclosure of information for cash-generating units [line items]
Goodwill at beginning of period	1,084	1,084
Others		1
Impairment	(446)	(446)
Divestments and reclassification to HFS		2
Currency  translation		205
Goodwill at end of period		846
Pakistan
Disclosure of information for cash-generating units [line items]
Goodwill at beginning of period	287	287
Others		0
Impairment		0
Divestments and reclassification to HFS		0
Currency  translation		(38)
Goodwill at end of period		249
Kazakhstan
Disclosure of information for cash-generating units [line items]
Goodwill at beginning of period	136	136
Others		0
Impairment		0
Divestments and reclassification to HFS		0
Currency  translation		(10)
Goodwill at end of period		126
Uzbekistan
Disclosure of information for cash-generating units [line items]
Goodwill at beginning of period	$ 35	35
Others		(1)
Impairment		0
Divestments and reclassification to HFS		0
Currency  translation		0
Goodwill at end of period		$ 34

INTANGIBLE ASSETS - Narrative (

INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022
Disclosure of detailed information about intangible assets [line items]
Impairment		$ 446
Russia cash generating units
Disclosure of detailed information about intangible assets [line items]
Impairment	$ 446	446
Recoverable amount of asset or cash-generating unit	1,886
Ukraine
Disclosure of detailed information about intangible assets [line items]
Recoverable amount of asset or cash-generating unit	$ 1,463
Pakistan
Disclosure of detailed information about intangible assets [line items]
Recoverable amount of asset or cash-generating unit		1,228
Bangladesh
Disclosure of detailed information about intangible assets [line items]
Recoverable amount of asset or cash-generating unit		$ 379

INTANGIBLE ASSETS - Key assumpt

INTANGIBLE ASSETS - Key assumptions (Details) - Russia cash generating units	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2022
Disclosure of detailed information about intangible assets [line items]
Discount rate	20.50%	9.30%	20.50%
Growth rate	6.20%	5%	5.50%
Percentage of terminal growth rate of cash-generating units	1.60%	1.60%
Combined average, average annual revenue growth rate	5.50%	4.40%
Explicit forecast period, average operating margin	32.40%	33.20%
Terminal period, operating margin	35%	35.50%
Combined average, operating margin	32.80%	33.60%
Explicit forecast period, average CAPEX/revenue	20.30%	25.40%
Terminal period CAPEX as a percentage of revenue	18%	21%
Combined average, average CAPEX/revenue	19.90%	24.70%
Explicit forecast period	6 years	5 years

IMPAIRMENT OF ASSETS - Sensitiv

IMPAIRMENT OF ASSETS - Sensitivity to changes in assumptions (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021
Disclosure of detailed information about intangible assets [line items]
Explicit forecast period	6 years
Russia cash generating units
Disclosure of detailed information about intangible assets [line items]
Discount rate	20.50%	20.50%	9.30%
Discount rate 1% increase	21.60%
Reasonably possible 1% change in discount rate, amount	$ (115)
Growth rate	5.50%	6.20%	5%
Growth rate 1% decrease	4.50%
Reasonably possible 1% change in average growth rate, amount	$ (88)
Combined operating margin	32.80%
Combined operating margin 1% decrease	31.80%
Reasonably possible 1% change in average operating margin, amount	$ (157)
Combined CAPEX %	19.90%
Combined CAPEX percentage 1% increase	20.90%
Reasonably possible 1% change in average CAPEX as percentage of revenue, amount	$ (161)

INVESTMENTS, DEBTS AND DERIVA_2

INVESTMENTS, DEBTS AND DERIVATIVES - Financial Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure of financial assets [line items]
Total investments and derivatives	$ 238	$ 185
Non-current	125	99
Current	113	86
At fair value
Disclosure of financial assets [line items]
Total investments and derivatives	52	37
At amortized cost
Disclosure of financial assets [line items]
Total investments and derivatives	186	148
Derivatives not designated as hedges | At fair value
Disclosure of financial assets [line items]
Total investments and derivatives	0	0
Derivatives designated as net investment hedges | At fair value
Disclosure of financial assets [line items]
Total investments and derivatives	0	0
Other | At fair value
Disclosure of financial assets [line items]
Total investments and derivatives	52	37
Security deposits and cash collateral | At amortized cost
Disclosure of financial assets [line items]
Total investments and derivatives	63	49
Bank deposits | At amortized cost
Disclosure of financial assets [line items]
Total investments and derivatives	5	0
Other investments | At amortized cost
Disclosure of financial assets [line items]
Total investments and derivatives	$ 118	$ 99

INVESTMENTS, DEBTS AND DERIVA_3

INVESTMENTS, DEBTS AND DERIVATIVES - Financial Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure of financial liabilities [line items]
Total debt and derivatives	$ 12,581	$ 10,646
Non-current	9,439	9,404
Current	3,142	1,242
At fair value
Disclosure of financial liabilities [line items]
Total debt and derivatives	9	8
At amortized cost
Disclosure of financial liabilities [line items]
Total debt and derivatives	12,572	10,638
Derivatives not designated as hedges | At fair value
Disclosure of financial liabilities [line items]
Total debt and derivatives	8	4
Derivatives designated as net investment hedges | At fair value
Disclosure of financial liabilities [line items]
Total debt and derivatives	0	4
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	8,674	7,595
Interest accrued | At amortized cost
Disclosure of financial liabilities [line items]
Total debt and derivatives	88	86
Discounts, unamortized fees, hedge basis adjustment | At amortized cost
Disclosure of financial liabilities [line items]
Total debt and derivatives	(18)	(15)
Bank loans and bonds | At amortized cost
Disclosure of financial liabilities [line items]
Total debt and derivatives	8,744	7,666
Lease liabilities | At amortized cost
Disclosure of financial liabilities [line items]
Total debt and derivatives	3,595	2,667
Put-option liability over non-controlling interest | At amortized cost
Disclosure of financial liabilities [line items]
Total debt and derivatives	27	16
Other financial liabilities | At amortized cost
Disclosure of financial liabilities [line items]
Total debt and derivatives	$ 206	$ 289

INVESTMENTS, DEBT AND DERIVAT_2

INVESTMENTS, DEBT AND DERIVATIVES - Narrative (Details) ₽ in Millions, ₴ in Millions, ৳ in Billions

1 Months Ended

2 Months Ended

6 Months Ended

Mar. 09, 2022 RUB (₽)

May 31, 2022 USD ($)

May 31, 2022 BDT (৳)

Apr. 30, 2022 USD ($) loan

Mar. 31, 2022 USD ($)

Mar. 31, 2022 PKR (₨)

Feb. 28, 2022 USD ($) bank

Feb. 28, 2022 RUB (₽) bank

Jun. 30, 2021 USD ($)

Apr. 30, 2021 USD ($)

Apr. 30, 2021 RUB (₽)

Mar. 31, 2021 USD ($) extensionOption

May 31, 2022 USD ($)

Jun. 30, 2022 USD ($)

Jun. 30, 2022 UAH (₴)

Jun. 30, 2021 USD ($)

Jun. 30, 2022 PKR (₨)

Jun. 30, 2022 UAH (₴)

Apr. 30, 2022 PKR (₨)

Apr. 30, 2022 RUB (₽)

Apr. 30, 2022 BDT (৳)

Mar. 31, 2022 RUB (₽)

Feb. 28, 2022 RUB (₽)

Dec. 31, 2021 USD ($)

Jun. 30, 2021 PKR (₨)

Mar. 31, 2021 PKR (₨) extensionOption

Mar. 31, 2021 RUB (₽) extensionOption

Disclosure of detailed information about financial instruments [line items]

Repayments of debt

$ 1,658,000,000

$ 700,000,000

[1]

At amortized cost | Bank loans and bonds

Disclosure of detailed information about financial instruments [line items]

Financial liabilities, at fair value

7,650,000,000

$ 7,709,000,000

Notes at 7.5%

Disclosure of detailed information about financial instruments [line items]

Facility amount

$ 417,000,000

Borrowings, interest rate

7.50%

7.50%

PKR50BN syndicated credit facility | PMCL

Disclosure of detailed information about financial instruments [line items]

Proceeds from borrowings

$ 222,000,000

₨ 40,000,000,000

VTB Bank bilateral term loan

Disclosure of detailed information about financial instruments [line items]

Repayments of debt

₽ 30,000

$ 396,000,000

₽ 30,000

Tenor

7 years

VTB Bank term loan facility agreement, maturity February 2029

Disclosure of detailed information about financial instruments [line items]

Facility amount

259,000,000

$ 400,000,000

₽ 30,000

₽ 30,000

Revolving credit facility

Disclosure of detailed information about financial instruments [line items]

Facility amount

$ 1,250,000,000

Extension option, term

1 year

1 year

Number of banks not extending facility | bank

2

2

Maximum borrowing capacity

1,055,000,000

$ 1,250,000,000

Proceeds from borrowings

430,000,000

$ 610,000,000

Revolving credit facility | Later than one year and not later than two years

Disclosure of detailed information about financial instruments [line items]

Facility amount

$ 250,000,000

Alfa Bank $125 commitment, revolving credit facility

Disclosure of detailed information about financial instruments [line items]

Facility amount

125,000,000

Repayments of debt

$ 43,000,000

Raiffeisen Bank Russia $70 commitment, revolving credit facility

Disclosure of detailed information about financial instruments [line items]

Facility amount

$ 70,000,000

Repayments of debt

$ 24,000,000

Sberbank and Alfa Bank

Disclosure of detailed information about financial instruments [line items]

Facility amount

$ 1,112,000,000

₽ 90,000

Number of group level loans | loan

2

Sherbank RUB 45m loan

Disclosure of detailed information about financial instruments [line items]

Facility amount

$ 556,000,000

45,000

Alfa Bank RUB 45m loan

Disclosure of detailed information about financial instruments [line items]

Facility amount

556,000,000

₽ 45,000

Syndicated loan with a 10 year maturity | PMCL

Disclosure of detailed information about financial instruments [line items]

Facility amount

217,000,000

₨ 40,000,000,000

Borrowings

$ 156,000,000

₨ 30,000,000,000

Tenor

10 years

Syndicated loan with a five years maturity | Banglalink

Disclosure of detailed information about financial instruments [line items]

Facility amount

$ 139,000,000

৳ 12

Proceeds from borrowings

103,000,000

৳ 9

Tenor

5 years

USD300M syndicated term facility | Banglalink

Disclosure of detailed information about financial instruments [line items]

Repayments of debt

$ 38,000,000

JSC Citibank | Kyivstar

Disclosure of detailed information about financial instruments [line items]

Facility amount

46,000,000

₴ 1,350

JSC Credit Agricole | Kyivstar

Disclosure of detailed information about financial instruments [line items]

Facility amount

44,000,000

1,275

Alfa Bank $1667m loan | Kyivstar

Disclosure of detailed information about financial instruments [line items]

Facility amount

57,000,000

1,677

OTP Bank UAH 490m loan | Kyivstar

Disclosure of detailed information about financial instruments [line items]

Facility amount | ₴

₴ 1,250

Repayments of debt

17,000,000

₴ 490

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

Extension option, term

1 year

Tenor

3 years

Number of extension options | extensionOption

2

2

2

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

$ 396,000,000

₽ 30,000

RUB45bn Alfa Bank facility

Disclosure of detailed information about financial instruments [line items]

Facility amount

594,000,000

45,000

RUB15bn Alfa Bank floating rate tranche

Disclosure of detailed information about financial instruments [line items]

Facility amount

$ 198,000,000

15,000

Tenor

5 years

RUB100bn bilateral facility

Disclosure of detailed information about financial instruments [line items]

Repayments of borrowings

$ 198,000,000

₽ 15,000

RUB15bn Alfa Bank facility floating rate tranche

Disclosure of detailed information about financial instruments [line items]

Facility amount

$ 198,000,000

₽ 15,000

Proceeds from borrowings

$ 198,000,000

₽ 15,000

PMCL

Disclosure of detailed information about financial instruments [line items]

Financial instrument, put option, % ownership acquired

15%

Consideration paid (received)

$ 273,000,000

Proportion of ownership interest in subsidiary

100%

PMCL | Floating interest rate

Disclosure of detailed information about financial instruments [line items]

Facility amount

$ 131,000,000

₨ 20,000,000,000

PMCL | PKR50BN syndicated credit facility

Disclosure of detailed information about financial instruments [line items]

Facility amount

$ 320,000,000

$ 320,000,000

$ 320,000,000

₨ 50,000,000,000

₨ 50,000,000,000

Tenor

10 years

PMCL | PKR50BN syndicated credit facility | Three month Karachi Inter Bank offered rate kibor

Disclosure of detailed information about financial instruments [line items]

Tenor

10 years

PMCL | PKR15Bn MCB Bank syndicated facility

Disclosure of detailed information about financial instruments [line items]

Facility amount

$ 98,000,000

15,000,000,000

PMCL | PKR15Bn MCB Bank syndicated facility | Floating interest rate

Disclosure of detailed information about financial instruments [line items]

Tenor

7 years

PMCL | 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 | PKR5Bn United Bank bilateral term facility | Floating interest rate

Disclosure of detailed information about financial instruments [line items]

Tenor

7 years

[1]Prior period comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 5 ).

CASH AND CASH EQUIVALENTS - Sum

CASH AND CASH EQUIVALENTS - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Jun. 30, 2022		Dec. 31, 2021	Jun. 30, 2021		Dec. 31, 2020	[2]
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Cash at banks and on hand	$ 1,924		$ 1,485
Short-term deposits with original maturity of less than three months	415		767
Cash and cash equivalents	2,339		2,252
Less overdrafts	(3)		(13)	$ (13)
Cash and cash equivalents, net of overdrafts (as presented in the consolidated statement of cash flows)	2,336	[1]	$ 2,239	$ 1,178	[1],[2]	$ 1,585
Pakistan
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Cash and cash equivalents	$ 42
[1]Overdrawn amount was US$3 (2021: US$13)[2]Prior period comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 5 ).

CASH AND CASH EQUIVALENTS - Nar

CASH AND CASH EQUIVALENTS - Narrative (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Cash and cash equivalents [abstract]
Restricted cash and cash equivalents	$ 0	$ 0
Investments in money market funds	57,000,000	397,000,000
Overdrawn amount	$ 3,000,000	$ 13,000,000	$ 13,000,000

ISSUED CAPITAL - Common Stock (

ISSUED CAPITAL - Common Stock (Details) - Ordinary shares - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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)	6 Months Ended
	Jun. 30, 2022 $ / shares
Subclassifications of assets, liabilities and equities [abstract]
Dividends declared, per share (in dollars per share)	$ 0

BASIS OF PREPARATION OF THE I_3

BASIS OF PREPARATION OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Details) $ in Millions, ₽ in Billions		1 Months Ended			6 Months Ended
	Mar. 09, 2022 RUB (₽)	Apr. 30, 2022 USD ($) loan	Feb. 28, 2022 USD ($)	Feb. 28, 2022 RUB (₽)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	[1]	Aug. 04, 2022 employee	Apr. 30, 2022 RUB (₽)	Mar. 31, 2021 USD ($)
Disclosure of voluntary change in accounting policy [line items]
Undrawn borrowing facilities					$ 163
Repayments of debt					1,658	$ 700
Revolving credit facility
Disclosure of voluntary change in accounting policy [line items]
Undrawn borrowing facilities					$ 82
Facility amount										$ 1,250
Sberbank and Alfa Bank
Disclosure of voluntary change in accounting policy [line items]
Number of group level loans | loan		2
Facility amount		$ 1,112							₽ 90
VTB Bank bilateral term loan
Disclosure of voluntary change in accounting policy [line items]
Tenor	7 years
Repayments of debt	₽ 30		$ 396	₽ 30
Ukraine and Russia | Ongoing conflict between Russia and Ukraine
Disclosure of voluntary change in accounting policy [line items]
Number of employees | employee								32,000
[1]Prior period comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 5 ).