VEON (VEON) 20-F 24 Jul 23 2022 FY Annual report (foreign) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2022 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	1-34694
Entity Registrant Name	VEON LTD.
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	Claude Debussylaan 88
Entity Address, Postal Zip Code	1082 MD
Entity Address, City or Town	Amsterdam
Entity Address, Country	NL
Title of 12(b) Security	Common shares, US$0.001 nominal value
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true
Entity Common Stock, Shares Outstanding (in shares)	1,756,731,135
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Central Index Key	0001468091
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Filer Category	Accelerated Filer
ADR
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares, or ADSs,each representing 25 common shares
Trading Symbol	VEON
Security Exchange Name	NASDAQ
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	Claude Debussylaan 88
Entity Address, Postal Zip Code	1082 MD
Entity Address, City or Town	Amsterdam
Entity Address, Country	NL
City Area Code	+31
Local Phone Number	20 797 7200
Contact Personnel Name	Omiyinka Doris

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Auditor Information [Abstract]
Auditor Firm ID	1395
Auditor Name	PricewaterhouseCoopers Accountants N.V.
Auditor Location	Amsterdam

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED INCOME STATEMENT - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022		Dec. 31, 2021	[1]	Dec. 31, 2020	[1]
Statement1 [Line Items]
Total operating revenues		$ 3,755		$ 3,850		$ 3,482
Other operating income		1		0		0
Service costs		(448)		(448)		(431)
Cost of equipment and accessories		(28)		(36)		(23)
Selling, general and administrative expenses		(1,533)		(1,526)		(1,403)
Depreciation		(557)		(605)		(553)
Amortization		(221)		(194)		(177)
Impairment (loss) / reversal		107		(27)		(62)
(Loss) / gain on disposal of non-current assets		(1)		9		(10)
(Loss) / gain on disposal of subsidiaries		88		0		0
Operating (loss) / profit		1,163		1,023		823
Finance costs		(583)		(591)		(569)
Finance income		32		13		19
Other non-operating gain / (loss)		9		26		84
Net foreign exchange gain / (loss)		181		(7)	[2]	16	[2]
Profit / (loss) before tax		802		464	[2]	373	[2]
Income taxes		(69)		(344)		(279)
Profit / (loss) from continuing operations		733		120		94
Loss after tax from discontinued operations and disposals of discontinued operations		(742)		681		(410)
Profit / (loss) for the period		(9)	[3],[4]	801		(316)
Attributable to:
The owners of the parent (continuing operations)		656		75		102
The owners of the parent (discontinued operations)		(818)		599		(451)
Non-controlling interest		153		127		33
Profit / (loss) for the period		$ (9)	[3],[4]	$ 801		$ (316)
Basic and diluted gain / (loss) per share attributable to ordinary equity holders of the parent:
Diluted gain (loss) per share from continuing operations (in dollars per share)	[5]	$ 0.37		$ 0.04		$ 0.06
Basic gain (loss) from continuing operations per share (in dollars per share)	[5]	0.37		0.04		0.06
Diluted gain (loss) per share from discontinued operations (in dollars per share)	[5]	(0.46)		0.34		(0.26)
Basic gain (loss) from discontinued operations per share (in dollars per share)	[5]	(0.46)		0.34		(0.26)
Diluted gain (loss) per share	[5]	(0.09)		0.38		(0.20)
Basic gain (loss) per share	[5]	$ (0.09)		$ 0.38		$ (0.20)
Service revenues
Statement1 [Line Items]
Total operating revenues		$ 3,600		$ 3,690		$ 3,355
Sale of equipment and accessories
Statement1 [Line Items]
Total operating revenues		28		35		22
Other revenues
Statement1 [Line Items]
Total operating revenues		$ 127		$ 125		$ 105
[1] *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10 * Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation ( see note 10 ) **Refer to Note 24 for further details with respect to the restatement. *Refer to Note 24 for further details with respect to the restatement. ** In accordance with IAS 33, Earnings per Share, the shares vested on December 31, 2022 and subsequently issued after the reporting period date have been included in the Earnings per Share calculation (see Note 20

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	[2]	Dec. 31, 2021		Dec. 31, 2020
Statement of comprehensive income [abstract]
Profit / (loss) for the period	$ (9)	[1]	$ 801	[3]	$ (316)	[3]
Items that may be reclassified to profit or loss
Foreign currency translation	(480)		(200)		(623)
Reclassification of accumulated foreign currency translation reserve to profit or loss upon disposal of foreign operation	558	[1]	0		96
Other	0		(3)		(15)
Items that will not to be reclassified to profit or loss
Other	27		0		1
Other comprehensive income / (loss) for the period, net of tax	105		(203)		(541)
Total comprehensive income / (loss)	96	[1]	598		(857)
Attributable to:
The owners of the parent	(14)		513		(800)
Non-controlling interests	110		85		(57)
Total comprehensive income / (loss) for the period, net of tax from:
Continuing operations	234		(5)		189
Discontinued operations	$ (138)		$ 603		$ (1,046)
[1] **Refer to Note 24 for further details with respect to the restatement. *Refer to Note 24 for further details with respect to the restatement. *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10

CONSOLIDATED STATEMENT OF FINAN

CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Millions		Dec. 31, 2022	Dec. 31, 2021
Non-current assets
Property and equipment		$ 2,848	$ 6,717
Intangible assets		1,960	3,244
Investments and derivatives		71	99
Deferred tax assets		274	228
Other assets		157	216
Total non-current assets		5,310	10,504
Current assets
Inventories		18	111
Trade and other receivables		456	690
Investments and derivatives		120	86
Current income tax assets		72	70
Other assets		208	344
Cash and cash equivalents		3,107	2,252
Total current assets		3,981	3,553
Assets classified as held for sale		5,792	1,864
Total assets		15,083	15,921
Equity
Equity attributable to equity owners of the parent		569	586
Non-controlling interests		198	919
Total equity	[1]	767	1,505
Non-current liabilities
Debt and derivatives		5,336	9,404
Provisions		47	87
Deferred tax liabilities		36	115
Other liabilities		20	36
Total non-current liabilities		5,439	9,642
Current liabilities
Trade and other payables		1,087	2,031
Debt and derivatives		2,844	1,242
Provisions		59	109
Current income tax payables		180	228
Other liabilities		475	773
Total current liabilities		4,645	4,383
Liabilities associated with assets held for sale		4,232	391
Total equity and liabilities		$ 15,083	$ 15,921
[1] **Refer to Note 24 for further details with respect to the restatement.

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions		Total		Total		Issued capital	Capital Surplus	Other capital reserves		Accumulated deficit	[1]	Foreign currency translation reserve	Non-controlling interests
Number of shares outstanding at beginning of period (in shares) at Dec. 31, 2019						1,749,127,404
Equity at beginning of period at Dec. 31, 2019		$ 2,220		$ 1,226		$ 2	$ 12,753	$ (1,887)		$ (1,330)		$ (8,312)	$ 994
Profit / (loss) for the period		(316)	[2]	(349)						(349)			33
Transfer from OCI to income statement on disposal of subsidiary (reclassification adjustments)		96
Other comprehensive income / (loss) (excluding reclassification adjustments)		(541)		(451)				(10)		(4)		(437)	(90)
Total comprehensive income / (loss)		(857)		(800)				(10)		(353)		(437)	(57)
Dividends declared		(349)		(262)						(262)			(87)
Changes in ownership interest in a subsidiary that do not result in a loss of control		0		0
Other		(1)		(1)				(1)		26		(26)	0
Number of shares outstanding at end of period (in shares) (Previously stated) at Dec. 31, 2020						1,749,127,404
Number of shares outstanding at end of period (in shares) at Dec. 31, 2020						1,749,127,404
Equity at end of period (Previously stated) at Dec. 31, 2020		1,013		163		$ 2	12,753	(1,898)		(1,919)		(8,775)	850
Equity at end of period at Dec. 31, 2020		1,013		163		$ 2	12,753	(1,898)		(1,919)		(8,775)	850
Profit / (loss) for the period		801	[2]	674						674			127
Transfer from OCI to income statement on disposal of subsidiary (reclassification adjustments)		0
Other comprehensive income / (loss) (excluding reclassification adjustments)		(203)		(161)				(1)		(2)		(158)	(42)
Total comprehensive income / (loss)		598		513				(1)		672		(158)	85
Dividends declared		(89)		0						0			(89)
Changes in ownership interest in a subsidiary		(7)		(76)				(76)					69
Acquisition of subsidiary		(10)		(16)				(16)					6
Other		0		2				1		1			(2)
Number of shares outstanding at end of period (in shares) at Dec. 31, 2021	[3]					1,749,127,404
Equity at end of period at Dec. 31, 2021	[3]	1,505		586		$ 2	12,753	(1,990)		(1,246)		(8,933)	919
Profit / (loss) for the period | Previously stated		(9)
Profit / (loss) for the period	[3]	(9)	[4]	(162)						(162)			153
Transfer from OCI to income statement on disposal of subsidiary (reclassification adjustments) | Previously stated		(266)
Transfer from OCI to income statement on disposal of subsidiary (reclassification adjustments)	[3]	558	[4]	558								558
Other comprehensive income / (loss) (excluding reclassification adjustments)	[3]	(453)		(410)				27				(437)	(43)
Other comprehensive income / (loss) (excluding reclassification adjustments) | Previously stated		(719)
Other comprehensive income / (loss) (excluding reclassification adjustments)	[4]	105
Total comprehensive income / (loss) | Previously stated		(728)
Total comprehensive income / (loss)	[3]	96	[4]	(14)				27		(162)		121	110
Dividends declared	[3]	(14)											(14)
Disposal of subsidiaries with non-controlling interests	[3]	(824)											(824)
Changes in ownership interest in a subsidiary	[3]	8		1						(3)		4	7
Increase (decrease) in number of shares outstanding (in shares)	[3]					4,229,272
Other		(4)	[3]	(4)	[3]			(4)	[3]			0
Number of shares outstanding at end of period (in shares) at Dec. 31, 2022	[3]					1,753,356,676
Equity at end of period at Dec. 31, 2022	[3]	$ 767		$ 569		$ 2	$ 12,753	$ (1,967)		$ (1,411)		$ (8,808)	$ 198
[1]Certain of the consolidated entities of VEON Ltd. are restricted from remitting funds in the form of cash dividends or loans by a variety of regulations, contractual or local statutory requirements, refer to Note 26 for further details. *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10 **Refer to Note 24 for further details with respect to the restatement. *Refer to Note 24 for further details with respect to the restatement.

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Operating activities
Profit / (loss) before tax		$ 802		$ 464	[1],[2]	$ 373	[1],[2]
Non-cash adjustments to reconcile profit before tax to net cash flows
Depreciation, amortization and impairment loss / (reversal)		671		826	[1]	792	[1]
(Gain) / loss on disposal of non-current assets		1		(9)	[1]	10	[1]
(Gain) / loss on disposal of subsidiaries		(88)		0	[1]	0	[1]
Finance costs		583		591	[1]	569	[1]
Finance income		(32)		(13)	[1]	(19)	[1]
Other non-operating (gain) / loss		(9)		(26)	[1]	(84)	[1]
Net foreign exchange (gain) / loss		(181)		7	[1],[2]	(16)	[1],[2]
Changes in trade and other receivables and prepayments		(154)		(141)	[1]	(18)	[1]
Changes in inventories		(12)		(4)	[1]	(5)	[1]
Changes in trade and other payables		52		63	[1]	39	[1]
Changes in provisions, pensions and other		48		(14)	[1]	(14)	[1]
Interest paid		(489)		(521)	[1]	(534)	[1]
Interest received		25		12	[1]	20	[1]
Income tax paid		(284)		(274)	[1]	(269)	[1]
Net cash flows from operating activities from continuing operations		933		961	[1]	844	[1]
Net cash flows from operating activities from discontinued operations		1,624		1,677	[1]	1,599	[1]
Investing activities
Purchase of property, plant and equipment		(634)		(699)	[1]	(550)	[1]
Purchase of intangible assets		(376)		(159)		(132)
Receipts from / (Payments) on deposits		(54)		(58)	[1]	(69)	[1]
Receipts from / (Investments in) financial assets	[3]	(14)		(48)	[1]	(8)	[1]
Acquisition of a subsidiary, net of cash acquired		(16)		0	[1]	0	[1]
Proceeds from sales of share in subsidiaries, net of cash		40		0	[1]	(10)	[1]
Other proceeds from investing activities, net		(3)		(3)	[1]	(47)	[1]
Net cash flows from / (used in) investing activities from continuing operations		(1,057)		(967)	[1]	(816)	[1]
Net cash flows from / (used in) investing activities from discontinued operations		(599)		(213)	[1]	(1,050)	[1]
Financing activities
Proceeds from borrowings, net of fees paid	[4]	2,087		2,081	[1]	4,621	[1]
Repayment of debt		(1,619)		(1,977)	[1]	(4,148)	[1]
Acquisition of non-controlling interest		0		(279)	[1]	(1)	[1]
Dividends paid to owners of the parent		0		0	[1]	(259)	[1]
Dividends paid to non-controlling interests		(12)		(17)	[1]	(39)	[1]
Net cash flows from / (used in) financing activities from continuing operations		456		(192)	[1]	174	[1]
Net cash flows from / (used in) financing activities from discontinued operations		(340)		(552)	[1]	(277)	[1]
Net increase / (decrease) in cash and cash equivalents		1,017		714	[1]	474	[1]
Net foreign exchange difference related to continuing operations		(95)		(18)	[1]	(51)	[1]
Net foreign exchange difference related to discontinued operations		(21)		(5)	[1]	0	[1]
Cash and cash equivalents classified as discontinued operations/held for sale at the beginning of the period	[1]	113		0		0
Cash and cash equivalents classified as discontinued operations/held for sale at the end of the period		146		113	[1]	0	[1]
Cash and cash equivalents at beginning of period	[1],[3]	2,239	[5]	1,661	[5]	1,238
Cash and cash equivalents at end of period	[5]	$ 3,107		$ 2,239	[1],[3]	$ 1,661	[1],[3]
[1] * Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation ( see note 10 ) *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10 **** Certain comparative amounts have been reclassified, refer to Note 24 – for further details.

CONSOLIDATED STATEMENT OF CAS_2

CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of cash flows [abstract]
Fees paid for borrowings	$ 11	$ 32	$ 29
Bank overdrafts	$ 0	$ 13

GENERAL INFORMATION

GENERAL INFORMATION	12 Months Ended
	Dec. 31, 2022
General Information
GENERAL INFORMATION	GENERAL INFORMATION VEON Ltd. ( “VEON” or 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 are 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. VEON’s American Depository Shares ( “ADSs” ) are listed on the NASDAQ Capital Market (“ NASDAQ ”) and VEON’s common shares are listed on Euronext Amsterdam, the regulated market of Euronext Amsterdam N.V. ( “Euronext Amsterdam” ). The consolidated financial statements prepared for Dutch statutory purposes were authorized by the Board of Directors for issuance on June 24, 2023 and filed on June 25, 2023. The Company has the ability to amend and reissue the consolidated financial statements. After the issuance of those financial statements, and prior to the filing of VEON Ltd.’s Annual Report on Form 20-F for the same period,the Company discovered an error in the consolidated statement of comprehensive income with respect to the derecognition of non-controlling interest for the sale of its Algerian operations (refer to Note 10 for further details) which has been corrected in these financial statements. Refer to Note 24 for further details. These consolidated financial statements included in this Annual Report on Form 20-F were re-authorized for issuance on July 24, 2023. The 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 ADS) amounts and as otherwise indicated. 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 24 of these consolidated financial statements. Major developments during the year ended December 31, 2022 Announced sale of Russia operations On November 24, 2022, VEON entered into an agreement to sell VEON’s Russian operations to certain senior members of the management team of PJSC VimpelCom (“VimpelCom”), led by its current CEO, Aleksander Torbakhov. Under the agreement, VEON will receive consideration of RUB 130 billion (approximately US$1,900). The SPA contains provisions amongst others that in the event Vimpelcom acquires VEON Holdings B.V.’s debt in excess of the sales consideration, VEON will work with the purchasers to satisfy its obligations to them as a bondholder. The transaction is subject to certain closing conditions including the receipt of requisite regulatory approvals and licenses from relevant government authorities in Russia and Western jurisdictions (United States, United Kingdom, European Union, and Bermuda) for the proposed structure of the sale. As of July 24, 2023, Russian regulatory approvals have been obtained as well as the OFAC license and required authorizations from the United Kingdom and Bermudan authorities. The remaining closing conditions to be satisfied include any required license from the European Union or any required consent from VEON creditors in order to cancel the debt provided as consideration and/or complete the sale. The transaction is expected to be completed in 2023. As a result of the expected disposal, VEON has classified its Russian operations as held-for-sale and discontinued operations upon the signing of the agreement on November 24, 2022. In connection with this classification, the Company no longer accounts for depreciation and amortization expenses of the assets of its Russian operations. The results for Russian operations in the consolidated income statements and the consolidated statements of cash flows for 2022, 2021 and 2020 have been presented separately. For further details of the transaction, refer to Note 10 . Sale of Algeria operations 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) (Omnium) to the Fonds National d’Investissement (FNI). Omnium owns Algerian mobile network operator, Djezzy. Under the terms of the Shareholders’ Agreement, the transaction was completed on August 5, 2022 for a sales price of US$682 in cash. For further details of the transaction, refer to Note 10 . Sale of Georgia operations On March 31, 2022, VEON Georgia Holdings B.V. entered into 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 a sales price of US$45 in cash, 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$88 gain on disposal of VEON Georgia, which includes the recycling of currency translation reserve in the amount of US$78. Financing activities 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 for US$1,250 (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 date in March 2024 and US$805 will mature in March 2025. 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 the respective final maturities. 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 2022 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. The remaining US$82 was received in November. The RCF was fully drawn at year-end with US$1,055 outstanding. As of December 31, 2022, the outstanding amounts have been rolled-over until April 2023, US$692, and May 2023, US$363. Subject to the terms set out in the RCF, these amounts can be rolled until the respective final maturities. Refer to Note 23 for further development, Financing activities other than RCF 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 loan facility 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, 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 its RUB 30 billion (US$259) term loan facility with VTB Bank in accordance with its terms, and the facility was cancelled. In April 2022, VEON Finance Ireland DAC novated its Sberbank (RUB 45 billion (US$556)) and Alfa Bank (RUB 45 billion (US$556)) term loans totaling RUB 90 billion (US$1,112), to PJSC VimpelCom, resulting in the former borrower, VEON Finance Ireland DAC, and 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 ten years 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 years maturity, with a proportion of the proceeds used to fully repay the existing loan of BDT 3 billion facility (US$38). Banglalink fully utilized the remaining BDT 3 billion (US$32) under its BDT syndicated loan facility in July, August and September 2022. In March, April, May and June 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 January 1, 2022, Victor Biryukov was appointed Group General Counsel. On November 1, 2022, Mr. Biryukov was appointed in a special capacity to manage the sale of the Russian operations. On February 24, 2022, a military conflict began between Russia and Ukraine and as of July 24, 2023, the conflict is still ongoing. Refer to Note 24 for further details. On March 31, 2022, Banglalink acquired additional spectrum for a fee of US$205 payable in ten 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 2G/4G license renewal with the PTA for a fee of PKR 95 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 Nasdaq that VEON was not in compliance with the minimum bid price requirement set forth in Nasdaq’s Listing Rule 5550(a)(2). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), VEON had an initial grace period of 180 calendar days, or until October 4, 2022, to regain compliance with the minimum bid price requirement. As per the Nasdaq listing rules, VEON was eligible for an additional 180 calendar day compliance period, subject to meeting certain requirements. On October 5, 2022, Nasdaq confirmed that VEON met these requirements and granted VEON an additional 180 calendar day grace period, or until April 1, 2023, to comply with the minimum bid price requirement. In addition, VEON was transferred from the Nasdaq Global Select Market to the Nasdaq Capital Market as of October 7, 2022. In conjunction with its application for this additional compliance period, VEON committed to undertake certain corporate actions, if required, in order to ensure the minimum bid price requirement is met within the new compliance period. Refer to Note 2 3 for further developments after the reporting period. On July 1, 2022 equity-settled awards granted to key senior managers under the 2021 Deferred Shares Plan vested and on July 14, 2022, equity-settled awards granted to key directors under the 2021 Deferred Shares Plan vested. Subsequently, 2,659,740 shares in the Company were transferred to key senior managers and directors from shares held by a subsidiary of the Company during the three months ended September 30, 2022. Refer to Note 2 2 for further details. On August 3, 2022, VEON announced that Banglalink has reached an agreement with Bangladesh Telecommunications Company Limited (BTCL) to share its tower infrastructures with Banglalink. On September 23, 2022, the VEON Board of Directors approved a share grant to the VEON Group Chief Executive Officer, Kaan Terzioglu under the 2021 Deferred Shares Plan with a grant date of October 1, 2022. On October 1, 2022 1,569,531 shares were transferred to Kaan Terzioglu under the 2021 Deferred Shares Plan. Refer to Note 22 for further details. On October 1, 2022, Matthieu Galvani was appointed Chief Corporate Affairs Officer. On October 13, 2022, PMCL received a favorable decision from the Islamabad High Court regarding the outstanding litigation, the financial impact of which amounting to US$92 was recorded for the year ended December 31, 2022. Refer to Note 3 and Note 4 for further details. On October 14, 2022, VEON invited the Note holders of the 2023 Notes to contact VEON Ltd. in order to engage in discussions with these Note holders, with the aim to maintain a stable capital structure in the longer-term. On November 24, 2022, VEON announced the launch of a scheme of arrangement in England (the “Scheme”) via the issuance of a Practice Statement Letter to extend the maturity of the 5.95% notes due February 2023 and 7.25% notes due April 2023 issued by the Company (together, the “2023 Notes”) by eight months from their respective maturity dates. On December 9, 2022, VEON issued a Supplemental Practice Statement Letter including an increase to the Amendment Fee as well as the inclusion of a put right (the “Put Right”) requiring the Company to repurchase 2023 Notes in an aggregate amount of up to US$600. On December 26, 2022, VEON announced that the OFAC License was obtained for the Scheme meeting, which authorizes all noteholders (and their funds, fund managers, investment advisors or subadvisors), financial institutions, clearing and trading systems, trustees, paying and security agents, registrars, and other service providers, intermediaries, and third parties, to participate in (including, but not limited to, voting on) the Scheme, provided they are not precluded from doing so by law or regulation. Refer to Note 23 and Note 24 for further details. On October 18, 2022, equity-settled awards were granted to key senior managers under the 2021 Long-Term Incentive Plan. Refer to Note 22 . On November 1, 2022, A. Omiyinka Doris was appointed Acting Group General Counsel. On November 18, 2022, VEON announced that the U.S. Department of the Treasury, Office of Foreign Assets Control ("OFAC") issued General License 54 authorizing all transactions ordinarily incident and necessary to the purchase and receipt of any debt or equity securities of VEON Ltd. that would otherwise be prohibited by section 1(a)(i) of Executive Order (E.O.) 14071. Refer to Note 23 and Note 24 for further details. 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 eleven 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.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2022
Disclosure of 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 Pakistan, Ukraine, Kazakhstan, Uzbekistan and Bangladesh for 2022 (in 2021, Russia was also considered a reportable segment). Following the announcement to sell the Russian operations on November 24, 2022, the Russian operations have, in line with the IFRS 5 requirements, been classified as a discontinued operation and accounted for as an “Asset held for sale”. Following the exercise of the related put option on July 1, 2021, the Algerian operations were classified as a discontinued operation and accounted for as an “Asset held for sale”, in line with the IFRS 5 requirements, and the sale of our stake in the Algerian operations was completed on August 5, 2022. Refer to Note 10 for further details. 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 Note 9 Significant Transactions for details on the sale of our former Georgia operations. Financial information by reportable segment for the periods ended December 31 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. Total revenue Adjusted EBITDA CAPEX excl licenses and ROU 2022 2021* 2020* 2022 2021* 2020* 2022 2021* 2020* Pakistan** 1,285 1,408 1,233 654 643 612 258 318 249 Ukraine 971 1,055 933 575 704 630 177 203 179 Kazakhstan 636 569 479 322 307 265 122 134 119 Uzbekistan 233 194 198 124 89 68 64 34 52 Bangladesh 576 564 537 210 235 228 199 89 126 Others 66 81 125 26 41 22 16 25 33 HQ and eliminations (12) (21) (23) (164) (179) (200) 5 3 18 Total 3,755 3,850 3,482 1,747 1,840 1,625 841 806 776 *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10 ). **In 2022, Pakistan Adjusted EBITDA includes the impact of SIM tax reversal. refer to N ote 3 and Note 4 . The following table provides the reconciliation of consolidated Profit / (loss) before tax from continuing operations to Adjusted EBITDA for the years ended December 31: 2022 2021* 2020* Profit / (loss) before tax from continuing operations 802 464 373 Depreciation 557 605 553 Amortization 221 194 177 Impairment loss / (reversal) (107) 27 62 (Gain) / loss on disposal of non-current assets 1 (9) 10 (Gain) / loss on disposal of subsidiaries (88) — — Finance costs 583 591 569 Finance income (32) (13) (19) Other non-operating (gain) / loss (9) (26) (84) Net foreign exchange (gain) / loss (181) 7 (16) Total Adjusted EBITDA 1,747 1,840 1,625 *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10 ).

OPERATING REVENUE

OPERATING REVENUE	12 Months Ended
	Dec. 31, 2022
Revenue [abstract]
OPERATING REVENUE	OPERATING REVENUE 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 and accessories. Products and services may be sold separately or in bundled packages. Revenue from contracts with customers The table below provides a breakdown of revenue from contracts with customers for the years ended December 31: Service revenue Sale of Equipment and accessories Other revenue ** Total revenue Mobile Fixed 2022 2021* 2020* 2022 2021* 2020* 2022 2021* 2020* 2022 2021* 2020* 2022 2021* 2020* Pakistan*** 1,169 1,285 1,134 — — — 14 18 11 102 105 88 1,285 1,408 1,233 Ukraine 906 980 869 59 68 59 1 — — 5 7 5 971 1,055 933 Kazakhstan 497 459 392 116 91 78 13 17 7 10 2 2 636 569 479 Uzbekistan 232 193 196 1 1 1 — — — — — 1 233 194 198 Bangladesh 566 553 527 — — — — — — 10 11 10 576 564 537 Others 66 81 102 — — 19 — — 4 — — — 66 81 125 HQ and eliminations (8) (15) (13) (4) (6) (9) — — — — — (1) (12) (21) (23) Total 3,428 3,536 3,207 172 154 148 28 35 22 127 125 105 3,755 3,850 3,482 *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10 ). **Other revenue primarily includes revenue from our banking operations in Pakistan. *** In 2022, Pakistan service revenue includes the impact of US$29 relating to the reversal of a provision following a favorable decision from the Islamabad High Court on pending litigation. Assets and liabilities arising from contracts with customers The following table provides a breakdown of contract balances and capitalized customer acquisition costs. December 31, 2022 December 31, 2021 Contract balances Receivables (billed) 493 789 Receivables (unbilled) 37 49 Contract liabilities (169) (232) Capitalized costs Customer acquisition costs 126 149 ACCOUNTING POLICIES Revenue from contracts with customers Service revenue Service revenue includes revenue from airtime charges from contract and prepaid customers, monthly contract fees, interconnect revenue, roaming charges and charges for value added services ( “VAS” ). VAS includes short messages, multimedia messages, caller number identification, call waiting, data transmission, mobile internet, downloadable content, mobile finance services, machine-to-machine and other services. The content revenue relating to VAS is presented net of related costs when VEON’s performance obligation is to arrange the provision of the services by another party (VEON acts as an agent), and gross when VEON is primarily responsible for fulfilling the obligation to provide such services to the customer. Revenue for services with a fixed term, including fixed-term tariff plans and monthly subscriptions, is recognized on a straight-line basis over time. For pay-as-you-use plans, in which the customer is charged based on actual usage, revenue is recognized on a usage basis. Some tariff plans allow customers to rollover unused services to the following period. For such tariff plans, revenue is generally recognized on a usage basis. For contracts which include multiple service components (such as voice, text, data), revenue is allocated based on stand-alone selling price of each performance obligation. The stand-alone selling price for these services is usually determined with reference to the price charged per service under a pay-as-you-use plan to similar customers. Upfront fees, including activation or connection fees, are recognized on a straight-line basis over the contract term. For contracts with an indefinite term (for example, prepaid contracts), revenue from upfront fees is recognized over the average customer life. Revenue from other operators, including interconnect and roaming charges, is recognized based on the price specified in the contract, net of any estimated retrospective volume discounts. Accumulated experience is used to estimate and provide for the discounts. All service revenue is recognized over time as services are rendered. Sale of equipment and accessories Equipment and accessories are usually sold to customers on a stand-alone basis, or together with service bundles. Where sold together with service bundles, revenue is allocated pro-rata, based on the stand-alone selling price of the equipment and the service bundle. The vast majority of equipment and accessories sales pertain to mobile handsets and accessories. Revenue for mobile handsets and accessories is recognized when the equipment is sold to a customer, or, if sold via an intermediary, when the intermediary has taken control of the device and the intermediary has no remaining right of return. Revenue for fixed-line equipment is not recognized until installation and testing of such equipment are completed and the equipment is accepted by the customer. All revenue from sale of equipment and accessories is recognized at a point in time. Contract balances Receivables and unbilled receivables mostly relate to amounts due from other operators and postpaid customers. Unbilled receivables are transferred to Receivables when the Group issues an invoice to the customer. Contract liabilities, often referred to as ‘Deferred revenue’, relate primarily to non-refundable cash received from prepaid customers for fixed-term tariff plans or pay-as-you-use tariff plans. Contract liabilities are presented as ‘Long-term deferred revenue’, ‘Short-term deferred revenue’ and ‘Customer advances’ in Note 6 . All current contract liabilities outstanding at the beginning of the year are recognized as revenue during the year. Customer acquisition costs Certain incremental costs incurred in acquiring a contract with a customer ( “customer acquisition costs” ) are deferred in the consolidated statement of financial position, within 'Other assets' (see Note 6 ). Such costs generally relate to commissions paid to third-party dealers and are amortized on a straight-line basis over the average customer life within ‘Selling, general and administrative expenses’. The Group applies the practical expedient available for customer acquisition costs for which the amortization would have been shorter than 12 months. Such costs relate primarily to commissions paid to third parties upon top-up of prepaid credit by customers and sale of top-up cards. SOURCE OF ESTIMATION UNCERTAINTY Average customer life

SELLING, GENERAL AND ADMINISTRA

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	12 Months Ended
	Dec. 31, 2022
Selling, general and administrative expense [abstract]
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	SELLING, GENERAL AND ADMINISTRATIVE EXPENSES Selling, general and administrative expenses consisted of the following items for the years ended December 31: 2022 2021* 2020* Network and IT costs 503 491 447 Personnel costs 411 361 375 Customer associated costs 347 413 359 Losses on receivables 28 14 22 Taxes, other than income taxes 30 50 21 Other 214 197 179 Total selling, general and administrative expenses 1,533 1,526 1,403 *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10 ). In 2022, our subsidiary in Pakistan recorded a reversal of PKR 13.8 billion (US$63) in customer associated costs, relating the reversal of a provision following a favorable decision from the Islamabad High Court on pending litigation. In 2020, our subsidiary in Pakistan recorded a gain of PKR8.6 billion (US$52) in ‘Taxes, other than income taxes’, relating to the reversal of a non-income tax provision. Refer to Note 7 for further details. LEASES Short-term leases and leases for low value items are immediately expensed as incurred. ACCOUNTING POLICIES Customer associated costs Customer associated costs relate primarily to commissions paid to third-party dealers and marketing expenses. Certain dealer commissions are initially capitalized within ‘Other Assets’ in the consolidated statement of financial position and subsequently amortized within "Customer associated costs". Refer to Note 3

TRADE AND OTHER RECEIVABLES

TRADE AND OTHER RECEIVABLES	12 Months Ended
	Dec. 31, 2022
Trade and other current receivables [abstract]
TRADE AND OTHER RECEIVABLES	TRADE AND OTHER RECEIVABLES Trade and other receivables consisted of the following items as of December 31 : 2022 2021 Trade receivables (gross)* 530 838 Expected credit losses (84) (159) Trade receivables (net) 446 679 Other receivable, net of expected credit losses allowance 10 11 Total trade and other receivables 456 690 * Includes contract assets (unbilled receivables), see Note 3 for further details The following table summarizes the movement in the allowance for expected credit losses for the years ended December 31: 2022 2021 Balance as of January 1 159 225 Accruals for expected credit losses 44 35 Recoveries (6) (9) Accounts receivable written off (64) (28) Reclassifications (4) — Reclassification as held for sale (28) (56) Foreign currency translation adjustment (15) (4) Other movements (2) (4) Balance as of December 31 84 159 Set out below is the information about the Group’s trade receivables (including contract assets) using a provision matrix: Days past due Unbilled Receivables Current < 30 days Between 31 and 120 days > 120 days Total December 31, 2022 Expected loss rate, % 0.0 % 0.6 % 15.4 % 31.0 % 97.1 % Trade receivables 37 356 39 29 69 530 Expected credit losses — (2) (6) (9) (67) (84) Trade receivables, net 37 354 33 20 2 446 December 31, 2021 Expected loss rate, % 0.0 % 1.8 % 3.6 % 33.3 % 95.7 % Trade receivables 49 550 56 45 138 838 Expected credit losses — (10) (2) (15) (132) (159) Trade receivables, net 49 540 54 30 6 679 ACCOUNTING POLICIES Trade and other receivables Trade and other receivables are measured at amortized cost and include invoiced amounts less expected credit losses. Expected credit losses The expected credit loss allowance ( “ECL” ) is recognized for all receivables measured at amortized cost at each reporting date. This means that an ECL is recognized for all receivables even though there may not be objective evidence that the trade receivable has been impaired. VEON applies the simplified approach (i.e. provision matrix) for calculating a lifetime ECL for its trade and other receivables, including unbilled receivables (contract assets). The provision matrix is based on the historical credit loss experience over the life of the trade receivables and is adjusted for forward-looking estimates if relevant. The provision matrix is reviewed on a quarterly basis. Refer to Note 18

OTHER ASSETS AND LIABILITIES

OTHER ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2022
Other Assets And Liabilities
OTHER ASSETS AND LIABILITIES	OTHER ASSETS AND LIABILITIES Other assets consisted of the following items as of December 31: 2022 2021 Other non-current assets Customer acquisition costs (see Note 3) 126 149 Tax advances (non-income tax) 7 33 Other non-financial assets 24 34 Total other non-current assets 157 216 Other current assets Advances to suppliers 55 102 Input value added tax 49 160 Prepaid taxes 50 24 Other assets 54 58 Total other current assets 208 344 Other liabilities consisted of the following items as of December 31: 2022 2021 Other non-current liabilities Long-term deferred revenue (see Note 3) 10 20 Other liabilities 10 16 Total other non-current liabilities 20 36 Other current liabilities Taxes payable (non-income tax) 135 318 Short-term deferred revenue (see Note 3) 121 154 Customer advances (see Note 3) 38 58 Other payments to authorities 60 52 Due to employees 82 153 Other liabilities 39 38 Total other current liabilities 475 773

PROVISIONS AND CONTINGENT LIABI

PROVISIONS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2022
Disclosure of other provisions [abstract]
PROVISIONS AND CONTINGENT LIABILITIES	PROVISIONS AND CONTINGENT LIABILITIES PROVISIONS The following table summarizes the movement in provisions for the years ended December 31: Non-income tax provisions Decommi-ssioning provision Legal provision Other provisions Total As of January 1, 2021 86 141 22 43 292 Arising during the year 19 31 4 13 67 Utilized (12) (1) — — (13) Unused amounts reversed 1 (19) (1) (58) (77) Reclassification as held for sale — (69) (12) — (81) Discount rate adjustment and imputed interest (change in estimate) — 7 — — 7 Translation adjustments and other (6) (3) 1 9 1 As of December 31, 2021 88 87 14 7 196 Non-current — 87 — — 87 Current 88 — 14 7 109 As of January 1, 2022 88 87 14 7 196 Arising during the year 5 — — 1 6 Utilized — (2) — — (2) Unused amounts reversed (20) (6) — (2) (28) Reclassification as held for sale (11) (30) (4) — (45) Transfer and reclassification (4) — — (1) (5) Discount rate adjustment and imputed interest — 4 — — 4 Translation adjustments and other (9) (10) (1) — (20) As of December 31, 2022 49 43 9 5 106 Non-current 4 43 — — 47 Current 45 — 9 5 59 The timing of payments in respect of provisions is, with some exceptions, not contractually fixed and cannot be estimated with certainty. In addition, with respect to legal proceedings, given inherent uncertainties, the ultimate outcome may differ from VEON’s current expectations. See ‘Source of estimation uncertainty’ below in this Note 7 for further details regarding assumptions and sources of uncertainty. For further details regarding risks associated with income tax and non-income tax positions, please refer to ‘Source of estimation uncertainty’ in Note 8 . The Group has recognized a provision for decommissioning obligations associated with future dismantling of its towers in various jurisdictions. CONTINGENT LIABILITIES The Group had contingent liabilities as of December 31, 2022 as set out below. VEON - Securities Class Action On November 4, 2015, a class action lawsuit was filed in the United States against VEON and certain of its then current and former officers by Charles Kux-Kardos, on behalf of himself and other investors in the Company alleging certain violations of the U.S. federal securities laws in connection with the Company’s public disclosures relating to its operations in Uzbekistan. On December 4, 2015, a second complaint was filed by Westway Alliance Corp. that asserts essentially the same claims in connection with essentially the same disclosures. On April 27, 2016, the court consolidated the two actions and appointed Westway as lead plaintiff. On May 6, 2016, a motion for reconsideration was filed on the appointment of Westway as lead plaintiff and on September 26, 2016, the court affirmed the selection of Westway as the lead plaintiff. An amended complaint (“Amended Complaint”) was filed on December 9, 2016. On September 19, 2017, the Court in the Southern District of New York rendered a decision granting in part VEON’s motion to dismiss the Amended Complaint. On February 9, 2018, VEON filed its Answer and Affirmative Defenses to the allegations that remain in the Amended Complaint after the Court’s September 19, 2017 Order. Motions to dismiss were filed by all the individual defendants on February 9, 2018. On April 13, 2018, plaintiff dismissed its claims voluntarily against one of the individual defendants. On August 30, 2018, the Court granted the motions to dismiss by all of the individual defendants remaining in the action, and the time for appeal has now expired. On May 17, 2019, VEON filed a motion for judgment on the pleadings, arguing that Westway lacked standing as a result of the September 19, 2017 order because it had not purchased any securities on or after the date of the earliest alleged misstatement. On May 21, 2019, the Rosen Law Firm submitted a letter to the Court on behalf of Boris Lvov seeking a pre-motion conference for leave to file a motion to intervene and substitute Lvov as lead plaintiff. On May 24, 2019, Westway filed a letter opposing Mr. Lvov’s request, and VEON filed a letter taking no position. Westway filed its opposition to VEON’s motion on June 17, 2019, and VEON filed its reply papers on June 28, 2019. On April 17, 2020, the Court denied Westway's motion and ordered VEON's motion to proceed. On March 31, 2020, VEON’s motion for judgment on the pleadings was denied without prejudice. Westway filed its Second Amended Complaint on April 14, 2020, adding three additional named plaintiffs and allegations that VEON lacked adequate internal controls as of the start date of the Alleged Class Period and had a duty to disclose that fact to investors no later than December 4, 2010. On May 15, 2020, VEON filed a motion to dismiss the Second Amended Complaint. On March 11, 2021, the Court granted VEON’s motion to dismiss the Second Amended Complaint, holding that VEON had no duty to disclose information concerning its internal controls as of the start date of the Alleged Class Period, and that Westway therefore lacked standing to bring any claims against VEON as Lead Plaintiff or otherwise. The Court ordered that the Lead Plaintiff selection process be reopened, and that any motions for appointment as Lead Plaintiff be filed by April 8, 2021. On April 8, 2021, two parties filed motions for appointment as Lead Plaintiff. On April 29, 2022, the court appointed Boris Lvov as Lead Plaintiff. On June 9, 2022, Lvov sought leave from the court to amend his complaint. On June 14, 2022, VEON as well as the previous Lead Plaintiff filed oppositions to Lvov's request for leave. On February 17, 2023 the Court denied the previous Lead Plaintiff’s motion to reconsider their dismissal due to lack of standing and granted leave for Boris Lvov to file an amended complaint as Lead Plaintiff. Boris Lvov filed the third Amended Complaint on February 22, 2023. On April 10, 2023, VEON filed a pre-motion letter with a view to filing a motion to dismiss. Boris Lvov filed a letter objecting to a motion to dismiss from VEON. On May 10, 2023, the Court granted VEON leave to file a motion to dismiss and denied Lvov's motion for discovery. VEON filed its motion to dismiss on May 12, 2023. At this stage of the suit, the claim remains unquantified. The Company intends to vigorously defend the action at all phases of the proceedings. VAT on Replacement SIMs SIM Cards Issued June 2009 to December 2011 On April 1, 2012, the National Board of Revenue ( “NBR” ) issued a demand to Banglalink Digital Communications Limited ( “Banglalink” ) for BDT 7.74 billion (US$75) for unpaid SIM tax (VAT and supplementary duty). The NBR alleged that Banglalink evaded SIM tax on new SIM cards by issuing them as replacements. On the basis of 5 random SIM card purchases made by the NBR, the NBR concluded that all SIM card replacements issued by Banglalink between June 2009 and December 2011 (7,021,834 in total) were new SIM connections and subject to tax. Similar notices were sent to three other operators in Bangladesh. Banglalink and the other operators filed separate petitions in the High Court, which stayed enforcement of the demands. In an attempt to assist the NBR in resolving the dispute, the Government ordered the NBR to form a Review Committee comprised of the NBR, the Commissioner of Taxes ( “LTU” ), Bangladesh Telecommunication Regulatory Commission ( “BTRC” ), Association of Mobile Telecom Operators of Bangladesh ( “AMTOB” ) and the operators (including Banglalink). The Review Committee identified a methodology to determine the amount of unpaid SIM tax and, after analyzing 1,200 randomly selected SIM cards issued by Banglalink, determined that only 4.83% were incorrectly registered as replacements. The Review Committee’s interim report was signed off by all the parties, however, the Convenor of the Review Committee reneged on the interim report and unilaterally published a final report that was not based on the interim report or the findings of the Review Committee. The operators objected to the final report. The NBR Chairman and operators’ representative agreed that the BTRC would prepare further guidelines for verification of SIM users. Although the BTRC submitted its guidelines (under which Banglalink’s exposure was determined to be 8.5% of the original demand), the Convenor of the Review Committee submitted a supplementary report which disregarded the BTRC’s guidelines and assessed Banglalink’s liability for SIM tax to be BDT 7.62 billion (US$74). The operators refused to sign the supplementary report. On May 18, 2015, Banglalink received an updated demand from the LTU claiming Banglalink had incorrectly issued 6,887,633 SIM cards as replacement SIM cards between June 2009 and December 2011 and required Banglalink to pay BDT 5.32 billion (US$52) in SIM tax. The demand also stated that interest may be payable. Similar demands were sent to the other operators. On June 25, 2015, Banglalink filed an application to the High Court to stay the updated demand, and a stay was granted. On August 13, 2015, Banglalink filed its appeal against the demand before the Appellate Tribunal and deposited 10% of the amount demanded in order to proceed. The other operators also appealed their demands. On May 26, 2016, Banglalink presented its legal arguments and on September 28, 2016, the appeals of all the operators were heard together. The Bangladesh Appellate Tribunal rejected the appeal of Banglalink and all other operators on June 22, 2017. On July 11, 2017, Banglalink filed an appeal of the Appellate Tribunal’s judgment with the High Court Division of the Supreme Court of Bangladesh. The appeal is pending. SIM Cards Issued July 2012 to June 2015 On November 20, 2017, the LTU issued a final demand to Banglalink for BDT 1.69 billion (US$16) for unpaid tax on SIM card replacements issued by Banglalink between July 2012 and June 2015. On February 20, 2018, Banglalink filed its appeal against this demand before the Appellate Tribunal and deposited 10% of the amount demanded in order to proceed. By its judgment dated February 10, 2020, the Appellate Tribunal rejected Banglalink’s appeal. Banglalink appealed to the High Court Division. Before hearing the appeal, the Court suo moto took up as a preliminary question whether, based on new law, the matter is subject to an appeal or an application for revision. On March 2, 2021, the Court determined that an application for revision is the correct procedure and dismissed the appeal. Banglalink filed an appeal before the Appellate Division and the appeal is pending for hearing. If the Appellate Division rejects the appeal, then Banglalink will be obligated to deposit 10% of the disputed amount in order to continue its challenge. As of December 31, 2022, the Company has recorded a provision, for the cases discussed above of, US$8 (2021: US$11). Russian Bondholder’s Claim On July 5, 2022, the President of the Russian Federation issued Decree No. 430 (“Decree 430”) which requires Russian legal entities with Eurobond obligations to ensure the local fulfillment of such obligations to Eurobond holders whose rights are recorded by the Russian depositories, e.g. NSD or Account Holders registered in the Russian Federation. On November 23, 2022, the Russian Central Bank issued clarifications in respect of Decree 430, claiming that it also applies to Russian legal entities and foreign issuers that are within the same group of companies. Several VEON Holdings B.V. bondholders in Russia have approached PJSC VimpelCom to locally satisfy VEON Holdings B.V.’s notes obligations and four legal proceedings have been lodged against PJSC VimpelCom in respect of VEON Holdings B.V.’s notes with a total potential impact of US$22. PJSC VimpelCom is defending these claims and has indicated it is disputing the applicability of Decree 430 to PJSC VimpelCom. In July 2023, hearings were held for two of the four claims, with the court in each respective claim rejecting the bondholder’s claims for coupon payments and interest. Other contingencies and uncertainties In addition to the individual matters mentioned above, the Company is involved in other disputes, litigation and regulatory inquiries and investigations, both pending and threatened, in the ordinary course of its business. For example, our operating company in Bangladesh is currently subject to an extensive audit conducted by the Bangladesh Telecommunication Regulatory Commission (“BTRC”) concerning past compliance with all relevant license terms, laws and regulations for the period covering 1996 (inception of our operating company in Bangladesh) to December 2019. On June 26, 2023, the BTRC released its audit findings and issued a claim of BDT 8,231 million (approximately US$76) which includes BDT4,307 million (approximately US$40) for interest. The Company is currently reviewing the findings and Banglalink may challenge certain proposed penalties and interest which may result in adjustments to the final amount to be paid by Banglalink. Should Banglalink and the BTRC not be able to reach a mutually agreed position concerning the audit findings, protracted litigation may result. The Company has accrued for amounts of the claim where it considers a cash outflow to be probable. The total value of all other individual contingencies that are able to be quantified and are above US$5, other than disclosed above and in Note 8 , amounts to US$289 (2021: US$442). Due to the high level of estimation uncertainty, as described in ‘Source of estimation uncertainty’ in this Note 7 and in Note 8 , it is not practicable for the Company to reliably estimate the financial effect for certain contingencies and therefore no financial effect has been included within the preceding disclosure. The Company does not expect any liability arising from these contingencies to have a material effect on the results of operations, liquidity, capital resources or financial position of the Company. Furthermore, the Company believes it has provided for all probable liabilities. For the ongoing matters described above, where the Company has concluded that the potential loss arising from a negative outcome in the matter cannot be reliably estimated, the Company has not recorded an accrual for the potential loss. However, in the event a loss is incurred, it may have an adverse effect on the results of operations, liquidity, capital resources, or financial position of the Company. ACCOUNTING POLICIES Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are discounted using a current pre-tax rate if the time value of money is significant. Contingent liabilities are possible obligations arising from past events, whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. SOURCE OF ESTIMATION UNCERTAINTY The Group is involved in various legal proceedings, disputes and claims, including regulatory discussions related to the Group’s business, licenses, tax positions and investments, and the outcomes of these are subject to significant uncertainty. Management evaluates, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. Unanticipated events or changes in these factors may require the Group to increase or decrease the amount recorded for a matter that has not been previously recorded because it was not considered probable and /or the impact could not be estimated (no reasonable estimate could be made). In the ordinary course of business, VEON may be party to various legal and tax proceedings, including as it relates to compliance with the rules of the telecom regulators in the countries in which VEON operates, competition law and anti-bribery and corruption laws, including the U.S. Foreign Corrupt Practices Act ( “FCPA”

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
Major components of tax expense (income) [abstract]
INCOME TAXES	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 reporting date, and any adjustment to tax payable in respect of previous years. Income tax payable Current income tax payable consisted of the following items as of December 31: 2022 2021 Current tax payable 47 70 Uncertain tax provisions 133 158 Total income tax payable 180 228 In addition to above balance of uncertain tax provisions we have also recognized uncertain tax provisions which have been directly offset with available losses. VEON is involved in a number of disputes, litigation and regulatory proceedings in the ordinary course of its business, pertaining to income tax claims. The total value of these individual contingencies that are able to be quantified amounts to US$193 (2021: US$158). Due to the high level of estimation uncertainty, as described in ‘Source of estimation uncertainty’ disclosed below in this Note 8 , it is not practicable for the Company to reliably estimate the financial effect for certain contingencies and therefore no financial effect has been included within the preceding disclosure. The Company does not expect any liability arising from these contingencies to have a material effect on the results of operations, liquidity, capital resources or financial position of the Company, however we note that an unfavorable outcome of some or all of the specific matters could have a material adverse impact on results of operations or cash flows for a particular period. This assessment is based on our current understanding of relevant facts and circumstances. As such, our view of these matters is subject to inherent uncertainties and may change in the future. For further details with respect to VEON’s uncertain tax provisions and tax risks, please refer to the ‘Accounting policies’ and ‘Source of estimation uncertainty’ disclosed below. Income tax assets The Company reported current income tax assets of US$72 (2021: US$70). These tax assets mainly relate to advance tax payments in our operating companies which can only be offset against income tax liabilities in that relevant jurisdiction, in fiscal periods subsequent to the balance sheet date. Income tax expense Income tax expense consisted of the following for the years ended December 31: 2022 2021 2020 Current income taxes Current year 271 273 333 Adjustments in respect of previous years 10 47 (5) Total current income taxes 281 320 328 Deferred income taxes Movement of temporary differences and losses (50) 38 46 Changes in tax rates (4) — — Changes in recognized deferred tax assets* (117) — (32) Adjustments in respect of previous years (5) (21) 5 Other (36) 7 (68) Total deferred tax expense / (benefit) (212) 24 (49) Income tax expense 69 344 279 *In 2022, the increase of deferred tax assets is mainly driven by recognition of previously unrecognized historic losses due to positive outlook and business developments in our Bangladesh operations. Effective tax rate The table below outlines the reconciliation between the statutory tax rate in the Netherlands of (25.8%) (in 2020 and 2021 the statutory rate was 25.0%) and the effective income tax rates for the Group, together with the corresponding amounts, for the years ended December 31: 2022 2021 2020 Explanatory notes Profit / (loss) before tax from continuing operations 802 464 373 Income tax benefit / (expense) at statutory tax rate (25.8%) (207) (116) (93) Difference due to the effects of: Different tax rates in different jurisdictions 45 (5) (19) Certain jurisdictions in which VEON operates have income tax rates which are different to the Dutch statutory tax rate of 25.8% (25.0% in 2021 & 2020). Profitability in countries with lower tax rates (i.e. Kazakhstan, Ukraine) has a positive impact on the effective tax rate, offset with profitability in countries with higher rate (i.e. Pakistan, Bangladesh). Non-deductible expenses (46) (35) (89) The Group incurs certain expenses which are non-deductible in the relevant jurisdictions. In 2022, such expenses mainly include intra-group expenses (i.e. interest on internal loans), certain non-income tax charges (i.e. minimum tax regimes) and other. In 2021, as in previous years, such expenses include impairment losses (unless resulting in a change in temporary differences), certain non-income tax charges (i.e. minimum tax regimes) and intra-group expenses (i.e. interest on internal loans). Non-taxable income 11 (3) 16 The Group earns certain income which is non-taxable in the relevant jurisdiction. In 2022, non-taxable income is mainly driven by reversal of previously unrecognized management fees in Uzbekistan. In 2020, non-taxable income included the revaluation of contingent consideration liability, as well as a gain relating to the settlement in connection with the dispute concerning the sale of Telecel Globe Limited. Adjustments in respect of previous years (6) (25) 1 In 2022, the effect of prior year adjustments mainly relates to tax return true-ups and introduction of 4% Super tax in Pakistan which had a retrospective impact on 2021. In 2021, the effect of prior years’ adjustments mainly relates to corrections in prior year filings in Pakistan, as part of the Alternative Dispute Resolution Committee process. Movements in (un)recognized deferred tax assets 117 (76) (55) Movements in (un)recognized deferred tax assets are primarily caused by tax losses and other credits for which no deferred tax asset has been recognized. In 2022, the movements primarily relates to holding entities in the Netherlands and deferred tax asset recognition on previously unrecognized losses in Bangladesh of US$108. The increase of deferred tax assets in Bangladesh is mainly driven by recognition of previously unrecognized historic losses due to positive outlook and business developments in our Bangladesh operations. Withholding taxes 38 (73) (49) Withholding taxes are recognized to the extent that dividends from foreign operations are expected to be paid in the foreseeable future. In 2022, the net WHT benefit of US$38 comprising of reversal of WHT provided for as a deferred tax on outside basis during 2022 on the dividends planned to be paid out in 2023 mainly relating to Ukraine and Russia. In 2021, expenses relating to withholding taxes were primarily influenced by dividends from Pakistan, Ukraine and Uzbekistan. Uncertain tax positions (25) (7) (4) The tax legislation in the markets in which VEON operates is unpredictable and gives rise to significant uncertainties (see ‘Source of estimation uncertainty’ below). During 2022, provisions were made for a dispute in Italy. The impact of movements in uncertain tax positions is presented net of any corresponding deferred tax assets recognized. Change in income tax rate 4 — — Changes in tax rates impact the valuation of existing deferred tax assets and liabilities on temporary differences. In 2022, the statutory tax rate in Pakistan increased by 4% resulting in the total tax charge of 33%. Other — (4) 13 In 2021, the amount of US$(4) relates to various permanent differences. Income tax benefit / (expense) (69) (344) (279) Effective tax rate 8.6 % 74.1 % 74.8 % Deferred taxes The Group reported the following deferred tax assets and liabilities in the statement of financial position as of December 31: 2022 2021 Deferred tax assets 274 228 Deferred tax liabilities (36) (115) Net deferred tax position 238 113 The following table shows the movements of net deferred tax positions in 2022: Movement in deferred taxes Opening balance Net income statement movement Held for sale Other movements Closing balance Property and equipment (100) (45) 35 28 (82) Intangible assets 36 59 (13) (23) 59 Trade receivables 32 (20) 7 2 21 Provisions 17 7 (7) (2) 15 Accounts payable 90 32 (65) (21) 36 Withholding tax on undistributed earnings (98) 69 — — (29) Tax losses and other balances carried forwards 2,626 41 (3) (64) 2,600 Non-recognized deferred tax assets (2,498) 57 — 46 (2,395) Other 8 12 — (7) 13 Net deferred tax positions 113 212 (46) (41) 238 The following table shows the movements of net deferred tax positions in 2021: Movement in deferred taxes Opening balance Net income statement movement Held for sale Other movements Closing balance Property and equipment (274) 31 101 42 (100) Intangible assets (14) 33 19 (2) 36 Trade receivables 43 7 (15) (3) 32 Provisions 28 2 (6) (7) 17 Accounts payable 140 8 (24) (34) 90 Withholding tax on undistributed earnings (60) (39) — 1 (98) Tax losses and other balances carried forwards 2,221 34 1 370 2,626 Non-recognized deferred tax assets (2,025) (88) — (385) (2,498) Other — (12) 15 5 8 Net deferred tax positions 59 (24) 91 (13) 113 In 2021, a tower sale and subsequent lease transaction took place for which a deferred tax asset of US$146 was recorded in relation to the lease liability and a deferred tax liability of US$23 was recorded in relation to the Right of Use asset. Unused tax losses and other credits carried forwards VEON recognizes a deferred tax asset for unused tax losses and other credits carried forwards, to the extent that it is probable that the deferred tax asset will be utilized. The amount and expiry date of unused tax losses and other carry forwards for which no deferred tax asset is recognized are as follows: As of December 31, 2022 0-5 years 6-10 years More than 10 years Indefinite Total Tax losses expiry Recognized losses — — — (410) (410) Recognized DTA — — — 159 159 Non-recognized losses — — (853) (8,528) (9,381) Non-recognized DTA — — 213 2,144 2,357 Other credits carried forwards expiry Recognized credits (1) (45) — — (46) Recognized DTA 1 45 — — 46 Non-recognized credits — — — (147) (147) Non-recognized DTA — — — 38 38 As of December 31, 2021 0-5 years 6-10 years More than 10 years Indefinite Total Tax losses expiry Recognized losses (15) — — (174) (189) Recognized DTA 3 — — 50 53 Non-recognized losses — — (707) (8,553) (9,260) Non-recognized DTA — — 169 2,192 2,361 Other credits carried forwards expiry Recognized credits (2) (73) — — (75) Recognized DTA 2 73 — — 75 Non-recognized credits — — — (567) (567) Non-recognized DTA — — — 137 137 Losses mainly relate to our holding entities in Luxembourg (2022: US$6,776; 2021: US$6,431) and the Netherlands (2022: US$2,352; 2021: US$2,360). VEON reports the tax effect of the existence of undistributed profits that will be distributed in the foreseeable future. The Company has a deferred tax liability of US$29 (2021: US$98), relating to the tax effect of the undistributed profits that will be distributed in the foreseeable future, primarily in its Pakistan, Uzbekistan and Kazakhstan operations. As of December 31, 2022, undistributed earnings of VEON’s foreign subsidiaries (outside the Netherlands) which are indefinitely invested and will not be distributed in the foreseeable future, amounted to US$6,105 (2021: US$7,404). Accordingly, no deferred tax liability is recognized for this amount of undistributed profits. ACCOUNTING POLICIES Income taxes Income tax expense represents the aggregate amount determined on the profit for the period based on current tax and deferred tax. In cases where the tax relates to items that are charged to other comprehensive income or directly to equity, the tax is also charged respectively to other comprehensive income or directly to equity. Uncertain tax positions The Group’s policy is to comply with the applicable tax regulations in the jurisdictions in which its operations are subject to income taxes. The Group’s estimates of current income tax expense and liabilities are calculated assuming that all tax computations filed by the Company’s subsidiaries will be subject to a review or audit by the relevant tax authorities. Uncertain tax positions are generally assessed individually, using the most likely outcome method. The Company and the relevant tax authorities may have different interpretations of how regulations should be applied to actual transactions (refer below for details regarding risks and uncertainties). Deferred taxation Deferred taxes are recognized using the liability method and thus are computed as the taxes recoverable or payable in future periods in respect of deductible or taxable temporary differences between the tax bases of assets and liabilities and their carrying amounts in the Company’s financial statements. SOURCE OF ESTIMATION UNCERTAINTY Tax risks The tax legislation in the markets in which VEON operates is unpredictable and gives rise to significant uncertainties, which could complicate our tax planning and business decisions. Tax laws in many of the emerging markets in which we operate have been in force for a relatively short period of time as compared to tax laws in more developed market economies. Tax authorities in our markets are often less advanced in their interpretation of tax laws, as well as in their enforcement and tax collection methods. Any sudden and unforeseen amendments of tax laws or changes in the tax authorities’ interpretations of the respective tax laws and/or double tax treaties, could have a material adverse effect on our future results of operations, cash flows or the amounts of dividends available for distribution to shareholders in a particular period (e.g. introduction of transfer pricing rules, Controlled Foreign Operation (“CFC”) legislation and more strict tax residency rules). Management believes that VEON has paid or accrued all taxes that are applicable. Where uncertainty exists, VEON has accrued tax liabilities based on management’s best estimate. From time to time, we may also identify tax contingencies for which we have not recorded an accrual. Such unaccrued tax contingencies could materialize and require us to pay additional amounts of tax. The potential financial effect of such tax contingencies are disclosed in Note 7 and above in this Note 8 , unless not practicable to do so. Uncertain tax positions Uncertain tax positions are recognized when it is probable that a tax position will not be sustained. The expected resolution of uncertain tax positions is based upon management’s judgment of the likelihood of sustaining a position taken through tax audits, tax courts and/or arbitration, if necessary. Circumstances and interpretations of the amount or likelihood of sustaining a position may change through the settlement process. Furthermore, the resolution of uncertain tax positions is not always within the control of the Group and it is often dependent on the efficiency of the legal processes in the relevant taxing jurisdictions in which the Group operates. Issues can, and often do, take many years to resolve. Recoverability of deferred tax assets Deferred tax assets are recognized to the extent that it is probable that the assets will be realized. Significant judgment is required to determine the amount that can be recognized and depends foremost on the expected timing, level of taxable profits, tax planning strategies and the existence of taxable temporary differences. Estimates made relate primarily to losses carried forward in some of the Group’s foreign operations. When an entity has a history of recent losses, the deferred tax asset arising from unused tax losses is recognized only to the extent that there is convincing evidence that sufficient future taxable profit will be generated. Estimated future taxable profit is not considered such evidence unless that entity has demonstrated the ability by generating significant taxable profit for the current year or there are certain other events providing sufficient evidence of future taxable profit. New transactions and the introduction of new tax rules may also affect judgments due to uncertainty concerning the interpretation of the rules and any transitional rules. Future legislative changes In 2022, the Netherlands issued a draft bill relating to OECD Pillar 2 rules, which introduces a global minimum Effective Corporate Tax Rate of 15%. It will apply to multinational companies with consolidated revenues of EUR 750M or more in at least two out of the last four years. The legislation is not yet substantively enacted, however the Netherlands have expressed its full commitment to adopt the Pillar 2 framework as part of domestic legislation starting from the January 1, 2024. Considering that VEON fulfills the above mentioned revenue criteria, it will be subject to these rules once they are enacted. Going forward, VEON will have to apply the Global OECD Anti-Base Erosion Model Rules to calculate its effective tax rate for each jurisdiction where it operates to see where the effective tax rate is below 15%. If this is the case, the Group will have to pay a top-up tax for the difference. Currently the majority of VEON’s operations are conducted in jurisdictions where the statutory income tax rates are higher than 15%. At the same time, there are few less material jurisdictions where VEON enjoys lower income tax rates based on local legislation or government incentives. At the moment we cannot reliably estimate the exact impact of Pillar 2 implementation.

SIGNIFICANT TRANSACTIONS

SIGNIFICANT TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
Significant Transactions
SIGNIFICANT TRANSACTIONS	SIGNIFICANT TRANSACTIONS SIGNIFICANT TRANSACTIONS IN 2022 Announced sale of Russia operations On November 24, 2022, VEON entered into an agreement to sell VEON’s Russian operations to certain senior members of the management team of PJSC VimpelCom (“VimpelCom”), led by its current CEO, Aleksander Torbakhov. Under the agreement, VEON will receive consideration of RUB 130 billion (approximately US$1,900). The SPA contains provisions amongst others that in the event Vimpelcom acquires VEON Holdings B.V.’s debt in excess of the sales consideration, VEON will work with the purchasers to satisfy its obligations to them as a bondholder. The transaction is subject to certain closing conditions including the receipt of requisite regulatory approvals and licenses from relevant government authorities in Russia and Western jurisdictions (United States, United Kingdom, European Union, and Bermuda) for the proposed structure of the sale. As of July 24, 2023, Russian regulatory approvals have been obtained as well as the OFAC license and required authorizations from the United Kingdom and Bermudan authorities. The remaining closing conditions to be satisfied include any required license from the European Union or any required consent from VEON creditors in order to cancel the debt provided as consideration and/or complete the sale. The remaining closing conditions to be satisfied are any required license from the European Union or any required consent from VEON creditors in order to cancel the debt provided as consideration and/or complete the sale. The transaction is expected to be completed in 2023. As a result of the expected disposal, VEON has classified its Russian operations as held-for-sale and discontinued operations upon the signing of the agreement on November 24, 2022. In connection with this classification, the Company no longer accounts for depreciation and amortization expenses of the assets of its Russian operations. The results for Russian operations in the consolidated income statements and the consolidated statements of cash flows for 2022, 2021 and 2020 have been presented separately. For further details of the transaction, refer to Note 10 . Sale of Algeria operations 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 was completed on August 5, 2022 for a sales price of US$682 in cash. For further details of the transaction, refer to Note 10 . Sale of Georgia operations On March 31, 2022, VEON Georgia Holdings B.V. entered into 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 a sales price of US$45 in cash, 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$88 gain on disposal of VEON Georgia, which includes the recycling of currency translation reserve in the amount of US$78. Significant movements in exchange rates An increase in demand for hard currencies, in part due to the ongoing conflict in Ukraine as well as macroeconomic conditions in Pakistan and Bangladesh, resulted in the devaluation of exchange rates in the countries in which VEON operates. As such, in 2022, the book value of assets and liabilities of our foreign operations, in U.S. dollar terms, decreased significantly, with a corresponding loss of US$480 recorded against the foreign currency translation reserve in the Statement of Comprehensive Income. SIGNIFICANT TRANSACTIONS IN 2021 AND 2020 Agreement between VEON and Service Telecom regarding the Sale of its Russian tower assets On September 5, 2021, the Company and VEON Holdings B.V., a subsidiary of the Company, signed an agreement for the sale of its direct subsidiary, NTC, with Service Telecom Group of Companies LLC, ST, for RUB 70,650 (US$945). The transaction was subject to regulatory approvals which were obtained on November 12, 2021, and consummation of other certain closing conditions which were completed on December 1, 2021. Under the terms of the deal, Russia, an operating segment of the Company, entered into a long-term lease agreement with NTC under which Russia will lease space upon NTC's portfolio of 15,400 towers for a period of 8 years, with up to ten optional renewal periods of 8 years each. Under the same agreement, an additional 5,000 towers are committed to be leased. The lease agreement was signed on October 15, 2021. On September 5, 2021, the Company classified NTC as a disposal group held-for-sale, including goodwill allocated of US$215 to NTC from Russia based on its relative fair values as NTC is a subset of the Russia CGU. Following the classification as disposal group held-for-sale, the Company did not account for depreciation and amortization expenses of NTC assets. On December 1, 2021, upon completion of the sale agreement with ST, control of NTC was transferred to ST. As a result of applying sale and leaseback accounting principles to the lease agreement under the terms of the deal, the Company recognized a gain on sale of subsidiary of US$101 (refer to Note 10 for further discussion) and Russia recognized right-of-use assets of US$101 representing the proportional fair value of assets retained with respect to book value of assets sold and lease liabilities of US$718 based on an 8 year lease term, which are at market rate s, as well as a proportionate amount of goodwill, with respect to the portion of cash generating assets retained through the lease, of US$168. A portion of goodwill was also retained within Russia as assets held-for-sale for future sites to be sold under the agreement. The following table shows the assets and liabilities disposed of relating to NTC on December 1, 2021: 2021 Property and equipment 264 Goodwill 222 Other current assets 24 Total assets disposed 510 Non-current liabilities 127 Current liabilities 23 Total liabilities disposed 150 Lease commitments for the additional 5,000 towers to be leased in the duration of the lease term at December 31, 2021 are US$263. For further details on the total commitments at December 31, 2021, refer to Note 12 . 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 total investment will amount to BDT 10 billion (US$115) to purchase the spectrum. VEON completes the acquisition of majority shareholding in OTM In June 2021, VEON successfully acquired a majority stake of 67% in OTM (a technology platform for the automation and planning of online advertising purchases in Russia) for US$16. PMCL Warid License Capitalization The ex-Warid license renewal was due in May 2019. Pursuant to directions from the Islamabad High Court, the Pakistan Telecommunication Authority ( “PTA” ) issued a license renewal decision on July 22, 2019 requiring payment of US$40 per MHz for 900 MHz spectrum and US$30 per MHz for 1800 MHz spectrum, equating to an aggregate price of approximately US$450 (excluding applicable taxes of approximately 13%). On August 17, 2019, Jazz appealed the PTA’s order to the Islamabad High Court. On August 21, 2019, the Islamabad High Court suspended the PTA’s order pending the outcome of the appeal and subject to Jazz making payment in the form of security (under protest) as per the options given in the PTA’s order. As a result, PMCL deposited US$326 including the initial 50% payment of license as well as subsequent installments in order to maintain its appeal in the Islamabad High Court regarding the PTA's underlying decision on the license renewal. On July 19, 2021, Islamabad High Court dismissed Jazz's appeal. Based on the dismissal of appeal by the court, subsequent legal opinion obtained and acceptance of the total license price, the license was recognized amounting US$384, net of service cost liability of US$65. Consequently, the security deposit balance of US$326 was also adjusted. Subsequently, on October 18, 2021 PMCL and PTA signed the license document. Sale of Armenian operations In October 2020, VEON concluded an agreement for the sale of its operating subsidiary in Armenia, to Team LLC for a consideration of US$51. Accordingly, the net carrying value of assets amounting US$33 was derecognized along with reclassification of cumulative foreign currency translation reserve of US$96 to profit and loss, resulting in the net loss of US$78. GTH restructuring In 2020, VEON continued the restructuring of Global Telecom Holding S.A.E. ( “GTH” ) which commenced in 2019 (see further details below), with the intragroup transfer of Mobilink Bank and GTH Finance B.V. completed in March and April 2020, respectively. As the operating assets of GTH had previously been, and will continue to be, fully consolidated within the balance sheet of the VEON Group, there was no material impact on these consolidated financial statements stemming from these intragroup transfers. The intragroup transfer for Djezzy is continuing. Significant movements in exchange rates An increase in demand for hard currencies, in part due to the coronavirus outbreak, resulted in the devaluation of exchange rates in the countries in which VEON operates. As such, in 2020, the book value of assets and liabilities of our foreign operations, in U.S. dollar terms, decreased significantly, with a corresponding loss of US$623 recorded against the foreign currency translation reserve in the Statement of Comprehensive Income.

HELD FOR SALE AND DISCONTINUED

HELD FOR SALE AND DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2022
Held For Sale and Discontinued Operations [Abstract]
HELD FOR SALE AND DISCONTINUED OPERATIONS	HELD FOR SALE AND DISCONTINUED OPERATIONS The following table provides the details of assets and liabilities classified as held-for-sale as of December 31, 2022: Assets held-for-sale Liabilities held-for-sale 2022 2021 2022 2021 Russia 5,792 — 4,232 — Algeria — 1,846 — 391 Other individual assets — 18 — — Total assets and liabilities held for sale 5,792 1,864 4,232 391 The following table provides the details of loss after tax from discontinued operations and disposals of discontinued operations for the periods ended December 31: 2022 2021 2020 Russia (164) 530 (489) Algeria Profit / (loss) after tax for the period 144 151 79 Loss on disposal (722) — — Total loss after tax from discontinued operations and disposals of discontinued operations (742) 681 (410) Announced sale of operations in Russia On November 24, 2022, VEON entered into an agreement (“SPA”) to sell VEON’s Russian operations to certain senior members of the management team of PJSC VimpelCom (“VimpelCom”), led by its current CEO, Aleksander Torbakhov. Under the agreement, VEON will receive consideration of RUB 130 billion (approximately US$1,900 as of December 31, 2022). It is expected that the consideration will be paid primarily by VimpelCom taking on and discharging certain VEON Holdings B.V.’s debt, thus significantly deleveraging VEON’s balance sheet. The SPA contains provisions amongst others that in the event Vimpelcom acquires VEON Holdings B.V.’s debt in excess of the sales consideration, VEON will work with the purchasers to satisfy its obligations to them as a bondholder. The transaction is subject to certain closing conditions including the receipt of requisite regulatory approvals and licenses from relevant government authorities in Russia and Western jurisdictions (United States, United Kingdom, European Union, and Bermuda) for the proposed structure of the sale. As of July 24, 2023, Russian regulatory approvals have been obtained as well as the OFAC license and required authorizations from the United Kingdom and Bermudan authorities. The remaining closing conditions to be satisfied include any required license from the European Union or any required consent from VEON creditors in order to cancel the debt provided as consideration and/or complete the sale. Refer to Note 23 for further developments. Given the approvals and licenses required, the completion of the sale could be influenced by the political situation in Russia as well as the subsequent responses from Western jurisdictions. However, as of entering into the SPA, management believes that the sale is highly probable and the transaction is expected to be completed in 2023. Therefore, as a result of the expected disposal, VEON has classified its Russian operations as held-for-sale and discontinued operations upon the signing of the agreement on November 24, 2022. In connection with this classification, the Company no longer accounts for depreciation and amortization expenses of the assets of its Russian operations. The results for Russia in the consolidated income statements and the consolidated statements of cash flows for 2022, 2021 and 2020 have been presented separately. The following table shows the assets and liabilities classified as held-for-sale relating to Russia as of December 31, 2022: 2022 Property and equipment 3,941 Intangible assets excl. goodwill 356 Goodwill 617 Deferred tax assets 78 Other non-current assets 50 Inventories 113 Trade and other receivables 367 Other current assets* 270 Total assets held for sale 5,792 Non-current liabilities Debt and Derivatives - NCL 2,888 Other non current liabilities 64 Current liabilities Trade and other payables 691 Debt & Derivatives - CL 306 Other non-financial liabilities 283 Total liabilities held for sale 4,232 *This include cash and cash equivalent of US$146 subject to currency restrictions that limited ability to upstream the cash or make certain payments outside the country, but these balances are otherwise freely available to the Russian operations. Debt and derivatives include bank loans and bonds, including interest accrued, for which the fair value is equal to US$1,247, and Lease Liabilities, for which fair value has not been determined. Net assets of the discontinued operations of Russia includes US$2,964 relating to cumulative currency translation losses as of December 31, 2022, which is accumulated in equity through other comprehensive income and will be recycled through the consolidated income statement upon the completion of the sale. The following table shows the movements relating to Russian operations for the period ended December 31, 2022: Net book value Property and equipment Intangible assets excl. goodwill Goodwill As of January 1, 2022 4,013 293 1,084 Additions 775 192 — Disposals (18) (10) 4 Depreciation/amortization charge for the year (947) (131) — Reclassification as held for sale (9) — — Impairment (5) (2) (445) Transfers — — — Modifications of right-of-use assets (166) — — Translation adjustment 298 14 (26) As of December 31, 2022 3,941 356 617 Total commitments related to the Russia operations pertaining to property, plant and equipment, intangible assets and other are US$528 (Less than 1 year: US$250, Between one and five years: US$91 and More than five years: US$187). The following table shows the profit/(loss) and other comprehensive income relating to Russia operations for the periods ended December 31: Income statement and statement of comprehensive income 2022 2021 2020 Operating revenue 4,277 3,943 3,811 Operating expenses ** (3,993) (3,424) (4,123) Other expenses (424) (76) (143) Profit / (loss) before tax for the period (140) 443 (455) Income tax benefit / (expense) (24) 87 (34) Profit / (loss) after tax for the period (164) 530 (489) Other comprehensive income / (loss)* (29) (10) (478) Total comprehensive income / (loss) (193) 520 (967) *Other comprehensive income relates to the foreign currency translation of discontinued operations. ** In 2022, operating expenses includes an impairment of US$446 (2021:Nil, 2020:US$723) against the carrying value of goodwill in Russia recorded in the first quarter.. Russia impairment losses 2022 The conflict between Russia and Ukraine started on February 24, 2022 and has impacted our operations in Russia. 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 indicated a trigger that carrying value might be impaired and resulted in an impairment of US$446 against the carrying value of goodwill in Russia as of March 31, 2022, of which, the recoverable amount of the CGU was US$1,886. This 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 September 30, 2020 Key assumptions – Russia CGU Explicit forecast period Terminal Combined average * Explicit forecast period Terminal Combined average * Explicit forecast period Terminal Combined average * Discount rate — % — % 20.5 % — % — % 9.3 % — % — % 10.1 % Average annual revenue growth rate 6.2 % 1.6 % 5.5 % 5.0 % 1.6 % 4.4 % 4.3 % 1.8 % 3.9 % Average operating margin 32.4 % 35.0 % 32.8 % 33.2 % 35.5 % 33.6 % 31.2 % 35.7 % 32.0 % Average CAPEX / revenue ** 20.3 % 18.0 % 19.9 % 25.4 % 21.0 % 24.7 % 27.9 % 21.0 % 26.8 % * Combined average for 2022 is based on an explicit forecast period consisting of five years forecast plus the latest estimate for 2022 (2022-2027), and terminal period in 2028 (for 2020 being 2021-2025 with terminal period 2026); for comparative period 2021 the rates were revised to conform the calculation being 2022-2026 and terminal period in 2027. ** CAPEX excludes licenses and ROU assets. *** 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 fair value less cost of disposal (“FVLCD”) for Russian operations as of September 30, 2022 (date of the annual impairment test) was based on the expected sales proceeds from third party bids which have been substantiated by the share price consideration of RUB 130 billion (approximately US$1,900) reflected in the SPA signed on November 24, 2022 (Level 2 in the fair value hierarchy). The fair value represented by the SPA exceeded the carrying value of the Russia CGU as of September 30, 2022, therefore no impairment was recorded. There were no triggering events indicating any impairment or decline in the fair value of Russian operations subsequent to its measurement as held for sale and discontinued operations. Russia impairment losses 2021 There were no impairment losses recorded in Russia in 2021. Russia impairment losses 2020 In recent years, Beeline Russia has seen a decline in its subscriber and revenue market share on the back of competitive pressures in the market, which have impacted both revenues and profitability. This underperformance has negatively impacted the fair value of our Russian business, and over time has eroded the existing headroom over the book value of the business. The impact of a weaker Russian ruble, along with ongoing COVID lockdowns and associated travel restrictions, have had a negative impact on consumer spending, which weakened particularly during the third quarter of 2020. Together with a slower than anticipated recovery in Beeline’s ARPU, which has in turn impacted our future projected revenue, a revision to our previous estimates has been deemed necessary. Based on these revisions, VEON recorded an impairment of US$723 against the carrying value of goodwill in Russia in the third quarter of 2020. The recoverable amount of the CGU of US$3,001 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. Exercised Put option to sell entirety stake in Omnium Telecom Algerie SpA On July 1, 2021, VEON exercised its put option to sell the entirety of its 45.57% stake in its Algerian subsidiary, Omnium Telecom Algerie SpA (Algeria) to the Fonds National d'Investissement (FNI). Omnium owns Algerian mobile network operator, Djezzy. Under the terms of the Shareholders' Agreement, the transaction was completed on August 5, 2022 for a cash sale price of US$682 and control of Algeria was transferred to FNI. Refer to the table below for the results of the transaction. On July 1, 2021, the Company classified its operations in Algeria as held-for-sale and discontinued operations. Following the classification as a disposal group held-for-sale, the Company did not account for depreciation and amortization expenses of Algeria assets. On August 5, 2022, the sale was completed and the net assets were disposed. The results for Algeria in the consolidated income statements and the consolidated statements of cash flows for 2022, 2021 and 2020 have been presented separately. The following table shows the assets and liabilities disposed in 2022 and classified as held-for-sale relating to Algeria as of: August 5, 2022 December 31, 2021 Property and equipment 555 527 Intangible assets excl. goodwill 120 111 Goodwill 953 1,001 Deferred tax assets 35 35 Other current assets 234 172 Total assets disposed / held for sale 1,897 1,846 Non-current liabilities 91 106 Current liabilities 276 285 Total liabilities disposed / held for sale 367 391 The following table shows the profit/(loss) and other comprehensive income relating to Algeria operations for the periods ended: Income statement and statement of comprehensive income August 5, 2022 December 31, 2021 December 31, 2020 Operating revenue 378 659 689 Operating expenses (212) (470) (564) Other expenses (7) (17) (17) Profit / (loss) before tax for the period 159 172 108 Income tax benefit / (expense) (15) (21) (29) Profit / (loss) after tax for the period 144 151 79 Other comprehensive income / (loss)* (65) (68) (157) Total comprehensive income / (loss) 79 83 (78) * Other comprehensive income is relating to the foreign currency translation of discontinued operations . The following table shows the results for the disposal of the Algeria operations that are accounted for in these financials as of December 31, 2022: 2022 Consideration received in cash 682 Carrying amount of net assets at disposal* (1,530) De-recognition of non-controlling interest 824 Loss on sale before reclassification of foreign currency translation reserve (24) Reclassification of foreign currency translation reserve (698) Net loss on disposal of Algeria operations (722) *Net assets include US$175 relating to cash and cash equivalents at disposal ACCOUNTING POLICIES Non-current assets (or disposal groups) are classified as held-for-sale if their carrying amount will be recovered principally through a sale transaction or loss of control rather than through continuing use, and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell. Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Assets and liabilities of a disposal group classified as held-for-sale are presented separately from the other assets and liabilities in the statement of financial position without restating the prior period comparatives. A discontinued operation is a component that is classified as held-for-sale and that represents a separate major line of business or geographical area of operations. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount in the income statement and cash flow statement within operating, investing and financing activities in the current period and comparative periods. All other notes to the financial statements include amounts for continuing operations, unless otherwise mentioned.

IMPAIRMENT OF ASSETS

IMPAIRMENT OF ASSETS	12 Months Ended
	Dec. 31, 2022
Disclosure of impairment loss and reversal of impairment loss [abstract]
IMPAIRMENT OF ASSETS	IMPAIRMENT OF ASSETS Property and equipment and intangible assets are tested regularly for impairment. The Company assesses, at the end of each reporting period, whether there exist any indicators that an asset may be impaired (i.e. asset becoming idle, damaged or no longer in use). If there are such indicators, the Company estimates the recoverable amount of the asset. Impairment losses of continuing operations are recognized in the income statement in a separate line item. Goodwill is tested for impairment annually (at September 30) or when circumstances indicate the carrying value may be impaired. Refer to Note 13 for an overview of the carrying value of goodwill per cash-generating unit (“CGU”). The Company’s impairment test is primarily based on fair value less cost 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. The Company considers the relationship between its market capitalization and its book value, as well as its weighted average cost of capital and the quarterly financial performances of each CGU when reviewing for indicators of impairment in interim periods. The CGUs classified as Assets held for Sale and Discontinued Operation during 2022 are disclosed in Note 10 , including any current or past impairment charges recorded for these CGUs. Impairment losses / (reversals) in 2022 Property and equipment Intangible assets Goodwill Other Total impairment 2022 Bangladesh (32) (68) — — (100) Kyrgyzstan (29) (9) — (11) (49) Ukraine * 35 1 — — 36 Other 7 (1) — — 6 (19) (77) — (11) (107) *This includes net impairment to property and equipment as a result of physical damage to sites in Ukraine caused by the ongoing conflict between Russia and Ukraine. Bangladesh CGU Bangladesh is a non-goodwill CGU, and therefore not subject to the mandatory annual impairment testing. However, in 2018 an impairment loss of US$451 was recognized against the value of the licenses and the network assets. The Company assessed if any indicators (“triggers”) existed of an additional impairment or of a decrease of previous impairments and performed valuation tests to check if a further impairment or reversal of impairment was required. Based on these revisions, the recoverable amount of US$474 was determined, establishing a headroom of US$119 above carrying value (US$355), of which an amount of US$100 was booked as a reversal of the impairment loss as per September 30, 2022. The US$100 was reversed against intangible assets (US$68) and property and equipment (US$32). The remaining difference between the headroom and the amount of reversal of US$19 represents impairment related to assets that have been fully depreciated in the period since the impairment was recognized until September 30, 2022. Bangladesh CGU is disclosed as Bangladesh reportable segment (refer to Note 2 ). Kyrgyzstan CGU Kyrgyzstan CGU, has no goodwill and is therefore not subject to the mandatory annual goodwill impairment testing. However, during 2020 as a consequence of the unstable political environment and uncertainties arising with respect to the recoverability of our operating assets in Kyrgyzstan, VEON fully impaired the carrying value of all operating assets of Kyrgyzstan. As a result, the Company recorded a total impairment loss of US$64. As of September 30, 2022 the Company assessed triggers and performed valuation tests to check if a further impairment or reversal of impairment was required. Based on this assessment, which reflected that the previous uncertainties were resolved through the acquisition of licenses and settlement of tax litigation, as of September 30, 2022 the recoverable amount of US$25 indicated a headroom of US$51. This has led to reversal of impairment loss as of September 30, 2022 for US$49 against property and equipment (US$29), intangible assets (US$9) and other assets (US$11). The remaining US$2 represents impairment related to assets that have been fully depreciated in the period since the impairment was recognized until September 30, 2022. Kyrgyzstan CGU is disclosed within "Others" reportable segment (refer to Note 2 ). Impairment losses in 2021 Property and equipment Intangible assets Goodwill Other Total impairment 2021 Kyrgyzstan 12 5 — 2 19 Other 8 — — — 8 20 5 — 2 27 Impairment losses in 2020 In the third quarter of 2020, due to the unstable political environment and uncertainties arising with respect to the recoverability of our operating assets in Kyrgyzstan, VEON fully impaired the carrying value of all operating assets of Kyrgyzstan. As a result, the Company recorded a total impairment loss of US$64. Additionally, with regard to the Company’s commitment to network modernization, the Company continuously re-evaluates the plans for its existing network, primarily with respect to equipment purchased but not installed, and consequently recorded an impairment loss of US$5. Property and equipment Intangible assets Goodwill Other Total impairment 2020 * Kyrgyzstan 38 8 — 18 64 Other 5 — — (7) (2) 43 8 — 11 62 *This table has been restated to reflect the classification of Russia CGU as held-for-sale per December 31, 2022. For details of the 2020 Russia impairment refer to Note 10 . KEY ASSUMPTIONS The recoverable amounts of CGUs have been determined based on fair value less costs of disposal calculations, using cash flow projections from business plans prepared by management. The Company bases its impairment calculation on detailed budgets and forecast calculations which are prepared separately for each of the Company’s CGUs. These budgets and forecast calculations are prepared for a period of five years. A long-term growth rate is applied to projected future cash flows after the fifth year. The tables below show key assumptions used in fair value less costs of disposal calculations for CGUs with material goodwill or those CGUs for which an impairment loss or an impairment reversal has been recorded. Discount rates Discount rates are initially determined in U.S. dollars based on the risk-free rate for 20-year maturity bonds of the United States Treasury, adjusted for a risk premium to reflect both the increased risk of investing in equities and the systematic risk of the specific CGU relative to the market as a whole. The equity market risk premium is sourced from independent market analysts. The systematic risk, beta, represents the median of the raw betas of the entities comparable in size and geographic footprint with the ones of the Company ( “Peer Group” ). The country risk premium is based on an average default spread derived from sovereign credit ratings published by main credit rating agencies for a given CGU. The debt risk premium is based on the median of Standard & Poor’s long-term credit rating of the Peer Group. The weighted average cost of capital is determined based on target debt-to-equity ratios representing the median historical five The discount rate in functional currency of a CGU is adjusted for the long-term inflation forecast of the respective country in which the business operates, as well as applicable country risk premium. Discount rate 2022 2021 2020 Pakistan 19.5 % 14.7 % 18.2 % Bangladesh** 14.6 % — % — % Kazakhstan 13.8 % 9.4 % 10.3 % Kyrgyzstan* 19.0 % — % — % Uzbekistan 15.8 % 11.8 % 13.8 % Ukraine** 21.7 % — % — % * In 2021 and 2020, VEON fully impaired the carrying value of all operating assets of Kyrgyzstan, therefore discount rate was not determined ** In 2021 and 2020, no impairment losses were recorded or reversed for Bangladesh and Ukraine CGU’s, therefore discount rates were not disclosed Revenue growth rates The revenue growth rates during the forecast period vary based on numerous factors, including size of market, GDP (Gross Domestic Product), foreign currency projections, traffic growth, market share and others. A long‑term growth rate in perpetuity is estimated based on a percentage that is lower than or equal to the country long-term inflation forecast, depending on the CGU. Average annual revenue growth rate during forecast period 1 Terminal growth rate 2022 2021 2020 2022 2021 2020 Pakistan 12.0 % 4.8 % 9.7 % 4.0 % 5.5 % 5.8 % Bangladesh 12.6 % — % — % 3.5 % — % — % Kazakhstan 12.3 % 3.6 % 5.3 % 1.0 % 1.0 % 3.1 % Kyrgyzstan 11.4 % — % — % 3.0 % — % — % Uzbekistan 19.3 % 3.7 % 3.2 % 2.5 % 3.0 % 5.1 % Ukraine 8.6 % — % — % 1.0 % — % — % 1 The forecast period is the explicit forecast period of five years: for 2022 being 2023-2027 with terminal period in 2028; for comparative period 2021 the rates were revised to conform the calculation being 2022-2026 and terminal period in 2027; for 2020 being 2021-2025 with terminal period 2026. Operating margin The Company estimates operating margin on a pre-IFRS 16 basis (including lease expenses/payments), divided by Total Operating Revenue for each CGU and each future year. The forecasted operating margin is based on the budget and forecast calculations and assumes cost optimization initiatives which are part of on-going operations, as well as regulatory and technological changes known to date, such as telecommunication license issues and price regulation among others. Segment information in Note 2 is post-IFRS 16. Average operating margin during the forecast period 1 Terminal period operating margin 2022 2021 2020 2022 2021 2020 Pakistan 40.9 % 43.6 % 42.0 % 40.0 % 42.0 % 44.6 % Bangladesh 32.6 % — % — % 36.3 % — % — % Kazakhstan 49.2 % 48.9 % 49.5 % 45.0 % 47.0 % 50.0 % Kyrgyzstan 36.7 % — % — % 33.7 % — % — % Uzbekistan 43.6 % 40.9 % 34.0 % 41.0 % 34.0 % 34.0 % Ukraine 51.2 % — % — % 50.0 % — % — % 1 The forecast period is the explicit forecast period of five years: for 2022 being 2023-2027 with terminal period in 2028; for comparative period 2021 the rates were revised to conform the calculation being 2022-2026 and terminal period in 2027; for 2020 being 2021-2025 with terminal period 2026. CAPEX CAPEX is defined as purchases of property and equipment and intangible assets excluding licenses, goodwill and right-of-use assets. The cash flow forecasts for capital expenditures are based on the budget and forecast calculations and include the network roll-outs plans and license requirements. The cash flow forecasts for license and spectrum payments for each operating company for the initial five years include amounts for expected renewals and newly available spectrum. Beyond that period, a long-run cost related to spectrum and license payments is assumed. Payments for right-of-use assets are considered in the operating margin as described above. Average CAPEX as a percentage of revenue during the forecast period 1 Terminal period 1 CAPEX as a percentage of revenue 2022 2021 2020 2022 2021 2020 Pakistan 15.8 % 22.0 % 19.6 % 16.0 % 20.0 % 18.9 % Bangladesh 18.0 % — % — % 17.0 % — % — % Kazakhstan 18.6 % 20.0 % 19.8 % 18.5 % 20.0 % 19.0 % Kyrgyzstan 20.1 % — % — % 23.0 % — % — % Uzbekistan 18.0 % 20.2 % 21.4 % 20.0 % 21.0 % 21.0 % Ukraine 18.9 % — % — % 20.0 % — % — % 1 The forecast period is the explicit forecast period of five years: for 2022 being 2023-2027 with terminal period in 2028; for comparative period 2021 the rates were revised to conform the calculation being 2022-2026 and terminal period in 2027; for 2020 being 2021-2025 with terminal period 2026. SENSITIVITY TO CHANGES IN ASSUMPTIONS The following table illustrates the potential change in reversal of impairment for the Bangladesh and Kyrgyzstan CGUs 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 change the amount of impairment reversal approximately proportionally. Bangladesh Kyrgyzstan Sensitivity analysis Assumption used * +/- 1.0 pp Assumption used * +/- 1.0 pp Discount rate 14.6 % 15.6 % 19.0 % 20.0 % Change in key assumption — p.p 1.0 p.p — p.p 1.0 p.p Decrease in headroom — (42) — — Average annual revenue growth rate 11.1 % 10.1 % 10.0 % 9.0 % Change in key assumption — pp (1.0) pp — pp (1.0) pp Decrease in headroom — (26) — (1) Average operating margin 33.2 % 32.2 % 36.2 % 35.2 % Change in key assumption — pp (1.0) pp — pp (1.0) pp Decrease in headroom — (40) — (4) Average CAPEX / revenue** 17.8 % 18.8 % 20.6 % 21.6 % Change in key assumption — pp 1.0 pp — pp 1.0 pp Decrease in headroom — (52) — (4) * Combined average based on explicit forecast period of five years (2023-2027) and terminal period in 2028. ** CAPEX excludes licenses and ROU assets. SOURCE OF ESTIMATION UNCERTAINTY The Group has significant investments in property and equipment, intangible assets, and goodwill. Estimating recoverable amounts of assets and CGUs must, in part, be based on management’s evaluations, including the determination of the appropriate CGUs, the relevant discount rate, estimation of future performance, the revenue-generating capacity of assets, timing and amount of future purchases of property, equipment, licenses and spectrum, assumptions of future market conditions and the long-term growth rate into perpetuity (terminal value). In doing this, management needs to assume a market participant perspective. Changing the assumptions selected by management, in particular, the discount rate, capex intensity, operating margin and growth rate assumptions used to estimate the recoverable amounts of assets, could significantly impact the Group’s impairment evaluation and hence results. A significant part of the Group’s operations is in countries with emerging markets. The political and economic situation in these countries may change rapidly and recession may potentially have a significant impact on these countries. On-going recessionary effects in the world economy, including geopolitical situations and increased macroeconomic risks impact our assessment of cash flow forecasts and the discount rates applied. There are significant variations between different markets with respect to growth, mobile penetration, average revenue per user ( “ARPU”

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 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 years ended December 31: Net book value Telecomm-unications equipment Land, Office and other equipment Equipment not installed and assets under construction Right-of-use assets Total As of January 1, 2021 4,050 159 368 568 1,734 6,879 Additions 50 3 18 1,559 712 2,342 Disposals * (198) (1) (5) (7) (100) (311) Depreciation charge for the year (990) (22) (124) — (409) (1,545) Reclassification as held for sale (367) (6) (9) (42) (80) (504) Impairment (12) — (2) 3 (2) (13) Transfers 1,428 16 182 (1,619) (2) 5 Translation adjustment (101) 2 (6) (11) (20) (136) As of December 31, 2021 3,860 151 422 451 1,833 6,717 Additions 67 7 23 662 526 1,285 Disposals (40) (1) (4) (10) (15) (70) Depreciation charge for the year (382) (7) (29) — (139) (557) Divestment and reclassification as held for sale ** (1,991) (80) (314) (235) (1,393) (4,013) Impairment (38) (2) (3) (3) (8) (54) Impairment reversal 57 1 3 6 6 73 Transfers 528 5 13 (545) (5) (4) Modifications of right-of-use assets — — — — 26 26 Translation adjustment (363) (13) (14) (40) (125) (555) Others — — — — — — As of December 31, 2022 1,698 61 97 286 706 2,848 Cost 4,890 153 405 320 1,059 6,827 Accumulated depreciation and impairment (3,192) (92) (308) (34) (353) (3,979) *This includes disposal of NTC as explained in Note 9 . ** This relates to the classification of Russia as held-for-sale and discontinued operations as explained in Note 10 . There were no material changes in estimates related to property and equipment in 2022 other than the impairment reversals for Bangladesh US$(32) and Kyrgyzstan of US$(29) and impairment of equipment as a result of physical damages to sites in Ukraine (US$35) caused by the ongoing conflict between Russia and Ukraine (refer to Note 11 ). During 2022, VEON acquired property and equipment in the amount of US$306 (2021: US$726), which were not paid for as of year-end. Property and equipment pledged as security for bank borrowings amounts to US$688 as of December 31, 2022 (2021: US$919), and primarily relate to liens securing borrowings of PMCL. The following table summarizes the movement in the net book value of right-of-use assets ( "ROU" ) for the year ended December 31: Net book value ROU - Telecommunications Equipment ROU - Land, Buildings and Constructions ROU - Office and Other Equipment Total As of January 1, 2021 1,436 293 5 1,734 Additions 642 65 5 712 Disposals (100) — — (100) Depreciation charge for the year (320) (86) (3) (409) Reclassification as held for sale (71) (9) — (80) Impairment — (2) — (2) Transfers (4) 2 — (2) Translation adjustment (16) (3) (1) (20) As of December 31, 2021 1,567 260 6 1,833 Additions 513 13 — 526 Disposals (12) (3) — (15) Depreciation charge for the year (125) (12) (2) (139) Divestment and reclassification as held for sale (1,175) (216) (2) (1,393) Impairment (8) — — (8) Impairment reversal 2 4 — 6 Transfers (4) (1) — (5) Modifications and reassessments 20 6 — 26 Translation adjustment (117) (7) (1) (125) As of December 31, 2022 661 44 1 706 Cost 970 84 5 1,059 Accumulated depreciation and impairment (309) (40) (4) (353) COMMITMENTS Capital commitments for the future purchase of equipment are as follows as of December 31: 2022 2021 Less than 1 year 272 709 Between 1 and 5 years — 62 More than 5 years — 198 Total commitments 272 969 The above table for 2021 includes future lease commitments relating to the lease agreements between Russia and NTC (Less than one year: US$4; Between one and five years: US$61 and More than five years: US$198). For further details on this transaction, refer to Note 9 (Agreement between VEON and Service Telecom regarding the Sale of its Russian tower assets). For commitments pertaining to the Russian operations as of December 31, 2022, refer to Note 10 . Capital commitments arising from telecommunications licenses VEON’s ability to generate revenue in the countries it operates is dependent upon the operation of the wireless telecommunications networks authorized under its various licenses for GSM-900/1800, “3G” (UMTS / WCDMA) mobile radiotelephony communications services and “4G” (LTE). Under the license agreements, operating companies are subject to certain commitments, such as territory or population coverage, level of capital expenditures and number of base stations to be fulfilled within a certain timeframe. If we are found to be involved in practices that do not comply with applicable laws or regulations, we may be exposed to significant fines, the risk of prosecution or the suspension or loss of our licenses, frequency allocations, authorizations or various permissions, any of which could harm our business, financial condition, results of operations or cash flows. After expiration of the license, our operating companies might be subject to additional payments for renewals, as well as new license capital and other commitments. ACCOUNTING POLICIES Property and equipment is stated at cost, net of any accumulated depreciation and accumulated impairment losses. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. The useful life of VEON's assets generally fall within the following ranges: Class of property and equipment Useful life Telecommunication equipment 3 – 30 years Buildings and constructions 10 – 50 years Office and other equipment 2 – 10 years Right-of-use assets Equivalent lease term Each asset’s residual value, useful life and method of depreciation is reviewed at the end of each financial year and adjusted prospectively, if necessary. Where applicable, the Company has applied sale and leaseback accounting principles, whereas the right-of-use asset arising from the leaseback is measured at the proportion of the previous carrying amount of the asset that relates to the right of use retained by VEON. Accordingly, VEON recognizes only the amount of any gain or loss that relates to the rights transferred to the buyer-lessor. SOURCE OF ESTIMATION UNCERTAINTY Depreciation and amortization of non-current assets Depreciation and amortization expenses are based on management estimates of useful life, residual value and amortization method of property and equipment and intangible assets. Estimates may change due to technological developments, competition, changes in market conditions and other factors and may result in changes in the estimated useful life and in the amortization or depreciation charges. Technological developments are difficult to predict and our views on the trends and pace of developments may change over time. Some of the assets and technologies in which the Group invested several years ago are still in use and provide the basis for new technologies. The useful lives of property and equipment and intangible assets are reviewed at least annually, taking into consideration the factors mentioned above and all other relevant factors. Estimated useful lives for similar types of assets may vary between different entities in the Group due to local factors such as growth rate, maturity of the market, historical and expected replacements or transfer of assets and quality of components used. Estimated useful life for right-of-use assets is directly impacted by the equivalent lease term, refer to Note 16 for more information regarding Source of estimation uncertainty for lease terms.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about intangible assets [abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS The following table summarizes the movement in the net book value of intangible assets for the years ended December 31: Net book value Telecommuni-cation licenses, frequencies & permissions Software Brands and trademarks Customer relationships Other intangible assets Goodwill Total As of January 1, 2021 921 301 117 116 15 2,682 4,152 Additions 482 184 — 1 29 14 710 Disposals (1) (1) — — 1 (51) (52) Amortization charge for the year (162) (135) 8 (15) (4) — (308) Reclassification as held for sale (34) (9) (73) — — (1,034) (1,150) Impairment (4) (1) — — — — (5) Transfer 40 11 (39) — (6) (7) (1) Translation adjustment (40) — 1 (2) 1 (62) (102) As of December 31, 2021 1,202 350 14 100 36 1,542 3,244 Additions 526 74 1 2 19 10 632 Disposals (5) (2) — — — — (7) Amortization charge for the year (139) (71) (3) (8) — — (221) Reclassification as held for sale (84) (150) (2) (22) (35) (1,084) (1,377) Impairment reversal 75 2 — — — — 77 Transfer — 3 — — (3) — — Translation adjustment (241) (37) (3) (18) (15) (74) (388) As of December 31, 2022 1,334 169 7 54 2 394 1,960 Cost 2,188 615 187 321 12 1,391 4,714 Accumulated amortization and impairment (854) (446) (180) (267) (10) (997) (2,754) During 2022, there were no material changes in estimates related to intangible assets other than the reversal of impairment described in N o t e 1 1 During 2022, VEON acquired intangible assets in the amount of US$266 (2021: US$171), which were not yet paid for as of year-end. Additions for 2021 include capitalization of ex-Warid license in Pakistan amounting to US$384, please refer to Note 9 for further information. GOODWILL During the year, the movement in goodwill for the Group, per CGU , consisted of the following: CGU* December 31, Translation adjustment Addition Reclassification as held for sale December 31, Russia — — — (1,084) 1,084 Pakistan 223 (64) — — 287 Kazakhstan 127 (9) — — 136 Ukraine 10 — 10 — — Uzbekistan 34 (1) — — 35 Total 394 (74) 10 (1,084) 1,542 * There is no goodwill allocated to the CGUs of Bangladesh, or Kyrgyzstan. CGU* December 31, Translation adjustment Addition Reclassification as held for sale Disposal Other December 31, Russia** 1,084 (10) 14 — (51) — 1,131 Algeria — (19) — (1,034) — — 1,053 Pakistan 287 (30) — — — (7) 324 Kazakhstan 136 (4) — — — — 140 Uzbekistan 35 1 — — — — 34 Total 1,542 (62) 14 (1,034) (51) (7) 2,682 * There is no goodwill allocated to the CGUs of Ukraine, Bangladesh, or Kyrgyzstan ** In 2021, VEON acquired a majority stake in OTM, a technology platform for the automation and planning of online advertising and IBS DataFort, a cloud IT infrastructure provider in Russia. COMMITMENTS Capital commitments for the future purchase of intangible assets are as follows as of December 31: 2022 2021 Less than 1 year 13 58 Total commitments 13 58 ACCOUNTING POLICIES Intangible assets acquired separately are carried at cost less accumulated amortization and impairment losses. Intangible assets with a finite useful life are generally amortized with the straight-line method over the estimated useful life of the intangible asset. The amortization period and the amortization method for intangible assets with finite useful lives are reviewed at least annually and fall within the following ranges: Class of intangible asset Useful life Telecommunications licenses, frequencies and permissions 3 - 20 years Software 3 - 10 years Brands and trademarks 3 - 15 years Customer relationships 10 - 21 years Other intangible assets 4 - 10 years Goodwill is recognized for the future economic benefits arising from net assets acquired that are not individually identified and separately recognized. Goodwill is not amortized but is tested for impairment annually and as necessary when circumstances indicate that the carrying value may be impaired, see Note 11 for further details. SOURCE OF ESTIMATION UNCERTAINTY Refer also to Note 12 for further details regarding source of estimation uncertainty. Depreciation and amortization of non-current assets Estimates in the evaluation of useful lives for intangible assets include, but are not limited to, the estimated average customer relationship based on Churn, the remaining license or concession period and the expected developments in technology and markets.

INVESTMENTS IN SUBSIDIARIES

INVESTMENTS IN SUBSIDIARIES	12 Months Ended
	Dec. 31, 2022
Disclosure of subsidiaries [abstract]
INVESTMENTS IN SUBSIDIARIES	INVESTMENTS IN SUBSIDIARIES The Company held investments in material subsidiaries for the years ended December 31 as detailed in the table below. The equity interest presented represents the economic rights available to the Company. Equity interest held by the Group Name of significant subsidiary Country of incorporation Nature of subsidiary 2022 2021 VEON Amsterdam B.V. Netherlands Holding 100.0 % 100.0 % VEON Holdings B.V. Netherlands Holding 100.0 % 100.0 % PJSC VimpelCom Russia Operating 100.0 % 100.0 % JSC “Kyivstar” Ukraine Operating 100.0 % 100.0 % LLP “KaR-Tel” Kazakhstan Operating 75.0 % 75.0 % LLC “Unitel” Uzbekistan Operating 100.0 % 100.0 % LLC “VEON Georgia” Georgia Operating — % 100.0 % VEON Finance Ireland Designated Activity Company Ireland Holding 100.0 % 100.0 % LLC “Sky Mobile” Kyrgyzstan Operating 50.1 % 50.1 % VEON Luxembourg Holdings S.à r.l. Luxembourg Holding 100.0 % 100.0 % VEON Luxembourg Finance Holdings S.à r.l. Luxembourg Holding 100.0 % 100.0 % VEON Luxembourg Finance S.A. Luxembourg Holding 100.0 % 100.0 % Global Telecom Holding S.A.E Egypt Holding 99.6 % 99.6 % Omnium Telecom Algérie S.p.A.* Algeria Holding — % 45.6 % Optimum Telecom Algeria S.p.A.* Algeria Operating — % 45.6 % Pakistan Mobile Communications Limited Pakistan Operating 100.0 % 100.0 % Banglalink Digital Communications Limited Bangladesh Operating 100.0 % 100.0 % * Until the date sale of Algeria on August 5, 2022, the Group had concluded that it controls Omnium Telecom Algérie S.p.A and Optimum Telecom Algeria S.p.A, see ‘Significant accounting judgments’ below for further details. Certain of the Group’s subsidiaries are subject to restrictions that impact their ability to distribute dividends. For example, the Group faces certain restrictions from paying dividends where it is subject to withholding tax, primarily in Pakistan, Kazakhstan and Uzbekistan. The total amount of dividend restrictions amounts to US$229 (2021: US$1,033). MATERIAL PARTLY-OWNED SUBSIDIARIES Financial information of subsidiaries that have material non-controlling interests ( “NCIs” ) is provided below: Equity interest held by NCIs Book values of Profit / (loss) attributable to material NCIs Name of significant subsidiary 2022 2021 2022 2021 2022 2021 LLP “KaR-Tel” ( “Kar-Tel” ) 25.0 % 25.0 % 85 96 31 29 Omnium Telecom Algérie S.p.A. (“OTA”) — % 54.4 % — 732 21 29 The summarized financial information of these subsidiaries before intercompany eliminations for the years ended December 31 are detailed below. Summarized income statement Kar-Tel 2022 2021 2020 Operating revenue 571 529 446 Operating expenses (403) (370) (316) Other (expenses) / income (12) (9) 4 Profit / (loss) before tax 156 150 134 Income tax expense (33) (32) (28) Profit / (loss) for the year 123 118 106 Total comprehensive income / (loss) 123 118 106 Attributed to NCIs 31 29 26 Dividends paid to NCIs — — — Summarized statement of financial position Kar-Tel 2022 2021 Property and equipment 327 300 Intangible assets 178 213 Other non-current assets 39 28 Trade and other receivables 34 29 Cash and cash equivalents 43 46 Other current assets 27 33 Debt and derivatives (97) (102) Provisions (9) (6) Other liabilities (204) (158) Total equity 338 383 Attributed to: Equity holders of the parent 253 287 Non-controlling interests 85 96 Summarized statement of cash flows Kar-Tel 2022 2021 2020 Net operating cash flows 243 231 184 Net investing cash flows (127) (106) (88) Net financing cash flows (117) (114) (97) Net foreign exchange difference (3) (1) (2) Net increase / (decrease) in cash equivalents (4) 10 (3) SIGNIFICANT ACCOUNTING JUDGMENTS Control over subsidiaries Subsidiaries, which are those entities over which the Company is deemed to have control, are consolidated. In certain circumstances, significant judgment is required to assess if the Company is deemed to have control over entities where the Company’s ownership interest does not exceed 50%. The Group concluded that up until the completion of sale of the Algerian operations on August 5, 2022, it controlled Omnium Telecom Algérie S.p.A and Optimum Telecom Algeria S.p.A even though its subsidiary, Global Telecom Holding S.A.E. owned less than 50% of the ordinary shares. This was because the Company could exercise operational control through terms of a shareholders’ agreement. Our partner in Algeria could acquire our shares at fair market value under call option arrangements exercisable solely at its discretion between October 1,

OTHER NON-OPERATING GAIN _ (LOS

OTHER NON-OPERATING GAIN / (LOSS)	12 Months Ended
	Dec. 31, 2022
Other Non-Operating Gain (Loss)
OTHER NON-OPERATING GAIN / (LOSS)	OTHER NON-OPERATING GAIN / (LOSS) Other non-operating gains / (losses) consisted of the following for the years ended December 31: 2022 2021* 2020* Ineffective portion of hedging activities — 3 15 Change of fair value of other derivatives 10 (4) (23) Gain /(loss) from money market funds 29 7 12 Other (losses) / gains (30) 20 80 Other non-operating gain / (loss), net 9 26 84 *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10 ). Included in ‘Other gains / (losses)’ in 2021 is a gain of US$21 related to the fair value adjustment of Shop-up and a US$3 write off of certain payables. Included in ‘Other gains / (losses)’ in 2020 is a gain of US$41 related to the revaluation of contingent consideration liability, as well as a gain of US$41 relating to the settlement in connection with the dispute concerning the sale of Telecel Globe Limited.

INVESTMENTS, DEBT AND DERIVATIV

INVESTMENTS, DEBT AND DERIVATIVES	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about financial instruments [abstract]
INVESTMENTS, DEBT AND DERIVATIVES	INVESTMENTS, DEBT AND DERIVATIVES INVESTMENTS AND DERIVATIVES The Company holds the following investments and derivatives assets as of December 31: Carrying value 2022 2021 At fair value Other investments 58 37 58 37 At amortized cost Security deposits and cash collateral 63 49 Other investments 70 99 133 148 Total investments and derivatives 191 185 Non-current 71 99 Current 120 86 Other Investments Other investments at fair value are measured at fair value through other comprehensive income and relate to investments held in Pakistan (US$21) and Bangladesh (US$37). Other investments at amortized cost include a US$54 loan granted by VIP Kazakhstan Holdings to minority shareholder Crowell Investments Limited. DEBT AND DERIVATIVES The Company holds the following outstanding debt and derivatives liabilities as of December 31: Carrying value 2022 2021 At fair value Derivatives not designated as hedges — 4 Derivatives designated as net investment hedges — 4 — 8 At amortized cost Principal amount outstanding 6,670 7,595 Interest accrued 102 86 Discounts, unamortized fees, hedge basis adjustment (8) (15) Bank loans and bonds 6,764 7,666 Lease liabilities 806 2,667 Put-option liability over non-controlling interest — 16 Other financial liabilities 610 289 8,180 10,638 Total debt and derivatives 8,180 10,646 Non-current 5,336 9,404 Current 2,844 1,242 Bank loans and bonds The Company had the following principal amounts outstanding for interest-bearing loans and bonds at December 31: Principal amount outstanding Borrower Type of debt Guarantor Currency Interest rate Maturity 2022 2021 VEON Holdings B.V. Notes PJSC VimpelCom USD 7.50% 2022 — 417 VEON Holdings B.V. Loan None RUB CBR key rate + 1.85% 2022 — 404 VEON Holdings B.V. Notes None USD 5.95% 2023 529 529 VEON Holdings B.V. Revolving Credit Facility None USD SOFR + 1.70% 2023 692 — VEON Holdings B.V. Notes None USD 7.25% 2023 700 700 VEON Holdings B.V. Revolving Credit Facility None USD SOFR + 1.70% 2023 363 — VEON Holdings B.V. Notes None USD 4.95% 2024 533 533 VEON Holdings B.V. Notes None USD 4.00% 2025 1,000 1,000 VEON Holdings B.V. Notes None RUB 6.30% 2025 284 269 VEON Holdings B.V. Notes None RUB 6.50% 2025 143 135 VEON Holdings B.V. Notes None RUB 8.13% 2026 284 269 VEON Holdings B.V. Notes None USD 3.38% 2027 1,250 1,250 VEON Finance Ireland DAC Loan VEON Holdings RUB CBR key rate + 1.90% to 2.15% 2022 — 807* VEON Finance Ireland DAC Loan VEON Holdings RUB 10.10% 2022 — 404 * PMCL Loan None PKR 6M KIBOR + 0.35% 2022 — 24 PMCL Loan None PKR 6M KIBOR + 0.55% 2026 212 272 PMCL Loan None PKR 6M KIBOR + 0.55% 2028 66 85 PMCL Loan None PKR 3M KIBOR + 0.60% 2031 221 57 PMCL Loan None PKR 6M KIBOR + 0.60% 2032 132 — PJSC Kyivstar Loan None UAH NBU Key rate + 3.00% 2022 — 61 PJSC Kyivstar Loan VEON Holdings UAH NBU Key rate + 3.50% 2022 — 47 PJSC Kyivstar Loan VEON Holdings UAH Treasury Bill Rate + 3.00% 2022 — 50 PJSC Kyivstar Loan None UAH 10.15% to 11.00% 2023-2025 59 97 Banglalink Loan None BDT Average bank deposit rate + 4.25% 2022 — 46 Banglalink Loan None BDT Average bank deposit rate + 4.25% 2027 110 — Other bank loans and bonds 92 139 Total bank loans and bonds 6,670 7,595 *During 2022 these loans were novated to PJSC VimpelCom and are part of Liabilities associated with assets held for sale. SIGNIFICANT CHANGES IN DEBT AND DERIVATIVES Reconciliation of cash flows from financing activities Bank loans and bonds Lease liabilities Total Balance as of January 1, 2021 7,758 1,913 9,671 Cash flows Proceeds from borrowings, net of fees paid 2,081 — 2,081 Repayment of debt (1,857) (120) (1,977) Interest paid (462) (59) (521) Proceeds from borrowings relating to Russia discontinued operations 9 — 9 Repayment of debt relating to Russia discontinued operations (272) (217) (489) Interest paid relating to Russia discontinued operations (10) (88) (98) Non-cash movements Interest and fee accruals 513 144 657 Lease additions, disposals, impairment and modifications — 1,224 1,224 Held for sale - Note 10 — (122) (122) Foreign currency translation (68) (8) (76) Other non-cash movements (26) — (26) Balance as of December 31, 2021 7,666 2,667 10,333 Cash flows Proceeds from borrowings, net of fees paid 2,087 — 2,087 Repayment of debt (1,479) (140) (1,619) Interest paid (419) (70) (489) Non-cash movements Interest and fee accruals 400 64 464 Lease additions, disposals, impairment and modifications — 583 583 Held for sale - Note 10 (10) (2,134) (2,144) Foreign currency translation (416) (155) (571) Reclassification related to bank loans and bonds (1,064) — (1,064) Other non-cash movements (1) (9) (10) Balance as of December 31, 2022 6,764 806 7,570 FINANCING ACTIVITIES 2022 VEON US$ bond repayment In February 2022, VEON Holdings B.V. repaid its 7.50% Notes 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 loan facility 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 of which US$250 will mature at the original maturity in March 2024 and US$805 will mature in March 2025. 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 the respective final maturities. 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 2022 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. The remaining US$82 was received in November. The RCF was fully drawn at year-end with US$1,055 outstanding. The outstanding amounts have been rolled-over until April, US$692, and May, US$363, 2023. Subject to the terms set out in the RCF, these amounts can be rolled until the respective final maturities. 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. 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). VEON Finance Ireland DAC Rub debt novation to PJSC VimpelCom In April 2022, VEON Finance Ireland 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. VEON recorded the interest expense related to these loans prior to the novation in VEON Finance Ireland DAC which is included within continuing operations. Given that the novation of these loans predated and was independent of the sale of our Russian discontinued operations, VEON deemed it appropriate not to reclassify the interest on these loans prior to the novation date to discontinued operations. Banglalink secures syndicated credit facility 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 syndicated loan which was partially used to fully repay its existing loan of BDT 3 billion (US$38). In July, August and September 2022, Banglalink fully utilized the remaining BDT 3 billion (US$32) under its BDT syndicated loan facility. Kyivstar prepays debt In March, April, May and June 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)). PMCL Bank Guarantee In March 2022, PMCL issued a bank guarantee of US$30 in favor of Pakistan Telecommunication Authority related to late payment of Warid license fee. FINANCING ACTIVITIES 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 entered into a US$1,250 multi-currency revolving credit facility agreement In March 2021, VEON successfully entered into the RCF. The RCF replaced the revolving credit facility signed in February 2017. The RCF has an initial tenor of three years, with VEON having the right to request two- one year extensions, subject to lender consent. 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 restate d 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 had a five years term. In April 2021, the proceeds from Alfa Bank new tranche of RUB15 billion (US$198) were used to early repay RUB 15 billion (US$198) of loans from Sberbank, originally maturing in June 2023. PMCL secures syndicated credit facility In June 2021, PMCL secured a PKR 50 billion (US$320) syndicated credit facility from a banking consortium led by Habib Bank Limited. This ten years facility is used to finance the company’s ongoing 4G network rollouts and technology upgrades, as well as to address upcoming maturities. Global Medium Term Note Programme In September 2021, VEON Holdings B.V. issued senior unsecured notes of RUB 20 billion (US$273), maturing in September 2026. The notes were issued under its existing Global Medium Term Note Programme with a Programme limit of US$6.5 billion, or the equivalent thereof in other currencies. The proceeds were used for early repayment of RUB 20 billion (US$273) of outstanding loans to Sberbank that were originally maturing in June 2023. Loan agreement Alfa Bank In December 2021, VEON Finance Ireland Designated Activity Company signed a RUB 45 billion (US$612) Term Facilities Agreement with Alfa Bank which includes a RUB 30 billion (US$408) fixed rate tranche and a RUB 15 billion (US$204) floating rate tranche, both with a maturity date of December 2026. The facilities were guaranteed by VEON Holdings B.V. The proceeds from the Alfa Bank facilities have been used to finance intercompany loans to PJSC Vimpel-Com. Loan agreement Sberbank In December 2021, VEON Finance Ireland Designated Activity Company signed a RUB 45 billion (US$611) Term Facility Agreement with Sberbank with a floating rate. The maturity date of the facility was December 2026 and it was guaranteed by VEON Holdings B.V. The proceeds from the Sberbank facility were used to finance an intercompany loan to PJSC Vimpel-Com. Alfa Bank loans repayment In December 2021, VEON Holdings B.V. repaid RUB 45 billion (US$611) of outstanding loans to Alfa Bank, comprising of a RUB 30 billion loan (US$407) originally maturing in March 2025 and a RUB 15 billion (US$204) loan originally maturing in March 2026. Sberbank loans repayment In December 2021, VEON Holdings B.V. repaid RUB 45 billion (US$612) of outstanding loans to Sberbank, comprising of a RUB 15 billion (US$204) loan originally maturing in June 2023 and a RUB 30 billion (US$408) loan originally maturing in June 2024. FINANCING ACTIVITIES IN 2020 Optional early redemption of US$600 million 3.95% Senior notes due June 2021 In December 2020, VEON Holdings B.V. completed optional early redemption of all of its outstanding US$600 3.95% Senior Notes due June 2021, pursuant to Condition 5.3 of the 2021 Notes. The Notes were redeemed in full at a redemption price equal to 101.00% of the principal amount thereof, plus accrued and unpaid interest and additional amounts due thereon. Financing activities in Ukraine In December 2020, VEON's operating company in Ukraine, Kyivstar, signed three bilateral unsecured loan agreements with Raiffeisen Bank Aval Joint Stock Company (“Raiffeisen”), Joint Stock Company Alfa Bank (“Alfa Bank”) and Joint Stock Company OTP Bank ( “OTP” ), for an aggregate amount of UAH4.1 billion (US$146). The loan agreement with Raiffeisen has a 5-year term with a fixed interest rate of 11.00%, and the loan agreements with Alfa Bank and OTP each have a 3-year term with a floating rate equal to NBU Key Rate + 3.00% and a fixed interest rate of 10.15% respectively. Exercise of 15% PMCL put option In September 2020, the Dhabi Group exercised its put option to sell us its 15% shareholding in PMCL, the Company’s subsidiary in Pakistan. VEON updated the fair value of its put option liability following the completion of an independent valuation process which determined a fair value for the shareholding of US$273, resulting in a gain of US$59 recorded in ‘Finance costs’ within the Consolidated Income Statement. During 2021, the transaction was completed and VEON indirectly owns 100% of PMCL. Global Medium Term Note Programme In April 2020, VEON Holdings B.V. established a Global Medium Term Note Programme for the issuance of bonds (the "GMTN Programme"), with a programme limit of US$6,500, or the equivalent thereof in other currencies. In June, September and November 2020, VEON Holdings B.V. issued senior unsecured notes of RUB20 billion (US$288), RUB10 billion (US$135) and US$1.25 billion, respectively, under the GMTN Programme, maturing in June 2025, September 2025 and November 2027. Refinancing of loan agreement with VTB In July 2020, VEON Holdings B.V. successfully refinanced its existing RUB30 billion (US$422), bilateral term loan agreement with VTB Bank. This refinancing extended the final maturity of the existing loan between VTB Bank and VEON Holdings B.V. to July 2025 and amended the interest cost from a fixed rate of 8.75% to floating rate equal to CBR Key Rate + 1.85 %. Refinancing of loan agreement with Sberbank In June 2020, VEON Holdings B.V. entered into a new RUB bilateral term loan agreement with Sberbank. The agreement comprises four facilities for a total amount of RUB100 billion (US$1,450) with final maturity dates ranging between two In July 2020, VEON drew down the remaining RUB12.5 billion available under the facility agreement. Subsequently, in September 2020, VEON repaid one of the facilities of RUB20 billion, originally maturing in June 2022, in full with no fees. The repaid facility cannot be re-borrowed. Contingent consideration In 2015, International Wireless Communications Pakistan Limited and Pakistan Mobile Communications Ltd (“PMCL”), each indirect subsidiaries of the Company, signed an agreement with Warid Telecom Pakistan LLC and Bank Alfalah Limited, to combine their operations in Pakistan. In July 2016, the transaction was closed and PMCL acquired 100% of the voting shares in Warid Telecom (Pvt) Limited (“Warid”) for a consideration of 15% of the shares in PMCL. As a result, VEON gained control over Warid. As part of the share purchase agreement, an earn-out payment was agreed in the event that a tower transaction is effected by PMCL within four years from the acquisition date. The earn-out would also apply if another telecommunications operator in Pakistan effects a tower transaction, provided the transaction meets certain parameters, in the same timeframe. The contingent consideration would be settled with a transfer of PMCL shares. As of June 2020, the probability of completion of a tower deal in Pakistan prior to the relevant deadline, upon which contingent consideration would be paid, became remote. As a result, the fair value of Contingent consideration was revised downwards to zero, with a corresponding gain of US$41 recognized in the consolidated income statement. Extension and extinguishment of Banglalink syndicated loan In April 2020, Banglalink Digital Communications Limited, a wholly-owned subsidiary, extended the maturity of its US$300 syndicated loan by an additional two years to 2022. Following this extension, VEON Digital Amsterdam B.V., the Company's wholly-owned subsidiary, acquired the loan from the original lenders, leading to extinguishment of this financial liability within VEON's consolidated financial statements. No material transactional costs were incurred. Drawdowns under the Revolving Credit Facility In March 2020, VEON Holdings B.V. executed two drawdowns under its existing revolving credit facility for an aggregate amount of US$600. All outstanding drawdowns under this facility were fully repaid during June 2020 (US$100) and July 2020 (US$500). Refinancing of RUB debt - AO "Alfa Bank" In March 2020, VEON Holdings B.V. amended and restated the existing facility with AO "Alfa Bank", increasing its size and utilization from RUB17.5 billion to RUB30 billion (US$165). Following this amendment and restatement, the final maturity of this facility were set to March 2025. GTH bonds prepayment In February 2020, GTH Finance B.V., the Company’s subsidiary, repaid at par the US$500 6.25% bonds, originally maturing in April 2020. US$300 tap issuance of existing senior notes In January 2020, VEON Holdings B.V., issued US$300 in senior unsecured notes due 2025, which are consolidated and form a single series with the US$700 4.00% senior notes due in 2025 issued by VEON Holdings B.V. in October 2019. VEON used the net proceeds of the tap issuance to refinance certain existing outstanding debt. FAIR VALUES As of December 31, 2022, the carrying amounts of all financial assets and liabilities are equal to or approximate their respective fair values as shown in the table at the beginning of this note, with the exception of: • 'Bank loans and bonds, including interest accrued', for which the fair value is equal to US$5,847 (2021: US$7,709); and • 'Lease liabilities', for which fair value has not been determined. As of December 31, 2022 and December 31, 2021, all of the Group's financial instruments carried at fair value in the statement of financial position were measured based on Level 2 inputs, except for the Contingent consideration, for which fair value is classified as Level 3. All movements in Contingent consideration in the years ended December 31, 2022 and 2021 relate to changes in fair value, which are unrealized, and are recorded in “Other non-operating gain / (loss)” within the consolidated income statement. Fair values are estimated based on quoted market prices for our bonds, derived from market prices or by discounting contractual cash flows at the rate applicable for the instruments with similar maturity and risk profile. Observable inputs (Level 2) used in valuation techniques include interbank interest rates, bond yields, swap curves, basis swap spreads, foreign exchange rates and credit default spreads. On a quarterly basis, the Company reviews if there are any indicators for a possible transfer between fair value hierarchy levels. This depends on how the Company is able to obtain the underlying input parameters when assessing the fair valuations. During the years ended December 31, 2022 and 2021, there were no transfers between Level 1, Level 2 and Level 3 fair value measurements with the exception of our RUB denominated bonds for which quoted market prices were not available due to the ongoing conflict between Russia and Ukraine. The fair value of such bonds was calculated based on Level 3 inputs as compared to Level 1 inputs in 2021. HEDGE ACCOUNTING The following table sets out the Company’s hedging instruments designated as net investment hedges as of December 31: Hedging instruments * Designated rate Excluded component Hedged Currency Aggregated designated nominal value of hedged items, million 2022 2021 Foreign currency forward contracts Forward foreign currency basis spread PJSC VimpelCom RUB — 6,986 ** * Refer to the Debt and Derivatives section above in this Note for information regarding the carrying amounts of the hedging instruments. ** Hedging instruments had a weighted average term to maturity of less than 1 year as of December 31, 2021. There is an economic relationship between the hedged net investments and the hedging instruments due to the translation risk inherent in the hedged items that matches the foreign exchange risk of the hedging instruments. The hedge ratio for each of the above relationships was set at 1:1 as the underlying risk of the hedging instruments is identical to the hedged risk and the nominal value of hedging instruments has not exceeded the amounts of respective net investments. Hedge ineffectiveness might arise from: • the value of a net investment falling below the related designated nominal value of the hedging instrument, or • counterparties’ credit risk impacting the hedging instrument but not the hedged net investment. During the periods covered by these consolidated financial statements, the amount of ineffectiveness was immaterial. Impact of hedge accounting on equity The below table sets out the reconciliation of each component of equity and the analysis of other comprehensive income (all of which are attributable to the equity owners of the parent): Foreign currency translation reserve Cost of hedging reserve ** As of January 1, 2021 (8,775) 1 Foreign currency revaluation of the foreign operations and other (140) — Effective portion of foreign currency revaluation of the hedging instruments * (18) — Change in fair value of foreign currency basis spreads — 2 Amortization of time-period related foreign currency basis spreads — (3) As of December 31, 2021 (8,933) — Foreign currency revaluation of the foreign operations 125 — Effective portion of foreign currency revaluation of the hedging instruments * — — Change in fair value of foreign currency basis spreads — — Amortization of time-period related foreign currency basis spreads — — Other movements in foreign currency translation reserve — — As of December 31, 2022 (8,808) — * Amounts represent the changes in fair value of the hedging instruments and closely approximate the changes in value of the hedged items used to recognize hedge ineffectiveness. ** Movements in the cost of hedging reserve are included within "Other" in respective section of statement of other comprehensive income. ACCOUNTING POLICIES AND SOURCES OF ESTIMATION UNCERTAINTY Put options over non-controlling interest Put options over non-controlling interest of a subsidiary are accounted for as financial liabilities in the Company’s consolidated financial statements. The put-option redemption liability is measured at the discounted redemption amount. Interest over the put-option redemption liability will accrue in line with the effective interest rate method, until the options have been exercised or are expired. Derivative contracts VEON enters into derivative contracts, including swaps and forward contracts, to manage certain foreign currency and interest rate exposures. Any derivative instruments for which no hedge accounting is applied are recorded at fair value with any fair value changes recognized directly in profit or loss. Although some of the derivatives entered into by the Company have not been designated in hedge accounting relationships, they act as economic hedges and offset the underlying transactions when they occur. Hedges of a net investment The Company applies net investment hedge accounting to mitigate foreign currency translation risk related to the Company’s investments in foreign operations. The portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognized in other comprehensive income within the “Foreign currency translation” line item. Where the hedging instrument’s foreign currency retranslation is greater (in absolute terms) than that of the hedged item, the excess amount is recorded in profit or loss as ineffectiveness. The gain or loss on the hedging instrument relating to the effective portion of the hedge that has been recognized in other comprehensive income shall be reclassified from equity to profit or loss as a reclassification adjustment on the disposal or partial disposal of the foreign operation. Cash flows arising from derivative instruments for which hedge accounting is applied are reported in the statement of cash flows within the line item where the underlying cash flows of the hedged item are recorded. Fair value of financial instruments All financial assets and liabilities are measured at amortized cost, except those which are measured at fair value as presented within this Note. Where the fair value of financial assets and liabilities recorded in the statement of financial position cannot be derived from active markets, their fair value is determined using valuation techniques, including discounted cash flows models. The inputs to these models are taken from observable markets, but when this is not possible, a degree of judgment is required in establishing fair values. The judgments include considerations regarding inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. Measurement of lease liabilities Lease liabilities are measured upon initial recognition at the present value of the future lease and related fixed services payments over the lease term, discounted with the country specific incremental borrowing rate as the rate implicit in the lease is generally not available. Subsequently lease liabilities are measured at amortized cost using the effective interest rate method. A significant portion of the lease contracts included within Company’s lease portfolio includes lease contracts which are extendable through mutual agreement between VEON and the lessor, or lease contracts which are cancellable by the Company immediately or on short notice. The Company includes these cancellable future lease periods within the assessed lease term, which increases the future lease payments used in determining the lease liability upon initial recognition, except when it is not reasonably certain at the commencement of the lease that these will be exercised.

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	12 Months Ended
	Dec. 31, 2022
Cash and cash equivalents [abstract]
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS Cash and cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. Cash and cash equivalents are comprised of cash at bank and on hand and highly liquid investments that are readily convertible to known amounts of cash, are subject to only an insignificant risk of changes in value and have an original maturity of less than three months. Cash and cash equivalents consisted of the following items as of December 31: 2022 2021 Cash and cash equivalents at banks and on hand 928 1,485 Cash equivalents with original maturity of less than three months 2,179 767 Cash and cash equivalents* 3,107 2,252 Less overdrafts — (13) Cash and cash equivalents, net of overdrafts, as presented in the consolidated statement of cash flows 3,107 2,239 * Cash and cash equivalents include an amount of US$67 relating to banking operations in Pakistan. Cash at banks earns interest at floating rates based on bank deposit rates. Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Company, and earn interest at the respective short-term deposit rates. The imposition of currency exchange controls or other similar restrictions on currency convertibility in the countries in which VEON operates could limit VEON’s ability to convert local currencies or repatriate local cash in a timely manner or at all, as well as remit dividends from the respective countries. As of December 31, 2021 US$71 was considered restricted and included in cash and cash equivalent balances and as of December 31, 2022, US$125 of cash at the level of Ukraine was subject to currency restrictions that limited ability to upstream the cash or make certain payments outside the country, but these balances are otherwise freely available to the Ukrainian operations. Cash balances include investments in money market funds of US$1,950 (2021: US$397), which are carried at fair value through profit or loss with gains presented within ‘Other non-operating gain / (loss)’ within the consolidated income statement. 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 debt and derivatives 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. Refer to Note 24 for further discussion on the Company’s liquidity position.

FINANCIAL RISK MANAGEMENT

FINANCIAL RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2022
Disclosure of risk management strategy related to hedge accounting [abstract]
FINANCIAL RISK MANAGEMENT	FINANCIAL RISK MANAGEMENT The Group’s principal financial liabilities consist of loans and borrowings and trade and other payables. The main purpose of these financial liabilities is to finance the Group’s operations. The Group has trade and other receivables, cash and short-term deposits that are derived directly from its operations. The Group is exposed to market risk, credit risk and liquidity risk. The Company’s Board of Directors manages these risks with support of the treasury function, who proposes the appropriate financial risk governance framework for the Group, identifies and measures financial risks and suggests mitigating actions. The Company’s Board of Directors, supported by its Finance Committee, approves the financial risk management framework and oversees its enforcement. INTEREST RATE RISK The Company is exposed to the risk of changes in market interest rates primarily due to its long-term debt obligations. The Company manages its interest rate risk exposure through a portfolio of fixed and variable rate borrowings. As of December 31, 2022, approximately 72% of the Company’s borrowings are at a fixed rate of interest (2021: 75%). The Group is exposed to possible changes in interest rates on variable interest loans and borrowings, partially mitigated through cash and cash equivalents and current deposits. With all other variables held constant, the Company’s profit before tax is affected through changes in the floating rate of borrowings while the Company’s equity is affected through the impact of a parallel shift of the yield curve on the fair value of hedging derivatives. An increase or decrease of 100 basis points in interest rates would have an immaterial impact on the Company’s income statement and other comprehensive income. FOREIGN CURRENCY RISK The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the debt denominated in currencies other than the functional currency of the relevant entity, the Company’s operating activities (predominantly capital expenditures at subsidiary level denominated in a different currency from the subsidiary’s functional currency) and the Company’s net investments in foreign subsidiaries. The Company manages its foreign currency risk by selectively hedging committed exposures. The Company 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. During the periods covered by these financial statements, the Company used foreign exchange forwards to mitigate foreign currency risk. Foreign currency sensitivity The following table demonstrates the sensitivity to a possible change in exchange rates against the U.S. dollar with all other variables held constant. Additional sensitivity changes to the indicated currencies are expected to be approximately proportionate. The table shows the effect on the Company’s profit before tax (due to changes in the value of monetary assets and liabilities, including foreign currency derivatives) and equity (due to application of hedge accounting or existence of quasi equity loans). The Company’s exposure to foreign currency changes for all other currencies is not material. Effect on profit / (loss) before tax Effect on other comprehensive income Change in foreign exchange rate against US$ 10% depreciation 10% appreciation 10% depreciation 10% appreciation 2022 Russian Ruble (5) 6 — — Bangladeshi Taka (34) 37 — — Pakistani Rupee (15) 17 — — Ukrainian Hryvnia (1) 1 — — Other currencies (net) (1) 1 — — 2021 Russian Ruble 18 (25) 9 (10) Bangladeshi Taka (30) 33 — — Pakistani Rupee (3) 4 — — Georgian Lari (37) 41 — — Ukrainian Hryvnia (1) 1 — — Other currencies (net) (6) 6 — — CREDIT RISK The Company is exposed to credit risk from its operating activities (primarily from trade receivables), and from its treasury activities, including deposits with banks and financial institutions, derivative financial instruments and other financial instruments. See Note 17 for further information on restrictions on cash balances. Trade receivables consist of amounts due from customers for airtime usage and amounts due from dealers and customers for equipment sales. VEON’s credit risk arising from the services the Company provides to customers is mitigated to a large extent due to the majority of its active customers being subscribed to a prepaid service as of December 31, 2022 and 2021, and accordingly not giving rise to credit risk. For postpaid services, in certain circumstances, VEON requires deposits as collateral for airtime usage. Equipment sales are typically paid in advance of delivery, except for equipment sold to dealers on credit terms. VEON’s credit risk arising from its trade receivables from dealers is mitigated due to the risk being spread across a large number of dealers. Management periodically reviews the history of payments and credit worthiness of the dealers. The Company also has receivables from other local and international operators from interconnect and roaming services provided to their customers, as well as receivables from customers using fixed-line services, such as business services, wholesale services and services to residents. Receivables from other operators for roaming services are settled through clearing houses, which helps to mitigate credit risk in this regard. VEON holds available cash in bank accounts, as well as other financial assets with financial institutions in countries where it operates. To manage credit risk associated with such asset holdings, VEON allocates its available cash to a variety of local banks and local affiliates of international banks within the limits set forth by its treasury policy. Management periodically reviews the creditworthiness of the banks with which it holds assets. In respect of financial instruments used by the Company’s treasury function, the aggregate credit risk the Group may have with one counterparty is managed by reference to, amongst others, the long-term credit ratings assigned for that counterparty by Moody’s, Fitch Ratings and Standard & Poor’s and CDS spreads of that counterparty. The limits are set to minimize the concentration of risks and therefore mitigate financial loss through potential counterparty’s failure. Refer to Note 24 for further details on the Company’s liquidity position. Value Added Tax ( “VAT” ) is recoverable from tax authorities by offsetting it against VAT payable to the tax authorities on VEON’s revenue or direct cash receipts from the tax authorities. Management periodically reviews the recoverability of the balance of input value added tax and believes it is fully recoverable. VEON issues advances to a variety of its vendors of property and equipment for its network development. The contractual arrangements with the most significant vendors provide for equipment financing in respect of certain deliveries of equipment. VEON periodically reviews the financial position of vendors and their compliance with the contract terms. The Company’s maximum exposure to credit risk for the components of the statement of financial position at December 31, 2022 and 2021 is the carrying amount as illustrated in Note 5 , Note 16 , Note 17 and within this Note 18 . LIQUIDITY RISK The Company monitors its risk to a shortage of funds using a recurring liquidity planning tool. The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of bonds, bank overdrafts, bank loans and lease contracts. The Company’s policy is to create a balanced debt maturity profile. As of December 31, 2022, 37% of the Company’s debt (2021: 7%) will mature in less than one year based on the carrying value of bank loans, bonds and other borrowings reflected in the financial statements. The Company has sufficient HQ liquidity to meets its HQ maturities and local market access to address local maturities and on that basis. The Company has taken this into considerations when it assessed the concentration of risk with respect to refinancing its debt and concluded it to be low except for the additional risks identified in Note 24 . Available facilities The Company had the following available facilities as of December 31: Amounts in millions of transactional currency US$ equivalent amounts Final availability period Facility amount Utilized Available Facility amount Utilized Available 2022 PMCL - Term Facility Apr 2023 PKR 40,000 PKR 30,000 PKR 10,000 176 132 44 Amounts in millions of transactional currency US$ equivalent amounts Final availability period Facility amount Utilized Available Facility amount Utilized Available 2021 VEON Holdings B.V. – Revolving Credit Facility* Feb 2024 US$1,250 — US$1,250 1,250 — 1,250 PMCL - Term Facility Jun 2022 PKR 50,000 PKR 10,000 PKR 40,000 283 57 226 TNS -Plus LLC - Term Facilities Oct 2023 KZT 4,000 KZT 2,783 KZT 1,217 9 6 3 *During 2022 Revolving credit facility amount reduced to US$1,055. Maturity profile The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments. Payments related to variable interest rate financial liabilities and derivatives are included based on the interest rates and foreign currency exchange rates applicable as of December 31, 2022 and 2021, respectively. The total amounts in the table differ from the carrying amounts as stated in Note 16 as the below table includes both undiscounted principal amounts and interest while the carrying amounts are measured using the effective interest rate method. Less than 1 year 1-3 years 3-5 years More than 5 years Total As of December 31, 2022 Bank loans and bonds 2,796 2,671 2,013 351 7,831 Lease liabilities 95 423 327 402 1,247 Derivative financial liabilities Gross cash inflows — — — — — Gross cash outflows — — — — — Trade and other payables 1,087 — — — 1,087 Other financial liabilities 176 322 142 52 692 Total financial liabilities 4,154 3,416 2,482 805 10,857 Related derivatives financial assets Gross cash inflows — — — — — Gross cash outflows — — — — — Related derivative financial assets — — — — — Total financial liabilities, net of derivative assets 4,154 3,416 2,482 805 10,857 Less than 1 year 1-3 years 3-5 years More than 5 years Total As of December 31, 2021 Bank loans and bonds 1,050 3,200 3,652 1,393 9,295 Lease liabilities 545 1,111 763 751 3,170 Derivative financial liabilities Gross cash inflows — — — — — Gross cash outflows 8 — — — 8 Trade and other payables 2,031 — — — 2,031 Other financial liabilities 120 144 21 15 300 Put option liability over non-controlling interest 16 — — — 16 Total financial liabilities 3,770 4,455 4,436 2,159 14,820 Related derivatives financial assets Gross cash inflows — — — — — Gross cash outflows — — — — — Related derivative financial assets — — — — — Total financial liabilities, net of derivative assets 3,770 4,455 4,436 2,159 14,820 CAPITAL MANAGEMENT The primary objective of the Company’s capital management is to ensure that it maintains healthy capital ratios, so as to help facilitate access to debt and capital markets and maximize shareholder value. The Company manages its capital structure and makes adjustments to it in light of changes in economic or political conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. In September 2019, VEON announced a dividend policy that targets paying at least 50% of prior year Equity Free Cash Flow after licenses so long as the Company’s Net Debt to Adjusted EBITDA ratio would remain below 2.4x. See the paragraph below for more information on how the Company’s Net Debt to Adjusted EBITDA ratio is calculated. Dividend payments remain subject to the review by the Company’s Board of Directors of medium-term investment opportunities and the Company’s capital structure. For the years ended December 31, 2022, 2021 and 2020, we did not pay a dividend. There were no changes made in the Company’s objectives, policies or processes for managing capital during 2022, however as a result of the unstable environment we put more emphasis on safeguarding liquidity and also counterparty risk management in light of the high cash balances. Despite the resilient performance of its underlying operating companies, the Company’s ability to upstream cash for debt service has been impaired by currency and capital controls in two of its major markets, Ukraine and Russia, and due to other geopolitical and foreign exchange pressures effecting emerging markets more generally. Furthermore, the ongoing conflict between Russia and Ukraine and the developments since February 2022 with respect to sanctions laws and regulations have resulted in unprecedented challenges for the Company, limiting access to the international debt capital markets in which the Company has traditionally refinanced maturing debt, which has hampered its ability to refinance its indebtedness. The Company has entered into an agreement to sell its Russian Operations and implemented the Scheme to manage certain of its indebtedness and to help address the unprecedented challenges the Group faced in 2022 in relation to its capital management. The Net Debt to Adjusted EBITDA ratio is an important measure used by the Company to assess its capital structure. Net Debt represents the principal amount of interest-bearing debt less cash and cash equivalents and bank deposits. Adjusted EBITDA is defined as last 12 months earnings before interest, tax, depreciation, amortization and impairment, loss on disposals of non-current assets, other non-operating losses and share of profit / (loss) of joint ventures. For reconciliation of ‘Profit / (loss) before tax from continuing operations’ to ‘Adjusted EBITDA,’ refer to Note 2 . Further, this ratio is included as a financial covenant in the credit facilities of the Company. For our RCF facility the Net Debt to Adjusted EBITDA ratio is calculated at consolidated level of VEON Ltd. and is “pro-forma” adjusted for acquisitions and divestment of any business bought or sold during the relevant period. Under these credit facilities, the Company is required to maintain the Net Debt to Adjusted EBITDA ratio at or below 3.75x (on the basis of the so called "GAAP freeze" principle). The Company has not breached any financial covenants during the period covered by these financial statements.

ISSUED CAPITAL AND RESERVES

ISSUED CAPITAL AND RESERVES	12 Months Ended
	Dec. 31, 2022
ISSUED CAPITAL AND RESERVES
ISSUED CAPITAL AND RESERVES	ISSUED CAPITAL AND RESERVES The following table details the common shares of the Company as of December 31: 2022 2021 Authorized common shares (nominal value of US$0.001 per share) 1,849,190,667 1,849,190,667 Issued shares, including 3,374,459 (2021: 7,603,731) shares held by a subsidiary of the Company* 1,756,731,135 1,756,731,135 *Refer to Note 22 for further details. 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. All issued shares are fully paid-up. As of December 31, 2022, the Company’s largest shareholders and remaining free float are as follows: Shareholder Number of common shares % of common and voting shares L1T VIP Holdings S.à r.l. (“LetterOne”) 840,625,001 47.9 % Stichting Administratiekantoor Mobile Telecommunications Investor * 145,947,562 8.3 % Exor N.V. 131,068,288 7.5 % Free Float, including 3,374,459 shares held by a subsidiary of the Company 639,090,284 36.4 % Total outstanding common shares 1,756,731,135 100.0 % * LetterOne is the holder of the depositary receipts issued by Stichting and is therefore entitled to the economic benefits (dividend payments, other distributions and sale proceeds) of such depositary receipts and, indirectly, of the 145,947,562 common shares represented by the depositary receipts. According to the conditions of administration entered into between Stichting and LetterOne ( “Conditions of Administration” ) in connection with the transfer of 145,947,562 ADSs from LetterOne to Stichting on March 29, 2016, Stichting has the power to vote and direct the voting of, and the power to dispose and direct the disposition of, the ADSs, in its sole discretion, in accordance with the Conditions of Administration and Stichting’s articles of association. Nature and purpose of reserves Other capital reserves are mainly used to recognize the results of transactions that do not result in a change of control with non-controlling interest (see Note 14 ). The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries, net of any related hedging activities (see Note 16

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2022
Earnings per share [abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Earnings per common share for all periods presented has been determined by dividing profit available to common shareholders by the weighted average number of common shares outstanding during the period. The following table sets forth the computation of basic and diluted earnings per share for continuing operations, for the years ended December 31: Continuing operations 2022 2021 2020 (In millions of U.S. dollars, except per share amounts) Numerator: Profit / (loss) for the period attributable to the owners of the parent 656 75 102 Denominator: Weighted average common shares outstanding for basic earnings per share (in millions) 1,753 1,753 1,753 Denominator for diluted earnings per share (in millions) 1,761 1,761 1,761 Basic earnings / (loss) per share * $0.37 $0.04 $0.06 Diluted earnings / (loss) per share * $0.37 $0.04 $0.06 *In accordance with IAS 33, Earnings per Share, the shares vested on December 31, 2022 and subsequently issued after the reporting period date have been included in the Earnings per Share calculation. The following table sets forth the computation of basic and diluted earnings per share for discontinued operations, for the years ended December 31: Discontinued operations 2022 2021 2020 (In millions of U.S. dollars, except per share amounts) Numerator: Profit / (loss) for the period attributable to the owners of the parent (818) 599 (451) Denominator: Weighted average common shares outstanding for basic earnings per share (in millions) 1,753 1,753 1,753 Denominator for diluted earnings per share (in millions) 1,761 1,761 1,761 Basic earnings / (loss) per share * ($0.46) $0.34 ($0.26) Diluted earnings / (loss) per share * ($0.46) $0.34 ($0.26) *In accordance with IAS 33, Earnings per Share, the shares vested on December 31, 2022 and subsequently issued after the reporting period date have been included in the Earnings per Share calculation.

DIVIDENDS PAID AND PROPOSED

DIVIDENDS PAID AND PROPOSED	12 Months Ended
	Dec. 31, 2022
Dividends Paid And Proposed
DIVIDENDS PAID AND PROPOSED	DIVIDENDS PAID AND PROPOSED Pursuant to Bermuda law, VEON is restricted from declaring or paying a dividend if there are reasonable grounds for believing that (a) VEON is, or would after the payment be, unable to pay its liabilities as they become due, or (b) the realizable value of VEON assets would, as a result of the dividend, be less than the aggregate of VEON liabilities. There were no dividends declared by VEON in respect of the years 2022 and 2021. DIVIDENDS DECLARED TO NON-CONTROLLING INTERESTS During 2022, 2021 and 2020, certain subsidiaries of the Company declared dividends, of which a portion was paid or payable to non-controlling interests as shown in the table below: Name of subsidiary 2022 2021 2020 Omnium Telecom Algeria S.p.A — 44 45 VIP Kazakhstan Holding AG — 27 24 TNS Plus LLP 11 8 16 Other 3 10 2 Total dividends declared to non-controlling interests 14 89 87 In 2020, PMCL, a subsidiary of the Company, declared dividends to its shareholders, of which US$25 was declared to non-controlling shareholders of PMCL. Dividends declared to non-controlling interests of PMCL reduces the principal amount of the put-option liability over non-controlling interest on the date of declaration.

RELATED PARTIES

RELATED PARTIES	12 Months Ended
	Dec. 31, 2022
Disclosure of transactions between related parties [abstract]
RELATED PARTIES	RELATED PARTIES As of December 31, 2022, the Company has no ultimate controlling shareholder. See also Note 19 for details regarding ownership structure. COMPENSATION TO BOARD OF DIRECTORS AND SENIOR MANAGERS OF THE COMPANY The following table sets forth the total compensation to our Board of Directors, Group Chief Executive Officer, Group Chief Financial Officer and Group General Counsel, who are considered to be key management personnel of the Company, as defined by IAS 24, Related Party Disclosures , as well as other senior managers of the Company: 2022 2021 2020 Short-term employee benefits 21 39 35 Long-term employee benefits — — 1 Share-based payment* 9 9 — Termination benefits — 7 4 Total compensation to the Board of Directors and senior management** 30 55 40 *Share-based payment in 2022 and 2021 represent the expense under the Deferred Shares Plan, Short-Term Incentive Scheme (share awards), and Long-Term Incentive Plan, see further details below. ** The number of directors and senior managers vary from year to year. The group of individuals we consider to be senior managers has changed in recent years, including a determination that the chief executive officers of our operating companies should no longer be classified as senior managers. As a result, for 2022 reporting, we have changed the total compensation perimeter for the Board of Directors and senior managers to reflect this internal view. Total compensation paid to the Board of Directors and senior management approximates the amount charged in the consolidated income statement for that year with the exception of the share-based payment in 2022 and 2021. Under the Company’s bye-laws, the Board of Directors of the Company established a Compensation and Talent Committee, which has the overall responsibility for approving and evaluating the compensation and benefit plans, policies and programs of the Company’s directors, officers and employees and for supervising the administration of the Company’s equity incentive plans and other compensation and incentive programs. Compensation of Group Executive Committee The following table sets forth the total remuneration expense to the Group Executive Committee for the periods indicated (gross amounts in whole euro and whole US$ equivalents). For further details on compensation and changes to the Board of Directors and Group Executive Committee, please refer to the Explanatory notes below. In whole euros Kaan Terzioglu Serkan Okandan Victor Biryukov Omiyinka Doris Joop Brakenhoff Michael Schulz Dmitry Shvets Matthieu Galvani Alex Bolis Sergio Herrero Ursula Burns Murat Kirkgoz Alex Kazbegi Scott Dresser Group CEO** Group CFO** Group General Counsel** Acting Group General Counsel** Group Chief Internal Audit & Compliance Officer Group Chief People Officer Group Head of Portfolio Management Chief Corporate Affairs Officer Group Head of Corporate Development, Communications and Investor Relations Former Co-GCEO** Former Group CEO** Former Deputy Group CFO** Former Chief Strategy Officer Former Group General Counsel** 2022 Short-term employee benefits Base salary 1,323,000 1,296,000 645,865 77,583 540,000 565,000 647,070 150,000 187,500 — — — — — Annual incentive 1,035,891 712,800 343,556 52,644 297,000 310,750 350,585 83,178 204,555 — — — — — Other 205,350 1,806,342 814,770 11,550 542,362 500,205 693,232 — 366,168 — — — — — Long-term employee benefits — — — — — — — — — — — — — — Share-based payments 3,392,793 981,490 105,710 — 654,502 482,768 436,981 36,434 187,704 — — — — — Termination benefits — — — — — — — — — — — — — — Total remuneration expense * 5,957,034 4,796,632 1,909,901 141,777 2,033,864 1,858,723 2,127,868 269,612 945,927 — — — — — 2021 Short-term employee benefits Base salary 1,323,000 1,296,000 — — 540,000 237,741 365,854 — 272,448 628,199 — — 143,100 1,300,000 Annual incentive 1,695,094 1,192,320 — — 496,800 197,107 372,351 — 239,754 623,036 — — 128,437 1,300,000 Other 205,350 1,276,225 — — 96,600 27,862 11,271 — 77,000 5,512,172 — — 143,936 1,013,859 Long-term employee benefits 166,518 — — — — — — — — (144,764) — — — — Share-based payments 2,158,098 1,066,672 — — 467,471 469,127 491,760 — 330,726 (60,701) (103,954) (26,417) — 277,390 Termination benefits — — — — — — — — — 2,936,759 — — 579,675 2,625,000 Total remuneration expense * 5,548,060 4,831,217 — — 1,600,871 931,837 1,241,236 — 919,928 9,494,701 (103,954) (26,417) 995,148 6,516,249 * Total remuneration expense for 2022 excludes accrued payroll taxes of EUR0 million (US$0) (2021: EUR-3 million (US$-3) recorded in ‘Selling, general and administrative expenses’ incurred by the Company pertaining to payments made to Ursula Burns. ** Considered to be key management personnel as defined in IAS 24 Related Party Disclosures. In whole US dollars Kaan Terzioglu Serkan Okandan Victor Biryukov Omiyinka Doris Joop Brakenhoff Michael Schulz Dmitry Shvets Matthieu Galvani Alex Bolis Sergio Herrero Ursula Burns Murat Kirkgoz Alex Kazbegi Scott Dresser Group CEO** Group CFO** Group General Counsel** Acting Group General Counsel** Group Chief Internal Audit & Compliance Officer Group Chief People Officer Group Head of Portfolio Management Chief Corporate Affairs Officer Group Head of Corporate Development, Communications and Investor Relations Former Co-GCEO Former Group CEO** Former Deputy Group CFO** Former Chief Strategy Officer Former Group General Counsel** 2022 Short-term employee benefits Base salary 1,390,582 1,362,203 678,869 81,546 567,585 593,862 680,135 157,662 197,078 — — — — — Annual incentive 1,088,807 749,212 361,112 55,333 312,172 326,624 368,500 87,427 215,004 — — — — — Other 215,840 1,898,615 856,404 12,140 570,067 525,757 728,656 — 384,873 — — — — — Long-term employee benefits — — — — — — — — — — — — — — Share-based payments 3,566,105 1,031,627 111,111 — 687,936 507,429 459,310 38,296 197,292 — — — — — Termination benefits — — — — — — — — — — — — — — Total remuneration expense * 6,261,334 5,041,657 2,007,496 149,019 2,137,760 1,953,672 2,236,601 283,385 994,247 — — — — — 2021 Short-term employee benefits Base salary 1,564,015 1,532,096 — — 638,373 281,051 433,078 — 322,081 742,676 — — 169,169 1,536,825 Annual incentive 2,003,894 1,409,528 — — 587,303 233,014 440,768 — 283,431 736,572 — — 151,835 1,536,825 Other 242,759 1,508,718 — — 114,198 32,938 13,342 — 91,027 6,516,660 — — 170,158 1,198,557 Long-term employee benefits 196,853 — — — — — — — — (171,144) — — — — Share-based payments 2,551,245 1,260,991 — — 552,631 554,589 582,119 — 390,975 (71,763) (122,891) (31,230) — 327,923 Termination benefits — — — — — — — — — 3,471,927 — — 685,276 3,103,204 Total remuneration expense * 6,558,766 5,711,333 — — 1,892,505 1,101,592 1,469,307 — 1,087,514 11,224,928 (122,891) (31,230) 1,176,438 7,703,333 * Total remuneration expense for 2022 excludes accrued payroll taxes of EUR0 million (US$0) (2021: EUR-3 million (US$-3) recorded in ‘Selling, general and administrative expenses’ incurred by the Company pertaining to payments made to Ursula Burns. ** Considered to be key management personnel as defined in IAS 24 Related Party Disclosures. Explanatory notes Base salary includes any holiday allowances and acting allowances in cash pursuant to the terms of an individual’s employment agreement. Annual incentive expense includes amounts accrued under the cash portion of the short-term incentive in respect of performance during the current year, as well as any special recognition, performance and/or transaction bonuses. Other short-term employee benefits include certain allowances (for example, pension allowance, car allowance, etc.), special awards, and support (for example, relocation support). Share-based payment expense relates to amounts related to the share portion of the short-term incentive scheme, long-term incentive scheme and the deferred shared plan, see below for further details. Changes in Group Executive Committee Ursula Burns stepped down as Group CEO with effect from March 1, 2020. Sergi Herrero and Kaan Terzioğlu were appointed as Group Co-CEOs with effective from March 1, 2020, having previously served as Joint Group COOs since September 2, 2019 and November 1, 2019, respectively. Sergi Herrero stepped down from the role of Group Co-CEO on June 30, 2021 and Kaan Terzioğlu has continued his role as Group CEO. On May 1, 2020, Serkan Okandan joined VEON as Group CFO. Trond Westlie stepped down from the role of Group CFO on September 30, 2019 and Murat Kirkgoz served as Deputy Group CFO from August 1, 2019 to April 30, 2020. Alex Kazbegi stepped down from the role of Group Chief Strategy Officer on March 31, 2021 and Scott Dresser stepped down from the role of Group General Counsel on December 31, 2021. In addition, Joop Brakenhoff was appointed Group Chief Internal Audit & Compliance Officer, effective July 1, 2020, Alex Bolis was appointed Group Head of Corporate Strategy, Communications and Investor Relations, effective April 1, 2021, Dmitry Shvets was appointed Group Head of Portfolio and Performance Management, effective April 15, 2021, and Michael Schulz was appointed Group Chief People Officer, effective July 1, 2021. On January 1, 2022, Victor Biryukov was appointed Group General Counsel. On November 1, 2022, Mr. Biryukov was appointed in a special capacity to manage the sale of the Russian operations. On June 30, 2022, Alex Bolis stepped down from the role of Group Head of Corporate Development, Communications and Investor Relations. On October 1, 2022, Matthieu Galvani was appointed Chief Corporate Affairs Officer. On November 1, 2022, Omiyinka Doris was appointed Acting Group General Counsel. Compensation of Board of Directors The following table sets forth the total remuneration expense to the members of the Board of Directors for the periods indicated (gross amounts in whole euro and whole U.S. dollar equivalents). For details on changes in Board of Directors, please refer to explanations below. Retainer Committees Other compensation Total In whole euros 2022 2021 2022 2021 2022 2021 2022 2021 Hans-Holger Albrecht 483,078 487,500 190,558 136,458 1,184,142 1,098,610 1,857,778 1,722,568 Yaroslav Glazunov 281,250 75,000 80,000 — — — 361,250 75,000 Andrei Gusev 281,250 75,000 52,500 — 500,000 — 833,750 75,000 Gunnar Holt 625,000 350,000 68,750 150,000 — — 693,750 500,000 Irene Shvakman 350,000 195,115 55,000 27,874 — — 405,000 222,989 Vasily Sidorov 350,000 195,115 123,750 111,494 — — 473,750 306,609 Michiel Soeting 277,083 — 57,083 — — — 334,166 — Karen Linehan 342,289 — 53,899 — — — 396,188 — Augie Fabela 175,000 — 57,500 — — — 232,500 — Morten Lundal 175,000 — 42,500 — — — 217,500 — Stan Miller 175,000 — 30,000 — — — 205,000 — Mikhail Fridman 12,500 75,000 — — — — 12,500 75,000 Leonid Boguslavsky 175,000 335,417 12,500 23,958 — — 187,500 359,375 Gennady Gazin 387,500 842,708 62,500 57,292 1,566,303 1,971,749 2,016,303 2,871,749 Sergi Herrero 175,000 195,417 12,500 13,958 — — 187,500 209,375 Robert Jan van de Kraats 65,860 350,000 23,522 125,000 — — 89,382 475,000 Osama Bedier — 155,556 — 44,444 — — — 200,000 Peter Derby — 155,556 — 66,667 — — — 222,223 Amos Genish — 155,556 — 66,667 — — — 222,223 Steve Pusey — 189,583 — 53,125 — — — 242,708 Total compensation 4,330,810 3,832,523 922,562 876,937 3,250,445 3,070,359 8,503,817 7,779,819 Retainer Committees Other compensation Total In whole US dollars 2022 2021 2022 2021 2022 2021 2022 2021 Hans-Holger Albrecht 507,763 576,323 200,296 161,321 1,244,652 1,298,776 1,952,711 2,036,420 Yaroslav Glazunov 295,622 88,665 84,088 — — — 379,710 88,665 Andrei Gusev 295,622 88,665 55,183 — 525,550 — 876,355 88,665 Gunnar Holt 656,938 413,770 72,263 177,330 — — 729,201 591,100 Irene Shvakman 367,885 230,665 57,810 32,952 — — 425,695 263,617 Vasily Sidorov 367,885 230,665 130,074 131,808 — — 497,959 362,473 Michiel Soeting 291,242 — 60,000 — — — 351,242 — Karen Linehan 359,780 — 56,653 — — — 416,433 — Augie Fabela 183,943 — 60,438 — — — 244,381 — Morten Lundal 183,943 — 44,672 — — — 228,615 — Stan Miller 183,943 — 31,533 — — — 215,476 — Mikhail Fridman 13,139 88,665 — — — — 13,139 88,665 Leonid Boguslavsky 183,943 396,530 13,139 28,323 — — 197,082 424,853 Gennady Gazin 407,301 996,250 65,694 67,730 1,646,342 2,331,001 2,119,337 3,394,981 Sergi Herrero 183,943 231,022 13,139 16,502 — — 197,082 247,524 Robert Jan van de Kraats 69,226 413,770 24,723 147,775 — — 93,949 561,545 Osama Bedier — 183,898 — 52,542 — — — 236,440 Peter Derby — 183,898 — 78,813 — — — 262,711 Amos Genish — 183,898 — 78,813 — — — 262,711 Steve Pusey — 224,125 — 62,804 — — — 286,929 Total compensation 4,552,118 4,530,809 969,705 1,036,713 3,416,544 3,629,777 8,938,367 9,197,299 Explanatory notes In 2021, equity-settled awards were granted to Group Chairman Gennady Gazin (1,224,086) and Group Digital and Innovation Committee Chairman Hans-Holger Albrecht (1,360,095). The share awards vested on June 10, 2022 and the shares are subject to a holding period through to July 16, 2023. The fair value of these awards were determined using the Black-Scholes Model and an expense of US$2 was incurred as of December 31, 2022 (US$2 as of December 31, 2021), which is included in other compensation. Changes in Board of Directors Ursula Burns was appointed Group CEO and Chairman of the VEON Ltd. board of directors on December 12, 2018. Accordingly, her total compensation through December 31, 2022, has been included in the section “Compensation of Key Senior Managers” above, except for payments received in respect of her role on Board Committees. Ursula Burns stepped down as Group CEO on March 1, 2020, and later stepped down as Chairman on June 1, 2020. On June 10, 2021, VEON announced the results of the elections conducted at its Annual General Meeting of Shareholders. Shareholders elected three new members to the Company’s Board of Directors, Vasily Sidorov, Irene Shvakman and Sergi Herrero, as well as nine previously serving directors: Hans-Holger Albrecht, Leonid Boguslavsky, Mikhail Fridman, Gennady Gazin, Yaroslav Glazunov, Andrei Gusev, Gunnar Holt, Stephen Pusey and Robert Jan van de Kraats. Stephen Pusey stepped down as a director from the Company’s Board of Directors on July 15, 2021. 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 eleven 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. Short Term Incentive Scheme The Company’s Short Term Incentive ( “STI” ) Scheme was revised to a 50:50 shares:cash scheme effective for the year 2022. It provides cash pay-outs (50%) and share awards (50%) to participating employees based on the achievement of established KPIs over the period of one calendar year. KPIs are set every year at the beginning of the year and evaluated in the first quarter of the next year. The KPIs are partially based on the financial and operational results (such as total operating revenue, EBITDA and equity free cash flow) of the Company, or the affiliated entity employing the employee, and partially based on individual targets that are agreed upon with the participant at the start of the performance period based on his or her specific role and activities. The weight of each KPI is decided on an individual basis. The cash pay-out of the STI award is scheduled in March of the year following the assessment year and is subject to continued active employment during the year of assessment (except in limited “good leaver” circumstances in which case there is a pro-rata reduction) and is also subject to a pro-rata reduction if the participant commenced employment after the start of the year of assessment. The share awards is also scheduled to be granted in March of the year following the assessment year and subject to the same conditions. Both the cash pay-out of the STI award as well as any share wards granted are dependent upon final approval by the compensation and talent committee. The cash pay-out is accounted for in accordance with IAS 19, Employee Benefits , while the share award portion is accounted for in accordance with IFRS 2, Share-based payments . The cash bonuses are disclosed in the tables above, while the share-based compensation expense related to the STI is US$1 for the year ended December 31, 2022. Deferred Shares Plan In 2022, equity-settled awards granted to key senior managers and directors in 2021 under the 2021 Deferred Shares Plan (“ DSP ”) vested. Subsequently, 2,659,740 shares in the Company were transferred to key senior managers and directors from shares held by a subsidiary of the Company during the year ended December 31, 2022. In 2022, equity-settled awards were granted to the VEON Group Chief Executive, Kaan Terzioglu, under the 2021 DSP. A portion of the shares (1,569,531) granted vested immediately on the grant date and the remaining shares (3,662,240) will vest on September 1, 2023. Subsequent to the grant date, 1,569,531 shares in the Company were transferred to Mr. Terzioglu from shares held by a subsidiary of the Company during the year ended December 31, 2022. The fair value of the awards were determined using the Black-Scholes Model and an expense of US$1 was incurred as of December 31, 2022. In 2021, equity-settled awards were granted to certain key senior managers and directors under the 2021 DSP, which are subject to a two years vesting period from the grant date. The fair value of the awards were determined using the Black-Scholes Model and an expense of US$5 was incurred as of December 31, 2022 (US$5 as of December 31, 2021). Long Term Incentive Scheme In 2022, equity-settled awards were granted to certain key senior managers under the 2021 Long-Term Incentive Plan (“ LTIP ”), which are subject to a three years vesting period from the date of the grant as well as a performance condition related to Target Shareholder Return (“ TSR ”) in line with shareholder interests. It is not expected that the performance condition will be satisfied. The fair value of the awards were determined using the Black-Scholes Model with a Monte Carlo simulation was performed to determine the likelihood of the performance condition being satisfied. An expense of US$0 was incurred as of December 31, 2022. In 2022, cash-settled awards were granted to certain key senior managers under the 2021 LTIP, which are subject to a three TSR ”) in line with shareholder interests. It is not expected that the performance condition will be satisfied. The fair value of the awards were determined using the Black-Scholes Model and a Monte Carlo simulation was performed to determine the likelihood of the performance condition being satisfied. The liability was remeasured at the end of the reporting period and an expense of US$0 was incurred as of December 31, 2022. In 2021, equity-settled awards were granted to certain key senior managers under the 2021 LTIP, which are subject to a three years vesting period from the date of the grant. The fair value of the awards were determined using the Black-Scholes Model and an expense of US$1 was incurred as of December 31, 2022 (US$4 as of December 31, 2021). ACCOUNTING POLICIES Equity-settled share-based payments are measured at the grant date fair value, which is expensed over the vesting period, taking into account expected forfeitures and performance conditions, if any, with a corresponding increase in equity. Cash-settled share-based payments are measured at the grant date fair value and recorded as a liability. The Company remeasures the fair value of the liability at the end of each reporting period until the date of settlement, with any changes in fair value recognized in the income statement. Other short-term benefits not related to share-based payments are expensed in the period when services are received.

EVENTS AFTER THE REPORTING PERI

EVENTS AFTER THE REPORTING PERIOD	12 Months Ended
	Dec. 31, 2022
Disclosure of non-adjusting events after reporting period [abstract]
EVENTS AFTER THE REPORTING PERIOD	EVENTS AFTER THE REPORTING PERIOD VEON’s Scheme of creditors Following the announcement made by VEON on November 24, 2022 to launch a scheme of arrangement to extend the maturity of the 2023 Notes, on January 24, 2023, the Scheme Meeting was held and the amended Scheme issued on January 11, 2023, was approved by 97.59% of the Scheme creditors present and voting. On January 30, 2023, VEON announced that the Scheme Sanction Hearing had taken place, at which the Court made an order sanctioning the Scheme in respect of the Company’s 2023 Notes (the “Order”). On January 31, 2023, VEON confirmed that the Order had been delivered to the Registrar of Companies and became effective. The amendments to the 2023 Notes were subject to the receipt of relevant licenses to become effective, at which time the maturity dates of the February 2023 and April 2023 notes will be amended to October and December 2023, respectively. On April 3, 2023, VEON announced that each of the conditions has been satisfied in accordance with the terms of the Scheme, including receipt of all authorizations and/or licenses necessary to implement the amendments to the 2023 Notes (as set out in the Scheme). On April 4, 2023, the Scheme became effective. Pursuant to the amendments, Noteholders are entitled to payment of an amendment fee of 200bps payable on the 2023 Notes outstanding on their respective amended maturity dates and a put right will be granted requiring the Company to repurchase 2023 Notes held by 2023 Noteholders exercising such right, at a purchase price of 102% of the principal amount (“2023 Put Option”), together with accrued and unpaid interest. The 2023 Put Option closed on April 19, 2023 with holders of US$165 of the October 2023 Notes and holders of US$294 of the December 2023 Notes exercising the Put Option. On April 20, 2023, VEON announced that subject to the terms of the 2023 Put Option, the Issuer will pay to the Holders of Notes accepted for purchase the Repurchase Price for their Notes on April 26, 2023. For further details, refer to Note 24 . U.S. Treasury expands general license to include both VEON Ltd. and VEON Holdings B.V. On January 18, 2023, VEON announced that the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) replaced the General License 54 originally issued on November 18, 2022 with General License 54A to now include both VEON Ltd. and VEON Holdings B.V. (VEON Holdings). This general license authorizes all transactions ordinarily incident and necessary to the purchase and receipt of any debt or equity securities of VEON Ltd. or VEON Holdings B.V. that would otherwise be prohibited by section 1(a)(i) of Executive Order (E.O.) 14071. OFAC General License 54A applies to all debt and equity securities of VEON Ltd. or VEON Holdings B.V. that were issued before June 6, 2022, and confirms that the authorization applies not only to the purchase and receipt of debt and equity securities, but also to transactions ordinarily incident and necessary to facilitating, clearing, and settling of such transactions. This General License ensures that all market participants can trade the relevant securities with confidence that such trading is consistent with E.O. 14071, which targeted “new investment” in Russia. Update on sale of Russia operations On February 7, 2023, the Sub-Commission of the Government Commission for Control over Foreign Investments in the Russian Federation issued its approval of the proposed sale of VEON’s Russian operations to certain senior members of the management of PJSC VimpelCom (“VimpelCom”). On April 15, 2023, OFAC issued a license authorizing U.S. persons to engage in all transactions ordinarily incident and necessary to the divestment of VimpelCom.  In addition to this OFAC license, VEON has also determined that it has the requisite authorizations required by the UK and Bermudan authorities to proceed with the divestment of VimpelCom.  VEON does not believe that a license is required from the EU to execute the sale and is seeking a no-license-required confirmation from the relevant EU authorities. On May 30, 2023, VEON announced that it has submitted all necessary documentation to Euroclear, Clearstream and registrars for cancellation of VEON’s Eurobonds held by its subsidiary, PJSC VimpelCom. With this, the Company enters the final stages in the closing of the sale of VEON’s Russia operations, which was announced on November 24, 2022. According to the terms of the VEON Bonds (Notes), the registrar is required to cancel the VEON Bonds purchased by a subsidiary of VEON and surrendered to the registrar for cancellation. Purchase of VEON Group Debt As of June 30, 2023, VEON was informed that VimpelCom independently concluded the purchase of US$1,572 of VEON Holdings B.V. Notes in order to satisfy certain Russian regulatory obligations. These Notes were reclassified to intercompany debt with the equivalent reduction in gross debt for VEON Group. PJSC VimpelCom has funded the purchase primarily by issuing new notes of longer maturity. VEON US$1,250 multi-currency revolving credit facility agreement On April 20, 2023 and May 30, 2023, the outstanding amounts under RCF facility have been rolled-over until October, US$692 and November, US$363, 2023. Ukraine p repayment In April 2023, Kyivstar fully prepaid its external debt which included a UAH 1,400 million (US$38) loan with Raiffeisen Bank and UAH 760 million loan with OTP Bank (US$21). PMCL syndicated credit facility Pakistan Mobile Communication Limited ("PMCL") fully utilized the remaining PKR 10 billion (US$41) under existing 40 billion facility through drawdown in January and April 2023. VEON announced ratio change under its American Depositary Receipt (“ADR”) program On February 6, 2023, VEON announced that its Board of Directors approved a change of ratio in the Company’s ADR program, comprising a change in the ratio of American Depositary Shares (the “ADSs”) to VEON common shares (the “Shares”) from one (1) ADS representing one (1) Share, to one (1) ADS representing twenty-five (25) Shares (the “Ratio Change”). The effective date of the Ratio Change was March 8, 2023. On March 23, 2023, VEON was notified by Nasdaq that VEON has regained compliance with Listing Rule 5550(a)(2). For further details refer to Note 1 and Note 9 . VEON Management increases ownership On December 31, 2022, equity-settled awards granted to the Chief Internal Audit & Compliance Officer, Mr. Joop Brakenhoff, under the 2021 Deferred Share Plan vest. Subsequently, 52,543 shares in the Company were transferred to Mr. Brakenhoff from shares held by a subsidiary of the Company and 51,504 shares were withheld to cover local withholding tax. On April 14, 2023, VEON announced that equity-settled awards were grants to five members of VEON’s Group Executive Committee (GEC) under the STI Scheme (154,876 shares) and the LTIP (643,286 shares). On July 1, 2023, 1,395,358 common shares granted to current and former members of VEON’s GEC vested as part of the 2021 Deferred Shares Plan. As of July 24, 2023, VEON had initiated the transfer of 32,976 ADSs, representing 824,400 common shares, to the respective executives. On July 19, 2023, 10,444 ADSs, representing 261,100 common shares, were granted with immediate vesting to members of VEON’s GEC and 70,000 ADSs, representing 1,750,000 common shares, were granted with immediate vesting to current and former members of VEON’s Board. As of July 24, 2023, VEON had initiated the transfer of 70,444 ADSs, representing 1,761,100 common shares, to the respective executives and Board members. Additionally, as of July 24, 2023, VEON had initiated the transfer of 24,727 ADSs, representing 618,175 common shares, to a former Board member in relation to a grant of 1,224,086 common shares that vested in June 2022 but for which transfer was delayed. For each of the above transfers, a portion of the granted ADSs/common shares may have been withheld to cover tax obligations. Changes in Key Senior Managers On March 15, 2023, VEON announced the appointment of Joop Brakenhoff as Group Chief Financial Officer (CFO), effective from May 1, 2023. Mr. Brakenhoff will replace Serkan Okandan whose three-year contract as Group CFO expired at the end of April 2023. Mr. Okandan will continue to serve VEON as a special advisor to the Group CEO and CFO. On June 16, 2023, VEON announced that Omiyinka Doris has been appointed Group General Counsel in a permanent capacity, effective June 1, 2023, and will continue as a member of the GEC. On July 19, 2023, VEON announced that Group Head of Portfolio Management, Dmitry Shvets, Group Chief People Officer, Michael Schulz and Group Chief Corporate Affairs Officer, Matthieu Galvani will be stepping down from their executive roles effective October 1, 2023. Bangladesh Telecommunication Regulatory Commission (“BTRC”) regulatory audit report On June 26, 2023, the BTRC released its audit findings and issued a claim of BDT 8,231 million (approximately US$76 million) which includes BDT 4,307 million (approximately US$40 million) for interest. The Company is currently reviewing the findings and Banglalink may challenge certain proposed penalties and interest which may result in adjustments to the final amount to be paid by Banglalink. Should Banglalink and the BTRC not be able to reach a mutually agreed position concerning the audit findings, protracted litigation may result. The Company has accrued for amounts of the claim where it considers a cash outflow to be probable. Change in Board of Directors On June 29, 2023, at its Annual General Meeting, VEON shareholders approved the Board recommended slate of seven directors, including six directors currently serving on the Board – Augie Fabela, Yaroslav Glazunov, Andrei Gusev, Karen Linehan, Morten Lundal and Michiel Soeting – and Kaan Terzioğlu, the Chief Executive Officer (CEO) of the VEON Group. The Board elected Morten Lundal as the Chair in its first meeting following the AGM. Italy Tax Matter On July 17, 2023, VEON signed an agreement with the Italy Tax Authorities for the settlement of an ongoing tax claim dispute which was fully provided for as of December 31, 2022. Canadian Sanctions On July 20, 2023, Canada imposed sanctions on a number of Russian mobile operators, including PJSC VimpelCom. Refer to Note 24 for further details.

BASIS OF PREPARATION OF THE CON

BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS	12 Months Ended
	Dec. 31, 2022
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS	BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS BASIS OF PREPARATION These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ( “IFRS” ) as issued by the International Accounting Standards Board, effective at the time of preparing the consolidated financial statements and applied by VEON. The consolidated income statement has been presented based on the nature of the expense, other than ‘Selling, general and administrative expenses’, which has been presented based on the function of the expense. The consolidated financial statements have been prepared on a historical cost basis, unless otherwise disclosed. Certain comparative amounts have been reclassified. Specifically, the following December 31, 2021 balances were reclassified in the consolidated statement of financial position: • Short term investments for treasury bills shorter than three months maturity relating to micro finance bank operations of US$75 is now presented in cash and cash equivalents. Accordingly the cash flow movement of US$39 relating to treasury bills has also been presented as cash and cash equivalent. • Short term portion of license fee payable of US$31 is now presented as other financial liabilities within current debt and derivative liabilities. • Expected credit losses relating to other trade receivables of US$27 presented as other receivables, is now presented as expected credit losses trade and receivable. BASIS OF CONSOLIDATION The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Subsidiaries are all entities (including structured entities) over which the Company has control. Please refer to Note 14 for a list of significant subsidiaries. Intercompany transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the Group’s accounting policies. When the Group ceases to consolidate a subsidiary due to loss of control, the related subsidiary’s assets (including goodwill), liabilities, non-controlling interest and other components of equity are de-recognized. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. Any consideration received is recognized at fair value, and any investment retained is re-measured to its fair value, and this fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest. Any resultant gain or loss is recognized in the income statement. FOREIGN CURRENCY TRANSLATION The consolidated financial statements of the Group are presented in U.S. dollars. Each entity in the Group determines its own functional currency and amounts included in the financial statements of each entity are measured using that functional currency. Upon consolidation, the assets and liabilities measured in the functional currency are translated into U.S. dollars at exchange rates prevailing on the balance sheet date; whereas income and expenses are generally translated into U.S. dollars at historical monthly average exchange rates. Foreign currency translation adjustments resulting from the process of translating financial statements into U.S. dollars are reported in other comprehensive income and accumulated within a separate component of equity. RESTATEMENT OF 2022 CONSOLIDATED FINANCIAL STATEMENTS After the issuance of VEON Ltd.’s Dutch statutory financial statements for the year ended December 31, 2022 filed on June 25, 2023 and prior to the filing of VEON Ltd.’s Annual Report on Form 20-F for the same period, the Company discovered an error in the consolidated statement of comprehensive income with respect to the derecognition of non-controlling interest for the sale of its Algerian operations (refer to Note 10 for further details) which has been corrected in these financial statements. Under Dutch law, the Company determined the error does not result in financial statements that are seriously defective in providing a view that enables a sound judgment to be formed on assets, liabilities, equity and results of the Company and, insofar as the nature of financial statements permit, of its solvency and liquidity. In accordance with IFRS and Dutch law, the Company will correct and disclose the error retrospectively in its statutory accounts in its half-yearly financial statements and subsequently in the full year 2023 Dutch annual report. As a result, the Company will not correct the previously issued consolidated financial statements, VEON Ltd.’s Dutch statutory financial statements for the year ended December 31, 2022, through an additional filing of the 2022 Dutch Annual Report in the Netherlands. The non-controlling interest was incorrectly derecognized in other comprehensive income (OCI), a component within equity, while it should have been derecognized directly in equity without an impact in OCI. With respect to the consolidated statement of changes in equity, the amount was previously presented in the Dutch statutory financial statements as a line item within OCI and is now presented as a separate line item on the statement with no impact to OCI in this Annual Report. Refer to the impact on the consolidated statement of comprehensive income below. Thus, the error correction results in an adjustment in the consolidated statement of changes in equity which has no impact on total consolidated equity as well as an adjustment in the consolidated statement of comprehensive income. Further, the error had no impact on the result on the sale of Algeria (refer to Note 10 ) as presented on the consolidated income statement and no impact on the consolidated income statement as a whole. Additionally, the error had no impact on the consolidated statement of financial position, consolidated statement of cash flows, basic or diluted earnings per share, adjusted EBITDA, nor on VEON’s financial covenants for its lenders. Statement of Comprehensive Income For the year ended December 31, 2022 Impact of correction of the error (In millions of U.S. dollars) VEON Ltd. Dutch Statutory Financial Statements as previously reported Adjustment VEON Ltd. Form 20-F Consolidated Financial Statements as restated Profit / (loss) for the period (9) — (9) Items that may be reclassified to profit or loss Foreign currency translation (480) — (480) Reclassification of accumulated foreign currency translation reserve to profit or loss upon disposal of foreign operation (266) 824 558 Items that will not to be reclassified to profit or loss Other 27 — 27 Other comprehensive income / (loss) for the period, net of tax (719) 824 105 Total comprehensive income / (loss) for the period, net of tax (728) 824 96 Attributable to: The owners of the parent (14) — (14) Non-controlling interests (714) 824 110 (728) 824 96 Total comprehensive income / (loss) for the period, net of tax from: Continuing operations 234 — 234 Discontinued operations (962) 824 (138) (728) 824 96 ONGOING CONFLICT BETWEEN RUSSIA AND UKRAINE As of July 24, 2023, hostilities continue in Ukraine and missile strikes have also occurred in Russia. Currently, 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 July 24, 2023, most of our Ukraine subsidiary’s employees remain in the country. As of July 24, 2023, 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. In addition, on July 20, 2023, Canada imposed on a number of Russian mobile operators, including PJSC VimpelCom. 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. For example, on July 5, 2022, the President of the Russian Federation issued Decree No. 430 (“Decree 430”) which requires Russian legal entities with Eurobond obligations to ensure the local fulfillment of such obligations to Eurobond holders whose rights are recorded by the Russian depositories, e.g. NSD or Account Holders registered in the Russian Federation (refer to further discussion below). Ukraine has also implemented and may implement further sanctions or measures on individuals or entities with close ties with Russia, which may impact negatively Kyivstar in case, whether prior to or after the proposed sale of our Russian operations, it is considered by the local authorities as a Russia-owned company. For example, in October 2022, Ukraine imposed sanctions for a ten-year period against, Mikhail Fridman, Petr Aven and Andriy Kosogov, who are some of the Company’s ultimate beneficial owners due to their ownership in LetterOne. These Ukrainian sanctions apply exclusively to the sanctioned individuals and do not have a direct impact on the Company, however, the Company cannot rule out their impact on banks' and other parties readiness to transfer dividends in the event such restrictions are lifted. Furthermore, these sanctions may make it difficult for the Company to obtain local financing in Ukrainian hryvnia, which could make it more difficult for us to naturally hedge any debt required for our Ukrainian operations moving forward to the currency in which we generate revenue. In addition, Ukraine has put one member of senior management in government registry managers of Russian companies as a result of this senior manager being on the board of VimpelCom. This list has had and could continue to cause reputational harm to the Group, particularly for its operations and customer relationships in Ukraine, since engagement with Russian companies are generally condemned. Ukraine’s restriction s have already led to restrictions on the payout of dividends from Ukraine resulting in no cash being upstreamed to VEON, prohibitions on renting state property and land, prohibitions on participation in public procurement impacting B2G revenue and potential prohibitions 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. 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, particularly if we are not able to consummate the agreed disposal of our Russian operations (refer to Note 9 and Note 10 ): • 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. It cannot be ruled out that the conflict and related damage could escalate within Ukraine or within Russia. • We have recorded material impairment charges with respect to goodwill in Russia and have also recorded impairment charges related to physical damages of assets in Ukraine during the 12 months ended December 31, 2022 (refer to Note 10 and Note 12 , respectively, 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 remain uncertain. The results of our operations in Russia on a U.S. dollar basis may fluctuate for the foreseeable future compared to results prior to the onset of the conflict, largely due to the volatility of the Russian ruble and to lower equipment sales. • As of July 24, 2023, the Company continues to conclude that neither VEON Ltd. nor any of its subsidiaries is targeted by sanctions imposed by any of 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. Furthermore, on July 20, 2023, Canada imposed direct sanctions on a number of Russian mobile operators, including PJSC VimpelCom. For example, to protect U.S. foreign policy and national security interests, the U.S. government has broad discretion to at times impose a broad range of extraterritorial “secondary” sanctions under which non-U.S. 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 U.S. 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 U.S. 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 have assessed the potential impact of the 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. • Based on the current state of affairs, the Company currently has sufficient liquidity to satisfy our current obligations at least over the next 12 months from the issuance of the financial statements without the need of additional financing assuming no early repayments of our long-term debt and the completion of the sale of our Russian operations (refer to Note 9 and Note 10 ). In addition, cash on hand is US$2,457 at June 30, 2023. The Company also expects to meet its financial covenants as required by our debt agreements during the same twelve-month period. However, these continue to be uncertain times and it is not possible to predict with precision how certain developments will impact our liquidity position, our financial covenants and non-financial provisions in our debt agreements, and our equity levels both at the group and operating company levels. A deterioration in the results or operations of our operating companies could trigger certain financial covenants or non-financial provisions in our debt agreements, requiring accelerated repayment, potentially triggering a cross-default across all debt facilities and the revolving credit facility and negatively impact our liquidity. We may also be impacted by conditions or local legal requirements in international markets that could make it more difficult to service our existing debt obligations or refinance existing debt. Should we not realize the assumptions behind our liquidity forecast, we may not have sufficient liquidity to continue to operate as outlined above. If we are unable to raise additional capital in the market in which we want to raise it, or at all, or if the cost of raising additional capital significantly increases, which has been the case over the last 12 months due to global inflationary pressures and a number of other factors, we may be unable to make necessary or desired capital expenditures, take advantage of investment opportunities, refinance existing indebtedness or meet unexpected financial requirements, and our growth strategy and liquidity may be negatively affected. This could cause us to be unable to repay indebtedness as it comes due, to delay or abandon anticipated expenditures and investments or otherwise limit operations. For example, the ongoing conflict in Russia and Ukraine has caused us to 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, as part of the measures that the Ukrainian government has adopted in response to the ongoing conflict with Russia, amendments to the nationalization law (the “Nationalization Law”) in Ukraine have been published and as of July 24, 2023 are awaiting signature by the President of Ukraine (“Nationalization Law Amendments”). The Nationalization Law Amendments extends the definition of “residents” whose property in Ukraine (owned directly or indirectly) can be seized under the Nationalization Law to include property owned by the Russian state, Russian citizens, other nationals with a very close relationship to Russia, residing or having a main place of business in Russia, or legal entities operating in Ukraine whose founder or ultimate beneficial owner is the Russian state or are controlled or managed by any of the individuals identified above. For example, in May 2023, President Zelensky signed an initial package of restrictive measures on 41 entities, including against the Russian stake in Zaporizhstal, one of Ukraine’s largest metallurgical companies, as part of Nationalization Law efforts. In April 2023, the Ukrainian Parliament voted for similar measures to allow for the nationalization of Alfa Bank, one of Ukraine’s largest commercial banks with several sanctioned Russian shareholders. Furthermore, on February 24, 2022, the Ukrainian government invoked martial law which allows the government to take control of stakes in strategic companies in Ukraine in order to meet the needs of the defense sector. The Security Council Secretary indicated that at the end of the application of martial law, the assets can be returned or their owners can be appropriately compensated. • Additionally, on April 25, 2023, the President of the Russian Federation issued Decree No. 302 (“Decree 302”) which introduced a legal framework for imposing temporary administration over Russian assets, including companies, owned by foreign residents associated with “unfriendly” jurisdictions which take hostile actions against Russia. Under the new regime, foreign owners retain their title to assets but all management decisions are taken by the State Agency for Management of State Property which is entitled, among other things, to replace the CEO and Board members in the companies managed by it. The inclusion into and exclusion from the list of assets subject to such temporary administration is approved by Presidential Decree. Since the issuance of Decree 302 shares in two energy companies have been included in such list and, more recently, it has also been applied to Russian subsidiaries of Carlsberg and Danone. Carlsberg had found a buyer for its Russian subsidiary and Danone had indicated it was planning to exit Russia by divesting its Russian subsidiary. • If further measures are adopted and applied in relation to either our Ukrainian or Russian subsidiary, or both, this could lead to the involuntary deconsolidation of our Ukrainian and/or Russian operations, and could trigger certain financial covenants or non-financial provisions in our debt agreements, requiring accelerated repayment, potentially triggering a cross-default across other debt agreements and the revolving credit facility and negatively impact our liquidity. • 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. • On July 5, 2022, the President of the Russian Federation issued Decree No. 430 (“Decree 430”) which requires Russian legal entities with Eurobond obligations to ensure the local fulfillment of such obligations to Eurobond holders whose rights are recorded by the Russian depositories, e.g. NSD or Account Holders registered in the Russian Federation. On November 23, 2022, the Russian Central Bank issued clarifications in respect of Decree 430, claiming that it also applies to Russian legal entities and foreign issuers that are within the same group of companies. Several VEON Holdings B.V. bondholders in Russia have approached PJSC VimpelCom to locally satisfy VEON Holdings B.V.’s notes obligations and four legal proceedings have been lodged against PJSC VimpelCom in respect of VEON Holdings B.V.’s notes with a total potential impact of US$22. PJSC VimpelCom is defending these claims and has indicated it is disputing the applicability of Decree 430 to PJSC VimpelCom. In July 2023, hearings were held for two of the four claims, with the court in each respective claim rejecting the bondholder’s claims for coupon payments and interest. Refer to Note 7. • On July 20, 2023, Canada imposed sanctions on a number of Russian mobile operators, including PJSC VimpelCom. Such sanctions may cause increased reputational harm to PJSC VimpelCom and the Group since they represent direct sanctions adopted against PJSC VimpelCom by Canada, particularly if other nations adopt similar measures. 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. • On November 24, 2022, VEON entered into an agreement to sell VEON’s Russian operations to certain senior members of the management team of PJSC VimpelCom (“VimpelCom”), led by its current CEO, Aleksander Torbakhov. Under the agreement, VEON will receive consideration of RUB 130 billion (approximately USD 1.9 billion). It is expected that the consideration will be paid primarily by VimpelCom taking on and discharging certain VEON Holdings B.V. debt, thus significantly deleveraging VEON’s balance sheet. The SPA contains provisions amongst others that in the event Vimpelcom acquires VEON Holdings B.V.’s debt in excess of the sales consideration, VEON will work with the purchasers to satisfy its obligations to them as a bondholder. The transaction is subject to certain closing conditions including the receipt of requisite regulatory approvals and licenses from relevant government authorities in Russia and Western jurisdictions (United States, United Kingdom, European Union, and Bermuda) for the proposed structure of the sale. As of July 24, 2023, Russian regulatory approvals have been obtained as well as the OFAC license and required authorizations from the United Kingdom and Bermudan authorities. The remaining closing conditions to be satisfied include any required license from the European Union or any required consent from VEON creditors in order to cancel the debt provided as consideration and/or complete the sale. Refer to Note 9 , Note 10 , and Note 2 3 for further details. Following the completion of this sale, the risk of material impacts on VEON’s operations stemming from Russian-related sanctions from various jurisdictions will be minimal. • The Company has performed sensitivities on the volatility of the Russian ruble as well as other currencies in our operating markets 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-year term loan with VTB Bank on March 9, 2022 and two of our group-level loans with Sberbank and Alfa Bank respectively, totaling RUB 90 billion in total, were novated to PJSC VimpelCom, within the Russia operating segment, in April 2022 (refer to Note 16 ). This resulted in the release of the former borrower (VEON Finance Ireland DAC) and the former guarantor (VEON Holdings B.V.) from their obligations. In addition, the novation of these loans has allowed VEON to ensure that the majority of the Group’s Russian ruble liabilities are held within Russia and as such are matched to the market where Russian ruble revenues are generated. We have also sufficiently reduced local debt levels below thresholds that would, upon any potential acceleration, trigger cross-defaults under the RCF or other debt instruments, however, this risk remains as it pertains to other provisions under RCF. • Management has actively engaged with sanctions authorities where appropriate. On November 18, 2022, VEON announced that the U.S. Department of the Treasury, Office of Foreign Assets Control ("OFAC") issued General License 54 authorizing all transactions ordinarily incident and necessary to the purchase and receipt of any debt or equity securities of VEON Ltd. that would otherwise be prohibited by section 1(a)(i) of Executive Order (E.O.) 14071. OFAC General License 54 applies to all debt and equity securities of VEON Ltd. that were issued before June 6, 2022, and confirms that the authorization applies not only to the purchase and receipt of debt and equity securities, but also to transactions ordinarily incident and necessary to facilitating, clearing, and settling of such transactions. This General License ensures that all market participants can trade the relevant securities with confidence that such trading is consistent with E.O. 14071, which targeted “new investment” in Russia, and was issued following active engagement with OFAC on the topic. On January 18, 2023, OFAC has replaced the General License 54 originally issued on November 18, 2022 with General License 54A to now include both VEON Ltd. and VEON Holdings B.V. • 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. As of July 24, 2023, the Company has satisfied all of its interest and capital payments and is not in default on any of its bonds or bank debt and has sufficient liquidity to satisfy our current obligations at least over the next 12 months from the issuance of the financial statements. • On November 24, 2022, VEON announced the launch of a proposed scheme of arrangement (the "Scheme") in England via the issuance of a Practice Statement Letter to extend the maturity of the 5.95% notes due February 2023 and 7.25% notes due April 2023 issued by the Company (together, the “2023 Notes”) by eight months from their respective maturity dates. On January 24, 2023, the Scheme was approved by the Scheme creditors. On January 30, 2023, the Court sanctioned the Scheme. Upon approval by the Court, a standstill period was imposed which restricts 2023 Noteholders (and other Scheme creditors) from taking enforcement action (and other related actions) in accordance with the terms described in the Scheme. Manageme

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies That Relate To The Consolidated Financial Statements As A Whole
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS The preparation of these consolidated financial statements has required management to apply accounting policies and methodologies based on complex and subjective judgments, as well as 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 these consolidated financial statements. 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. The sources of uncertainty identified by the Group are described together with the applicable Note, as follows: Significant accounting judgment / source of estimation uncertainty Described in Revenue recognition Note 3 Deferred tax assets and uncertain tax positions Note 8 Provisions and contingent liabilities Note 7 Impairment of non-current assets Note 11 Control over subsidiaries Note 14 Depreciation and amortization of non-current assets Note 12 and Note 13 Fair value of financial instruments Note 16 Sale and lease back transactions Note 12 Measurement of lease liabilities Note 16 NEW STANDARDS AND INTERPRETATIONS Adopted in 2022 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. Not yet adopted by the Group

CONDENSED SEPARATE FINANCIAL IN

CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON LTD	CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON LTD Certain of the consolidated entities by VEON Ltd. are restricted from remitting funds in the form of cash dividends or loans by a variety of regulations, contractual or local statutory requirements. Regulation S-X requires that condensed financial information of the registrant shall be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the above test, restricted net assets of consolidated subsidiaries means that amount of the registrant’s proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party. The Company performed a test on the restricted net assets of consolidated subsidiaries and concluded the restricted net assets exceed 25% of the consolidated net assets of the Company as of December 31, 2022. As of December 31, 2022, VEON Ltd. had restricted net assets of 303%, compared to 102% in 2021, of total net assets. The Company was subject to legal restrictions to distribute accumulated profits from Algeria by virtue of local shareholding agreement (i.e. it is allowed only to distribute 42.5% of current year profit), and the rest was restricted. This restriction was removed as a result of disposal of Algerian operations during 2022 (refer N ote 10 for further details on disposal of Algeria). The relative change in restriction was primarily due to the removal of Algeria related restriction as discussed in previous paragraph and further restriction on upstreaming of dividend from Ukraine and Russia owing to the ongoing conflict between Russia and Ukraine (refer Note 24 for further details) and the devaluation of exchange rates in the countries in which VEON operates thus lowering the book value of consolidated net assets of the Company relative to share of the restricted assets. Accordingly, separate condensed financial statements of VEON Ltd. have been prepared, in accordance with Rule 5-04 and Rule 12-04 of SEC Regulation S-X. The separate condensed financial statements should be read in conjunction with the Company’s consolidated financial statements and the accompanying notes thereto. The separate condensed financial statements have been prepared in accordance with Title 9 of Book 2 of the Dutch Civil Code. In accordance with the provisions of Article 362, paragraph 8, Title 9 of Book 2 of the Dutch Civil Code the accounting policies used are the same as those explained in the Notes to the Consolidated Financial Statements, prepared under IFRS, except for the accounting policy disclosed below. The ‘Equity’ and ‘Profit / (loss) for the year’ shown in the separate condensed financial statements below are equal to the ‘Equity’ and ‘Profit / (loss) for the year’ which are attributable to the owners of the parent within the Company’s consolidated financial statements. Subsidiaries Subsidiaries are all entities (including intermediate subsidiaries) over which the Company has control. The Company controls an entity when it is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. Subsidiaries are recognized from the date on which control is transferred to the Company or its intermediate holding entities. They are de-recognized from the date that control ceases. Investments in subsidiaries are measured at net asset value. Net asset value is based on the measurement of assets, provisions and liabilities and determination of profit based on the principles applied in the consolidated financial statements. If the valuation of a subsidiary based on the net asset value is negative, it will be stated at nil. If and insofar as the Company can be held fully or partially liable for the debts of the subsidiary or has the firm intention of enabling the participation to settle its debts, a provision is recognized for this. Newly acquired subsidiaries are initially recognized on the basis of the fair value of their identifiable net assets at the acquisition date. For subsequent valuations, the principles that apply for these financial statements are used. The amount by which the carrying amount of the subsidiary has changed since the previous financial statements as a result of the net result achieved by the subsidiary is recognized in the income statement. Condensed statement of financial position: As of December 31 2022 2021 2020 Non-current assets Intangible assets 5 6 8 Tangible fixed assets 2 3 8 Financial fixed assets 760 690 138 Total non-current assets 767 699 154 Total current assets 78 119 320 Total assets 845 818 474 Equity 569 586 163 Total liabilities 276 232 311 Total equity and liabilities 845 818 474 Condensed income statement: for the years ended December 31 2022 2021 2020 Selling, general and administrative expenses (103) (86) (101) Other operating gains — — — Recharged expenses to group companies 10 (11) 3 Operating (loss) / profit (93) (97) (98) Finance income and (costs) (1) 2 (2) Share in result of subsidiaries after tax (68) 773 (249) Income tax — (4) — Total non-operating income and expenses (69) 772 (251) Profit / (loss) for the year (162) 674 (349) Condensed statements of comprehensive income: for the years ended December 31 2022 2021 2020 Total comprehensive (loss) / profit for the year, net of tax — — (800) Condensed statement of cash flows: for the years ended December 31 2022 2021 2020 Net cash flows from operating activities (108) (27) (13) Investing activities Receipt of dividends — — — Receipt of capital surplus from a subsidiary — (1) 317 Other cash flows from investing activities — 3 — Net cash flows used in investing activities — 2 317 Financing activities Proceeds from borrowings net of fees paid 60 — — Repayment of borrowings — — — Dividends paid to equity owners of the parent — — (260) Share capital issued and paid — — — Net cash flows generated from/(used in) financing activities 60 — (260) Net increase (decrease) in cash and cash equivalents (48) (25) 44 Net foreign exchange difference — — — Cash and cash equivalents at beginning of period 54 79 35 Cash and cash equivalents at end of period 6 54 79 As of December 31, 2022, 2021 and 2020 there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of the Company, except for those which have been separately disclosed in the consolidated financial statements, if any. Amsterdam, July 24, 2023

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies That Relate To The Consolidated Financial Statements As A Whole
Revenue from contracts with customers	Revenue from contracts with customers Service revenue Service revenue includes revenue from airtime charges from contract and prepaid customers, monthly contract fees, interconnect revenue, roaming charges and charges for value added services ( “VAS” ). VAS includes short messages, multimedia messages, caller number identification, call waiting, data transmission, mobile internet, downloadable content, mobile finance services, machine-to-machine and other services. The content revenue relating to VAS is presented net of related costs when VEON’s performance obligation is to arrange the provision of the services by another party (VEON acts as an agent), and gross when VEON is primarily responsible for fulfilling the obligation to provide such services to the customer. Revenue for services with a fixed term, including fixed-term tariff plans and monthly subscriptions, is recognized on a straight-line basis over time. For pay-as-you-use plans, in which the customer is charged based on actual usage, revenue is recognized on a usage basis. Some tariff plans allow customers to rollover unused services to the following period. For such tariff plans, revenue is generally recognized on a usage basis. For contracts which include multiple service components (such as voice, text, data), revenue is allocated based on stand-alone selling price of each performance obligation. The stand-alone selling price for these services is usually determined with reference to the price charged per service under a pay-as-you-use plan to similar customers. Upfront fees, including activation or connection fees, are recognized on a straight-line basis over the contract term. For contracts with an indefinite term (for example, prepaid contracts), revenue from upfront fees is recognized over the average customer life. Revenue from other operators, including interconnect and roaming charges, is recognized based on the price specified in the contract, net of any estimated retrospective volume discounts. Accumulated experience is used to estimate and provide for the discounts. All service revenue is recognized over time as services are rendered. Sale of equipment and accessories Equipment and accessories are usually sold to customers on a stand-alone basis, or together with service bundles. Where sold together with service bundles, revenue is allocated pro-rata, based on the stand-alone selling price of the equipment and the service bundle. The vast majority of equipment and accessories sales pertain to mobile handsets and accessories. Revenue for mobile handsets and accessories is recognized when the equipment is sold to a customer, or, if sold via an intermediary, when the intermediary has taken control of the device and the intermediary has no remaining right of return. Revenue for fixed-line equipment is not recognized until installation and testing of such equipment are completed and the equipment is accepted by the customer.
Contract balances	Contract balances Receivables and unbilled receivables mostly relate to amounts due from other operators and postpaid customers. Unbilled receivables are transferred to Receivables when the Group issues an invoice to the customer. Contract liabilities, often referred to as ‘Deferred revenue’, relate primarily to non-refundable cash received from prepaid customers for fixed-term tariff plans or pay-as-you-use tariff plans. Contract liabilities are presented as ‘Long-term deferred revenue’, ‘Short-term deferred revenue’ and ‘Customer advances’ in Note 6
Customer acquisition costs	Customer acquisition costs Certain incremental costs incurred in acquiring a contract with a customer ( “customer acquisition costs” ) are deferred in the consolidated statement of financial position, within 'Other assets' (see Note 6 ). Such costs generally relate to commissions paid to third-party dealers and are amortized on a straight-line basis over the average customer life within ‘Selling, general and administrative expenses’. Customer associated costs relate primarily to commissions paid to third-party dealers and marketing expenses. Certain dealer commissions are initially capitalized within ‘Other Assets’ in the consolidated statement of financial position and subsequently amortized within "Customer associated costs". Refer to Note 3
Trade and other receivables	Trade and other receivables Trade and other receivables are measured at amortized cost and include invoiced amounts less expected credit losses.
Expected credit losses	Expected credit losses The expected credit loss allowance ( “ECL” ) is recognized for all receivables measured at amortized cost at each reporting date. This means that an ECL is recognized for all receivables even though there may not be objective evidence that the trade receivable has been impaired. VEON applies the simplified approach (i.e. provision matrix) for calculating a lifetime ECL for its trade and other receivables, including unbilled receivables (contract assets). The provision matrix is based on the historical credit loss experience over the life of the trade receivables and is adjusted for forward-looking estimates if relevant. The provision matrix is reviewed on a quarterly basis. Refer to Note 18
Provisions	Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are discounted using a current pre-tax rate if the time value of money is significant. Contingent liabilities are possible obligations arising from past events, whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group.
Contingent liabilities	SOURCE OF ESTIMATION UNCERTAINTYThe Group is involved in various legal proceedings, disputes and claims, including regulatory discussions related to the Group’s business, licenses, tax positions and investments, and the outcomes of these are subject to significant uncertainty. Management evaluates, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. Unanticipated events or changes in these factors may require the Group to increase or decrease the amount recorded for a matter that has not been previously recorded because it was not considered probable and /or the impact could not be estimated (no reasonable estimate could be made).
Income taxes	Income taxes Income tax expense represents the aggregate amount determined on the profit for the period based on current tax and deferred tax. In cases where the tax relates to items that are charged to other comprehensive income or directly to equity, the tax is also charged respectively to other comprehensive income or directly to equity.
Uncertain tax positions	Uncertain tax positions The Group’s policy is to comply with the applicable tax regulations in the jurisdictions in which its operations are subject to income taxes. The Group’s estimates of current income tax expense and liabilities are calculated assuming that all tax computations filed by the Company’s subsidiaries will be subject to a review or audit by the relevant tax authorities. Uncertain tax positions are generally assessed individually, using the most likely outcome method. The Company and the relevant tax authorities may have different interpretations of how regulations should be applied to actual transactions (refer below for details regarding risks and uncertainties).
Deferred taxation	Deferred taxation Deferred taxes are recognized using the liability method and thus are computed as the taxes recoverable or payable in future periods in respect of deductible or taxable temporary differences between the tax bases of assets and liabilities and their carrying amounts in the Company’s financial statements.
Property and equipment	Property and equipment is stated at cost, net of any accumulated depreciation and accumulated impairment losses. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. The useful life of VEON's assets generally fall within the following ranges: Class of property and equipment Useful life Telecommunication equipment 3 – 30 years Buildings and constructions 10 – 50 years Office and other equipment 2 – 10 years Right-of-use assets Equivalent lease term
Schedule of information for cash-generating units	March 31, 2022 *** September 30, 2021 September 30, 2020 Key assumptions – Russia CGU Explicit forecast period Terminal Combined average * Explicit forecast period Terminal Combined average * Explicit forecast period Terminal Combined average * Discount rate — % — % 20.5 % — % — % 9.3 % — % — % 10.1 % Average annual revenue growth rate 6.2 % 1.6 % 5.5 % 5.0 % 1.6 % 4.4 % 4.3 % 1.8 % 3.9 % Average operating margin 32.4 % 35.0 % 32.8 % 33.2 % 35.5 % 33.6 % 31.2 % 35.7 % 32.0 % Average CAPEX / revenue ** 20.3 % 18.0 % 19.9 % 25.4 % 21.0 % 24.7 % 27.9 % 21.0 % 26.8 % * Combined average for 2022 is based on an explicit forecast period consisting of five years forecast plus the latest estimate for 2022 (2022-2027), and terminal period in 2028 (for 2020 being 2021-2025 with terminal period 2026); for comparative period 2021 the rates were revised to conform the calculation being 2022-2026 and terminal period in 2027. ** CAPEX excludes licenses and ROU assets. *** 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 Group has significant investments in property and equipment, intangible assets, and goodwill. Estimating recoverable amounts of assets and CGUs must, in part, be based on management’s evaluations, including the determination of the appropriate CGUs, the relevant discount rate, estimation of future performance, the revenue-generating capacity of assets, timing and amount of future purchases of property, equipment, licenses and spectrum, assumptions of future market conditions and the long-term growth rate into perpetuity (terminal value). In doing this, management needs to assume a market participant perspective. Changing the assumptions selected by management, in particular, the discount rate, capex intensity, operating margin and growth rate assumptions used to estimate the recoverable amounts of assets, could significantly impact the Group’s impairment evaluation and hence results. A significant part of the Group’s operations is in countries with emerging markets. The political and economic situation in these countries may change rapidly and recession may potentially have a significant impact on these countries. On-going recessionary effects in the world economy, including geopolitical situations and increased macroeconomic risks impact our assessment of cash flow forecasts and the discount rates applied. There are significant variations between different markets with respect to growth, mobile penetration, average revenue per user ( “ARPU”
Intangible assets	Intangible assets acquired separately are carried at cost less accumulated amortization and impairment losses. Intangible assets with a finite useful life are generally amortized with the straight-line method over the estimated useful life of the intangible asset. The amortization period and the amortization method for intangible assets with finite useful lives are reviewed at least annually and fall within the following ranges: Class of intangible asset Useful life Telecommunications licenses, frequencies and permissions 3 - 20 years Software 3 - 10 years Brands and trademarks 3 - 15 years Customer relationships 10 - 21 years Other intangible assets 4 - 10 years
Goodwill	Goodwill is recognized for the future economic benefits arising from net assets acquired that are not individually identified and separately recognized. Goodwill is not amortized but is tested for impairment annually and as necessary when circumstances indicate that the carrying value may be impaired, see Note 11
Control over subsidiaries	Control over subsidiaries Subsidiaries, which are those entities over which the Company is deemed to have control, are consolidated. In certain circumstances, significant judgment is required to assess if the Company is deemed to have control over entities where the Company’s ownership interest does not exceed 50%.
Put options over non-controlling interest	Put options over non-controlling interest Put options over non-controlling interest of a subsidiary are accounted for as financial liabilities in the Company’s consolidated financial statements. The put-option redemption liability is measured at the discounted redemption amount. Interest over the put-option redemption liability will accrue in line with the effective interest rate method, until the options have been exercised or are expired.
Derivative contracts	Derivative contracts VEON enters into derivative contracts, including swaps and forward contracts, to manage certain foreign currency and interest rate exposures. Any derivative instruments for which no hedge accounting is applied are recorded at fair value with any fair value changes recognized directly in profit or loss. Although some of the derivatives entered into by the Company have not been designated in hedge accounting relationships, they act as economic hedges and offset the underlying transactions when they occur.
Hedges of a net investment	Hedges of a net investment The Company applies net investment hedge accounting to mitigate foreign currency translation risk related to the Company’s investments in foreign operations. The portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognized in other comprehensive income within the “Foreign currency translation” line item. Where the hedging instrument’s foreign currency retranslation is greater (in absolute terms) than that of the hedged item, the excess amount is recorded in profit or loss as ineffectiveness. The gain or loss on the hedging instrument relating to the effective portion of the hedge that has been recognized in other comprehensive income shall be reclassified from equity to profit or loss as a reclassification adjustment on the disposal or partial disposal of the foreign operation. Cash flows arising from derivative instruments for which hedge accounting is applied are reported in the statement of cash flows within the line item where the underlying cash flows of the hedged item are recorded.
Fair value of financial instruments	Fair value of financial instruments All financial assets and liabilities are measured at amortized cost, except those which are measured at fair value as presented within this Note.
Measurement of lease liabilities	Measurement of lease liabilities Lease liabilities are measured upon initial recognition at the present value of the future lease and related fixed services payments over the lease term, discounted with the country specific incremental borrowing rate as the rate implicit in the lease is generally not available. Subsequently lease liabilities are measured at amortized cost using the effective interest rate method. A significant portion of the lease contracts included within Company’s lease portfolio includes lease contracts which are extendable through mutual agreement between VEON and the lessor, or lease contracts which are cancellable by the Company immediately or on short notice. The Company includes these cancellable future lease periods within the assessed lease term, which increases the future lease payments used in determining the lease liability upon initial recognition, except when it is not reasonably certain at the commencement of the lease that these will be exercised.
Basis of preparation	BASIS OF PREPARATION These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ( “IFRS” ) as issued by the International Accounting Standards Board, effective at the time of preparing the consolidated financial statements and applied by VEON. The consolidated income statement has been presented based on the nature of the expense, other than ‘Selling, general and administrative expenses’, which has been presented based on the function of the expense.
Basis of consolidation	BASIS OF CONSOLIDATION The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Subsidiaries are all entities (including structured entities) over which the Company has control. Please refer to Note 14 for a list of significant subsidiaries. Intercompany transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the Group’s accounting policies.
Foreign currency translation	FOREIGN CURRENCY TRANSLATION The consolidated financial statements of the Group are presented in U.S. dollars. Each entity in the Group determines its own functional currency and amounts included in the financial statements of each entity are measured using that functional currency.
Changes in accounting policies and disclosures, new standards, interpretations, and amendments not yet adopted by the group	NEW STANDARDS AND INTERPRETATIONS Adopted in 2022 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. Not yet adopted by the Group

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of operating segments [abstract]
Summary of reportable segments financial information	inancial information by reportable segment for the periods ended December 31 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. Total revenue Adjusted EBITDA CAPEX excl licenses and ROU 2022 2021* 2020* 2022 2021* 2020* 2022 2021* 2020* Pakistan** 1,285 1,408 1,233 654 643 612 258 318 249 Ukraine 971 1,055 933 575 704 630 177 203 179 Kazakhstan 636 569 479 322 307 265 122 134 119 Uzbekistan 233 194 198 124 89 68 64 34 52 Bangladesh 576 564 537 210 235 228 199 89 126 Others 66 81 125 26 41 22 16 25 33 HQ and eliminations (12) (21) (23) (164) (179) (200) 5 3 18 Total 3,755 3,850 3,482 1,747 1,840 1,625 841 806 776 *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10 ). **In 2022, Pakistan Adjusted EBITDA includes the impact of SIM tax reversal. refer to N ote 3 and Note 4 .
Summary of segments reconciliation of consolidated Adjusted EBITDA to consolidated income statement before tax	The following table provides the reconciliation of consolidated Profit / (loss) before tax from continuing operations to Adjusted EBITDA for the years ended December 31: 2022 2021* 2020* Profit / (loss) before tax from continuing operations 802 464 373 Depreciation 557 605 553 Amortization 221 194 177 Impairment loss / (reversal) (107) 27 62 (Gain) / loss on disposal of non-current assets 1 (9) 10 (Gain) / loss on disposal of subsidiaries (88) — — Finance costs 583 591 569 Finance income (32) (13) (19) Other non-operating (gain) / loss (9) (26) (84) Net foreign exchange (gain) / loss (181) 7 (16) Total Adjusted EBITDA 1,747 1,840 1,625 *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10 ).

OPERATING REVENUE (Tables)

OPERATING REVENUE (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue [abstract]
Disaggregation of revenue from contracts with customers	The table below provides a breakdown of revenue from contracts with customers for the years ended December 31: Service revenue Sale of Equipment and accessories Other revenue ** Total revenue Mobile Fixed 2022 2021* 2020* 2022 2021* 2020* 2022 2021* 2020* 2022 2021* 2020* 2022 2021* 2020* Pakistan*** 1,169 1,285 1,134 — — — 14 18 11 102 105 88 1,285 1,408 1,233 Ukraine 906 980 869 59 68 59 1 — — 5 7 5 971 1,055 933 Kazakhstan 497 459 392 116 91 78 13 17 7 10 2 2 636 569 479 Uzbekistan 232 193 196 1 1 1 — — — — — 1 233 194 198 Bangladesh 566 553 527 — — — — — — 10 11 10 576 564 537 Others 66 81 102 — — 19 — — 4 — — — 66 81 125 HQ and eliminations (8) (15) (13) (4) (6) (9) — — — — — (1) (12) (21) (23) Total 3,428 3,536 3,207 172 154 148 28 35 22 127 125 105 3,755 3,850 3,482 *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10 ). **Other revenue primarily includes revenue from our banking operations in Pakistan. *** In 2022, Pakistan service revenue includes the impact of US$29 relating to the reversal of a provision following a favorable decision from the Islamabad High Court on pending litigation.
Summary of breakdown of contract balances	The following table provides a breakdown of contract balances and capitalized customer acquisition costs. December 31, 2022 December 31, 2021 Contract balances Receivables (billed) 493 789 Receivables (unbilled) 37 49 Contract liabilities (169) (232) Capitalized costs Customer acquisition costs 126 149
Summary of capitalized customer acquisition costs	The following table provides a breakdown of contract balances and capitalized customer acquisition costs. December 31, 2022 December 31, 2021 Contract balances Receivables (billed) 493 789 Receivables (unbilled) 37 49 Contract liabilities (169) (232) Capitalized costs Customer acquisition costs 126 149

SELLING, GENERAL AND ADMINIST_2

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2022
Selling, general and administrative expense [abstract]
Schedule of selling, general and administrative expenses	Selling, general and administrative expenses consisted of the following items for the years ended December 31: 2022 2021* 2020* Network and IT costs 503 491 447 Personnel costs 411 361 375 Customer associated costs 347 413 359 Losses on receivables 28 14 22 Taxes, other than income taxes 30 50 21 Other 214 197 179 Total selling, general and administrative expenses 1,533 1,526 1,403 *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10

TRADE AND OTHER RECEIVABLES (Ta

TRADE AND OTHER RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2022
Trade and other current receivables [abstract]
Schedule of trade and other receivables	Trade and other receivables consisted of the following items as of December 31 : 2022 2021 Trade receivables (gross)* 530 838 Expected credit losses (84) (159) Trade receivables (net) 446 679 Other receivable, net of expected credit losses allowance 10 11 Total trade and other receivables 456 690 * Includes contract assets (unbilled receivables), see Note 3
Schedule of movements in the allowance for expected credit losses	The following table summarizes the movement in the allowance for expected credit losses for the years ended December 31: 2022 2021 Balance as of January 1 159 225 Accruals for expected credit losses 44 35 Recoveries (6) (9) Accounts receivable written off (64) (28) Reclassifications (4) — Reclassification as held for sale (28) (56) Foreign currency translation adjustment (15) (4) Other movements (2) (4) Balance as of December 31 84 159
Schedule of aging of trade receivables	Set out below is the information about the Group’s trade receivables (including contract assets) using a provision matrix: Days past due Unbilled Receivables Current < 30 days Between 31 and 120 days > 120 days Total December 31, 2022 Expected loss rate, % 0.0 % 0.6 % 15.4 % 31.0 % 97.1 % Trade receivables 37 356 39 29 69 530 Expected credit losses — (2) (6) (9) (67) (84) Trade receivables, net 37 354 33 20 2 446 December 31, 2021 Expected loss rate, % 0.0 % 1.8 % 3.6 % 33.3 % 95.7 % Trade receivables 49 550 56 45 138 838 Expected credit losses — (10) (2) (15) (132) (159) Trade receivables, net 49 540 54 30 6 679

OTHER ASSETS AND LIABILITIES (T

OTHER ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Other Assets And Liabilities
Schedule of other non-current assets	Other assets consisted of the following items as of December 31: 2022 2021 Other non-current assets Customer acquisition costs (see Note 3) 126 149 Tax advances (non-income tax) 7 33 Other non-financial assets 24 34 Total other non-current assets 157 216 Other current assets Advances to suppliers 55 102 Input value added tax 49 160 Prepaid taxes 50 24 Other assets 54 58 Total other current assets 208 344
Schedule of other current assets	Other assets consisted of the following items as of December 31: 2022 2021 Other non-current assets Customer acquisition costs (see Note 3) 126 149 Tax advances (non-income tax) 7 33 Other non-financial assets 24 34 Total other non-current assets 157 216 Other current assets Advances to suppliers 55 102 Input value added tax 49 160 Prepaid taxes 50 24 Other assets 54 58 Total other current assets 208 344
Schedule of other non-current liabilities	Other liabilities consisted of the following items as of December 31: 2022 2021 Other non-current liabilities Long-term deferred revenue (see Note 3) 10 20 Other liabilities 10 16 Total other non-current liabilities 20 36 Other current liabilities Taxes payable (non-income tax) 135 318 Short-term deferred revenue (see Note 3) 121 154 Customer advances (see Note 3) 38 58 Other payments to authorities 60 52 Due to employees 82 153 Other liabilities 39 38 Total other current liabilities 475 773
Schedule of other current liabilities	Other liabilities consisted of the following items as of December 31: 2022 2021 Other non-current liabilities Long-term deferred revenue (see Note 3) 10 20 Other liabilities 10 16 Total other non-current liabilities 20 36 Other current liabilities Taxes payable (non-income tax) 135 318 Short-term deferred revenue (see Note 3) 121 154 Customer advances (see Note 3) 38 58 Other payments to authorities 60 52 Due to employees 82 153 Other liabilities 39 38 Total other current liabilities 475 773

PROVISIONS AND CONTINGENT LIA_2

PROVISIONS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of other provisions [abstract]
Schedule of movement in provisions	The following table summarizes the movement in provisions for the years ended December 31: Non-income tax provisions Decommi-ssioning provision Legal provision Other provisions Total As of January 1, 2021 86 141 22 43 292 Arising during the year 19 31 4 13 67 Utilized (12) (1) — — (13) Unused amounts reversed 1 (19) (1) (58) (77) Reclassification as held for sale — (69) (12) — (81) Discount rate adjustment and imputed interest (change in estimate) — 7 — — 7 Translation adjustments and other (6) (3) 1 9 1 As of December 31, 2021 88 87 14 7 196 Non-current — 87 — — 87 Current 88 — 14 7 109 As of January 1, 2022 88 87 14 7 196 Arising during the year 5 — — 1 6 Utilized — (2) — — (2) Unused amounts reversed (20) (6) — (2) (28) Reclassification as held for sale (11) (30) (4) — (45) Transfer and reclassification (4) — — (1) (5) Discount rate adjustment and imputed interest — 4 — — 4 Translation adjustments and other (9) (10) (1) — (20) As of December 31, 2022 49 43 9 5 106 Non-current 4 43 — — 47 Current 45 — 9 5 59

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
Major components of tax expense (income) [abstract]
Summary of income tax payables	Current income tax payable consisted of the following items as of December 31: 2022 2021 Current tax payable 47 70 Uncertain tax provisions 133 158 Total income tax payable 180 228 In addition to above balance of uncertain tax provisions we have also recognized uncertain tax provisions which have been directly offset with available losses.
Summary of income tax expense	Income tax expense consisted of the following for the years ended December 31: 2022 2021 2020 Current income taxes Current year 271 273 333 Adjustments in respect of previous years 10 47 (5) Total current income taxes 281 320 328 Deferred income taxes Movement of temporary differences and losses (50) 38 46 Changes in tax rates (4) — — Changes in recognized deferred tax assets* (117) — (32) Adjustments in respect of previous years (5) (21) 5 Other (36) 7 (68) Total deferred tax expense / (benefit) (212) 24 (49) Income tax expense 69 344 279 *In 2022, the increase of deferred tax assets is mainly driven by recognition of previously unrecognized historic losses due to positive outlook and business developments in our Bangladesh operations.
Summary of reconciliation between statutory and effective income tax	The table below outlines the reconciliation between the statutory tax rate in the Netherlands of (25.8%) (in 2020 and 2021 the statutory rate was 25.0%) and the effective income tax rates for the Group, together with the corresponding amounts, for the years ended December 31: 2022 2021 2020 Explanatory notes Profit / (loss) before tax from continuing operations 802 464 373 Income tax benefit / (expense) at statutory tax rate (25.8%) (207) (116) (93) Difference due to the effects of: Different tax rates in different jurisdictions 45 (5) (19) Certain jurisdictions in which VEON operates have income tax rates which are different to the Dutch statutory tax rate of 25.8% (25.0% in 2021 & 2020). Profitability in countries with lower tax rates (i.e. Kazakhstan, Ukraine) has a positive impact on the effective tax rate, offset with profitability in countries with higher rate (i.e. Pakistan, Bangladesh). Non-deductible expenses (46) (35) (89) The Group incurs certain expenses which are non-deductible in the relevant jurisdictions. In 2022, such expenses mainly include intra-group expenses (i.e. interest on internal loans), certain non-income tax charges (i.e. minimum tax regimes) and other. In 2021, as in previous years, such expenses include impairment losses (unless resulting in a change in temporary differences), certain non-income tax charges (i.e. minimum tax regimes) and intra-group expenses (i.e. interest on internal loans). Non-taxable income 11 (3) 16 The Group earns certain income which is non-taxable in the relevant jurisdiction. In 2022, non-taxable income is mainly driven by reversal of previously unrecognized management fees in Uzbekistan. In 2020, non-taxable income included the revaluation of contingent consideration liability, as well as a gain relating to the settlement in connection with the dispute concerning the sale of Telecel Globe Limited. Adjustments in respect of previous years (6) (25) 1 In 2022, the effect of prior year adjustments mainly relates to tax return true-ups and introduction of 4% Super tax in Pakistan which had a retrospective impact on 2021. In 2021, the effect of prior years’ adjustments mainly relates to corrections in prior year filings in Pakistan, as part of the Alternative Dispute Resolution Committee process. Movements in (un)recognized deferred tax assets 117 (76) (55) Movements in (un)recognized deferred tax assets are primarily caused by tax losses and other credits for which no deferred tax asset has been recognized. In 2022, the movements primarily relates to holding entities in the Netherlands and deferred tax asset recognition on previously unrecognized losses in Bangladesh of US$108. The increase of deferred tax assets in Bangladesh is mainly driven by recognition of previously unrecognized historic losses due to positive outlook and business developments in our Bangladesh operations. Withholding taxes 38 (73) (49) Withholding taxes are recognized to the extent that dividends from foreign operations are expected to be paid in the foreseeable future. In 2022, the net WHT benefit of US$38 comprising of reversal of WHT provided for as a deferred tax on outside basis during 2022 on the dividends planned to be paid out in 2023 mainly relating to Ukraine and Russia. In 2021, expenses relating to withholding taxes were primarily influenced by dividends from Pakistan, Ukraine and Uzbekistan. Uncertain tax positions (25) (7) (4) The tax legislation in the markets in which VEON operates is unpredictable and gives rise to significant uncertainties (see ‘Source of estimation uncertainty’ below). During 2022, provisions were made for a dispute in Italy. The impact of movements in uncertain tax positions is presented net of any corresponding deferred tax assets recognized. Change in income tax rate 4 — — Changes in tax rates impact the valuation of existing deferred tax assets and liabilities on temporary differences. In 2022, the statutory tax rate in Pakistan increased by 4% resulting in the total tax charge of 33%. Other — (4) 13 In 2021, the amount of US$(4) relates to various permanent differences. Income tax benefit / (expense) (69) (344) (279) Effective tax rate 8.6 % 74.1 % 74.8 %
Schedule of deferred tax assets and liabilities in the statement of financial position	The Group reported the following deferred tax assets and liabilities in the statement of financial position as of December 31: 2022 2021 Deferred tax assets 274 228 Deferred tax liabilities (36) (115) Net deferred tax position 238 113
Summary of movements of deferred tax assets and liabilities	The following table shows the movements of net deferred tax positions in 2022: Movement in deferred taxes Opening balance Net income statement movement Held for sale Other movements Closing balance Property and equipment (100) (45) 35 28 (82) Intangible assets 36 59 (13) (23) 59 Trade receivables 32 (20) 7 2 21 Provisions 17 7 (7) (2) 15 Accounts payable 90 32 (65) (21) 36 Withholding tax on undistributed earnings (98) 69 — — (29) Tax losses and other balances carried forwards 2,626 41 (3) (64) 2,600 Non-recognized deferred tax assets (2,498) 57 — 46 (2,395) Other 8 12 — (7) 13 Net deferred tax positions 113 212 (46) (41) 238 The following table shows the movements of net deferred tax positions in 2021: Movement in deferred taxes Opening balance Net income statement movement Held for sale Other movements Closing balance Property and equipment (274) 31 101 42 (100) Intangible assets (14) 33 19 (2) 36 Trade receivables 43 7 (15) (3) 32 Provisions 28 2 (6) (7) 17 Accounts payable 140 8 (24) (34) 90 Withholding tax on undistributed earnings (60) (39) — 1 (98) Tax losses and other balances carried forwards 2,221 34 1 370 2,626 Non-recognized deferred tax assets (2,025) (88) — (385) (2,498) Other — (12) 15 5 8 Net deferred tax positions 59 (24) 91 (13) 113
Summary of amount and expiry date of deductible temporary differences, unused tax losses and other carry forwards	VEON recognizes a deferred tax asset for unused tax losses and other credits carried forwards, to the extent that it is probable that the deferred tax asset will be utilized. The amount and expiry date of unused tax losses and other carry forwards for which no deferred tax asset is recognized are as follows: As of December 31, 2022 0-5 years 6-10 years More than 10 years Indefinite Total Tax losses expiry Recognized losses — — — (410) (410) Recognized DTA — — — 159 159 Non-recognized losses — — (853) (8,528) (9,381) Non-recognized DTA — — 213 2,144 2,357 Other credits carried forwards expiry Recognized credits (1) (45) — — (46) Recognized DTA 1 45 — — 46 Non-recognized credits — — — (147) (147) Non-recognized DTA — — — 38 38 As of December 31, 2021 0-5 years 6-10 years More than 10 years Indefinite Total Tax losses expiry Recognized losses (15) — — (174) (189) Recognized DTA 3 — — 50 53 Non-recognized losses — — (707) (8,553) (9,260) Non-recognized DTA — — 169 2,192 2,361 Other credits carried forwards expiry Recognized credits (2) (73) — — (75) Recognized DTA 2 73 — — 75 Non-recognized credits — — — (567) (567) Non-recognized DTA — — — 137 137

SIGNIFICANT TRANSACTIONS (Table

SIGNIFICANT TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Significant Transactions
Schedule of assets and liabilities disposed of relating to NTC	The following table shows the assets and liabilities disposed of relating to NTC on December 1, 2021: 2021 Property and equipment 264 Goodwill 222 Other current assets 24 Total assets disposed 510 Non-current liabilities 127 Current liabilities 23 Total liabilities disposed 150

HELD FOR SALE AND DISCONTINUE_2

HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2022: Assets held-for-sale Liabilities held-for-sale 2022 2021 2022 2021 Russia 5,792 — 4,232 — Algeria — 1,846 — 391 Other individual assets — 18 — — Total assets and liabilities held for sale 5,792 1,864 4,232 391 2022 Property and equipment 3,941 Intangible assets excl. goodwill 356 Goodwill 617 Deferred tax assets 78 Other non-current assets 50 Inventories 113 Trade and other receivables 367 Other current assets* 270 Total assets held for sale 5,792 Non-current liabilities Debt and Derivatives - NCL 2,888 Other non current liabilities 64 Current liabilities Trade and other payables 691 Debt & Derivatives - CL 306 Other non-financial liabilities 283 Total liabilities held for sale 4,232 *This include cash and cash equivalent of US$146 subject to currency restrictions that limited ability to upstream the cash or make certain payments outside the country, but these balances are otherwise freely available to the Russian operations. The following table shows the movements relating to Russian operations for the period ended December 31, 2022: Net book value Property and equipment Intangible assets excl. goodwill Goodwill As of January 1, 2022 4,013 293 1,084 Additions 775 192 — Disposals (18) (10) 4 Depreciation/amortization charge for the year (947) (131) — Reclassification as held for sale (9) — — Impairment (5) (2) (445) Transfers — — — Modifications of right-of-use assets (166) — — Translation adjustment 298 14 (26) As of December 31, 2022 3,941 356 617 The following table shows the assets and liabilities disposed in 2022 and classified as held-for-sale relating to Algeria as of: August 5, 2022 December 31, 2021 Property and equipment 555 527 Intangible assets excl. goodwill 120 111 Goodwill 953 1,001 Deferred tax assets 35 35 Other current assets 234 172 Total assets disposed / held for sale 1,897 1,846 Non-current liabilities 91 106 Current liabilities 276 285 Total liabilities disposed / held for sale 367 391 The following table shows the profit/(loss) and other comprehensive income relating to Algeria operations for the periods ended: Income statement and statement of comprehensive income August 5, 2022 December 31, 2021 December 31, 2020 Operating revenue 378 659 689 Operating expenses (212) (470) (564) Other expenses (7) (17) (17) Profit / (loss) before tax for the period 159 172 108 Income tax benefit / (expense) (15) (21) (29) Profit / (loss) after tax for the period 144 151 79 Other comprehensive income / (loss)* (65) (68) (157) Total comprehensive income / (loss) 79 83 (78) * Other comprehensive income is relating to the foreign currency translation of discontinued operations . The following table shows the results for the disposal of the Algeria operations that are accounted for in these financials as of December 31, 2022: 2022 Consideration received in cash 682 Carrying amount of net assets at disposal* (1,530) De-recognition of non-controlling interest 824 Loss on sale before reclassification of foreign currency translation reserve (24) Reclassification of foreign currency translation reserve (698) Net loss on disposal of Algeria operations (722) *Net assets include US$175 relating to cash and cash equivalents at disposal
Schedule of profit (loss) and other comprehensive income held-for-sale	The following table provides the details of loss after tax from discontinued operations and disposals of discontinued operations for the periods ended December 31: 2022 2021 2020 Russia (164) 530 (489) Algeria Profit / (loss) after tax for the period 144 151 79 Loss on disposal (722) — — Total loss after tax from discontinued operations and disposals of discontinued operations (742) 681 (410) Income statement and statement of comprehensive income 2022 2021 2020 Operating revenue 4,277 3,943 3,811 Operating expenses ** (3,993) (3,424) (4,123) Other expenses (424) (76) (143) Profit / (loss) before tax for the period (140) 443 (455) Income tax benefit / (expense) (24) 87 (34) Profit / (loss) after tax for the period (164) 530 (489) Other comprehensive income / (loss)* (29) (10) (478) Total comprehensive income / (loss) (193) 520 (967) *Other comprehensive income relates to the foreign currency translation of discontinued operations. ** In 2022, operating expenses includes an impairment of US$446 (2021:Nil, 2020:US$723) against the carrying value of goodwill in Russia recorded in the first quarter..
Schedule of information for cash-generating units	March 31, 2022 *** September 30, 2021 September 30, 2020 Key assumptions – Russia CGU Explicit forecast period Terminal Combined average * Explicit forecast period Terminal Combined average * Explicit forecast period Terminal Combined average * Discount rate — % — % 20.5 % — % — % 9.3 % — % — % 10.1 % Average annual revenue growth rate 6.2 % 1.6 % 5.5 % 5.0 % 1.6 % 4.4 % 4.3 % 1.8 % 3.9 % Average operating margin 32.4 % 35.0 % 32.8 % 33.2 % 35.5 % 33.6 % 31.2 % 35.7 % 32.0 % Average CAPEX / revenue ** 20.3 % 18.0 % 19.9 % 25.4 % 21.0 % 24.7 % 27.9 % 21.0 % 26.8 % * Combined average for 2022 is based on an explicit forecast period consisting of five years forecast plus the latest estimate for 2022 (2022-2027), and terminal period in 2028 (for 2020 being 2021-2025 with terminal period 2026); for comparative period 2021 the rates were revised to conform the calculation being 2022-2026 and terminal period in 2027. ** CAPEX excludes licenses and ROU assets. *** 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 Group has significant investments in property and equipment, intangible assets, and goodwill. Estimating recoverable amounts of assets and CGUs must, in part, be based on management’s evaluations, including the determination of the appropriate CGUs, the relevant discount rate, estimation of future performance, the revenue-generating capacity of assets, timing and amount of future purchases of property, equipment, licenses and spectrum, assumptions of future market conditions and the long-term growth rate into perpetuity (terminal value). In doing this, management needs to assume a market participant perspective. Changing the assumptions selected by management, in particular, the discount rate, capex intensity, operating margin and growth rate assumptions used to estimate the recoverable amounts of assets, could significantly impact the Group’s impairment evaluation and hence results. A significant part of the Group’s operations is in countries with emerging markets. The political and economic situation in these countries may change rapidly and recession may potentially have a significant impact on these countries. On-going recessionary effects in the world economy, including geopolitical situations and increased macroeconomic risks impact our assessment of cash flow forecasts and the discount rates applied. There are significant variations between different markets with respect to growth, mobile penetration, average revenue per user ( “ARPU”

IMPAIRMENT OF ASSETS (Tables)

IMPAIRMENT OF ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of impairment loss and reversal of impairment loss [abstract]
Schedule of total amount of the impairment loss allocated to the carrying amounts of assets	Property and equipment Intangible assets Goodwill Other Total impairment 2022 Bangladesh (32) (68) — — (100) Kyrgyzstan (29) (9) — (11) (49) Ukraine * 35 1 — — 36 Other 7 (1) — — 6 (19) (77) — (11) (107) *This includes net impairment to property and equipment as a result of physical damage to sites in Ukraine caused by the ongoing conflict between Russia and Ukraine. Property and equipment Intangible assets Goodwill Other Total impairment 2021 Kyrgyzstan 12 5 — 2 19 Other 8 — — — 8 20 5 — 2 27 Additionally, with regard to the Company’s commitment to network modernization, the Company continuously re-evaluates the plans for its existing network, primarily with respect to equipment purchased but not installed, and consequently recorded an impairment loss of US$5. Property and equipment Intangible assets Goodwill Other Total impairment 2020 * Kyrgyzstan 38 8 — 18 64 Other 5 — — (7) (2) 43 8 — 11 62 *This table has been restated to reflect the classification of Russia CGU as held-for-sale per December 31, 2022. For details of the 2020 Russia impairment refer to Note 10
Schedule of key assumptions used in fair value less costs of disposal calculations	The tables below show key assumptions used in fair value less costs of disposal calculations for CGUs with material goodwill or those CGUs for which an impairment loss or an impairment reversal has been recorded. Discount rates Discount rates are initially determined in U.S. dollars based on the risk-free rate for 20-year maturity bonds of the United States Treasury, adjusted for a risk premium to reflect both the increased risk of investing in equities and the systematic risk of the specific CGU relative to the market as a whole. The equity market risk premium is sourced from independent market analysts. The systematic risk, beta, represents the median of the raw betas of the entities comparable in size and geographic footprint with the ones of the Company ( “Peer Group” ). The country risk premium is based on an average default spread derived from sovereign credit ratings published by main credit rating agencies for a given CGU. The debt risk premium is based on the median of Standard & Poor’s long-term credit rating of the Peer Group. The weighted average cost of capital is determined based on target debt-to-equity ratios representing the median historical five The discount rate in functional currency of a CGU is adjusted for the long-term inflation forecast of the respective country in which the business operates, as well as applicable country risk premium. Discount rate 2022 2021 2020 Pakistan 19.5 % 14.7 % 18.2 % Bangladesh** 14.6 % — % — % Kazakhstan 13.8 % 9.4 % 10.3 % Kyrgyzstan* 19.0 % — % — % Uzbekistan 15.8 % 11.8 % 13.8 % Ukraine** 21.7 % — % — % * In 2021 and 2020, VEON fully impaired the carrying value of all operating assets of Kyrgyzstan, therefore discount rate was not determined ** In 2021 and 2020, no impairment losses were recorded or reversed for Bangladesh and Ukraine CGU’s, therefore discount rates were not disclosed Revenue growth rates The revenue growth rates during the forecast period vary based on numerous factors, including size of market, GDP (Gross Domestic Product), foreign currency projections, traffic growth, market share and others. A long‑term growth rate in perpetuity is estimated based on a percentage that is lower than or equal to the country long-term inflation forecast, depending on the CGU. Average annual revenue growth rate during forecast period 1 Terminal growth rate 2022 2021 2020 2022 2021 2020 Pakistan 12.0 % 4.8 % 9.7 % 4.0 % 5.5 % 5.8 % Bangladesh 12.6 % — % — % 3.5 % — % — % Kazakhstan 12.3 % 3.6 % 5.3 % 1.0 % 1.0 % 3.1 % Kyrgyzstan 11.4 % — % — % 3.0 % — % — % Uzbekistan 19.3 % 3.7 % 3.2 % 2.5 % 3.0 % 5.1 % Ukraine 8.6 % — % — % 1.0 % — % — % 1 The forecast period is the explicit forecast period of five years: for 2022 being 2023-2027 with terminal period in 2028; for comparative period 2021 the rates were revised to conform the calculation being 2022-2026 and terminal period in 2027; for 2020 being 2021-2025 with terminal period 2026. Operating margin The Company estimates operating margin on a pre-IFRS 16 basis (including lease expenses/payments), divided by Total Operating Revenue for each CGU and each future year. The forecasted operating margin is based on the budget and forecast calculations and assumes cost optimization initiatives which are part of on-going operations, as well as regulatory and technological changes known to date, such as telecommunication license issues and price regulation among others. Segment information in Note 2 is post-IFRS 16. Average operating margin during the forecast period 1 Terminal period operating margin 2022 2021 2020 2022 2021 2020 Pakistan 40.9 % 43.6 % 42.0 % 40.0 % 42.0 % 44.6 % Bangladesh 32.6 % — % — % 36.3 % — % — % Kazakhstan 49.2 % 48.9 % 49.5 % 45.0 % 47.0 % 50.0 % Kyrgyzstan 36.7 % — % — % 33.7 % — % — % Uzbekistan 43.6 % 40.9 % 34.0 % 41.0 % 34.0 % 34.0 % Ukraine 51.2 % — % — % 50.0 % — % — % 1 The forecast period is the explicit forecast period of five years: for 2022 being 2023-2027 with terminal period in 2028; for comparative period 2021 the rates were revised to conform the calculation being 2022-2026 and terminal period in 2027; for 2020 being 2021-2025 with terminal period 2026. CAPEX CAPEX is defined as purchases of property and equipment and intangible assets excluding licenses, goodwill and right-of-use assets. The cash flow forecasts for capital expenditures are based on the budget and forecast calculations and include the network roll-outs plans and license requirements. The cash flow forecasts for license and spectrum payments for each operating company for the initial five years include amounts for expected renewals and newly available spectrum. Beyond that period, a long-run cost related to spectrum and license payments is assumed. Payments for right-of-use assets are considered in the operating margin as described above. Average CAPEX as a percentage of revenue during the forecast period 1 Terminal period 1 CAPEX as a percentage of revenue 2022 2021 2020 2022 2021 2020 Pakistan 15.8 % 22.0 % 19.6 % 16.0 % 20.0 % 18.9 % Bangladesh 18.0 % — % — % 17.0 % — % — % Kazakhstan 18.6 % 20.0 % 19.8 % 18.5 % 20.0 % 19.0 % Kyrgyzstan 20.1 % — % — % 23.0 % — % — % Uzbekistan 18.0 % 20.2 % 21.4 % 20.0 % 21.0 % 21.0 % Ukraine 18.9 % — % — % 20.0 % — % — % 1 The forecast period is the explicit forecast period of five years: for 2022 being 2023-2027 with terminal period in 2028; for comparative period 2021 the rates were revised to conform the calculation being 2022-2026 and terminal period in 2027; for 2020 being 2021-2025 with terminal period 2026.
Schedule of sensitivity to change in assumptions	The following table illustrates the potential change in reversal of impairment for the Bangladesh and Kyrgyzstan CGUs 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 change the amount of impairment reversal approximately proportionally. Bangladesh Kyrgyzstan Sensitivity analysis Assumption used * +/- 1.0 pp Assumption used * +/- 1.0 pp Discount rate 14.6 % 15.6 % 19.0 % 20.0 % Change in key assumption — p.p 1.0 p.p — p.p 1.0 p.p Decrease in headroom — (42) — — Average annual revenue growth rate 11.1 % 10.1 % 10.0 % 9.0 % Change in key assumption — pp (1.0) pp — pp (1.0) pp Decrease in headroom — (26) — (1) Average operating margin 33.2 % 32.2 % 36.2 % 35.2 % Change in key assumption — pp (1.0) pp — pp (1.0) pp Decrease in headroom — (40) — (4) Average CAPEX / revenue** 17.8 % 18.8 % 20.6 % 21.6 % Change in key assumption — pp 1.0 pp — pp 1.0 pp Decrease in headroom — (52) — (4) * Combined average based on explicit forecast period of five years (2023-2027) and terminal period in 2028. ** CAPEX excludes licenses and ROU assets.

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2022
Property, plant and equipment [abstract]
Schedule of property and equipment	The following table summarizes the movement in the net book value of property and equipment for the years ended December 31: Net book value Telecomm-unications equipment Land, Office and other equipment Equipment not installed and assets under construction Right-of-use assets Total As of January 1, 2021 4,050 159 368 568 1,734 6,879 Additions 50 3 18 1,559 712 2,342 Disposals * (198) (1) (5) (7) (100) (311) Depreciation charge for the year (990) (22) (124) — (409) (1,545) Reclassification as held for sale (367) (6) (9) (42) (80) (504) Impairment (12) — (2) 3 (2) (13) Transfers 1,428 16 182 (1,619) (2) 5 Translation adjustment (101) 2 (6) (11) (20) (136) As of December 31, 2021 3,860 151 422 451 1,833 6,717 Additions 67 7 23 662 526 1,285 Disposals (40) (1) (4) (10) (15) (70) Depreciation charge for the year (382) (7) (29) — (139) (557) Divestment and reclassification as held for sale ** (1,991) (80) (314) (235) (1,393) (4,013) Impairment (38) (2) (3) (3) (8) (54) Impairment reversal 57 1 3 6 6 73 Transfers 528 5 13 (545) (5) (4) Modifications of right-of-use assets — — — — 26 26 Translation adjustment (363) (13) (14) (40) (125) (555) Others — — — — — — As of December 31, 2022 1,698 61 97 286 706 2,848 Cost 4,890 153 405 320 1,059 6,827 Accumulated depreciation and impairment (3,192) (92) (308) (34) (353) (3,979) *This includes disposal of NTC as explained in Note 9 . ** This relates to the classification of Russia as held-for-sale and discontinued operations as explained in Note 10
Schedule of movements in net book value of right-of-use assets	The following table summarizes the movement in the net book value of right-of-use assets ( "ROU" ) for the year ended December 31: Net book value ROU - Telecommunications Equipment ROU - Land, Buildings and Constructions ROU - Office and Other Equipment Total As of January 1, 2021 1,436 293 5 1,734 Additions 642 65 5 712 Disposals (100) — — (100) Depreciation charge for the year (320) (86) (3) (409) Reclassification as held for sale (71) (9) — (80) Impairment — (2) — (2) Transfers (4) 2 — (2) Translation adjustment (16) (3) (1) (20) As of December 31, 2021 1,567 260 6 1,833 Additions 513 13 — 526 Disposals (12) (3) — (15) Depreciation charge for the year (125) (12) (2) (139) Divestment and reclassification as held for sale (1,175) (216) (2) (1,393) Impairment (8) — — (8) Impairment reversal 2 4 — 6 Transfers (4) (1) — (5) Modifications and reassessments 20 6 — 26 Translation adjustment (117) (7) (1) (125) As of December 31, 2022 661 44 1 706 Cost 970 84 5 1,059 Accumulated depreciation and impairment (309) (40) (4) (353)
Schedule of capital commitments for the future purchase of equipment	Capital commitments for the future purchase of equipment are as follows as of December 31: 2022 2021 Less than 1 year 272 709 Between 1 and 5 years — 62 More than 5 years — 198 Total commitments 272 969 The above table for 2021 includes future lease commitments relating to the lease agreements between Russia and NTC (Less than one year: US$4; Between one and five years: US$61 and More than five years: US$198). For further details on this transaction, refer to Note 9 (Agreement between VEON and Service Telecom regarding the Sale of its Russian tower assets). For commitments pertaining to the Russian operations as of December 31, 2022, refer to Note 10 . Capital commitments for the future purchase of intangible assets are as follows as of December 31: 2022 2021 Less than 1 year 13 58 Total commitments 13 58
Schedule of estimated useful lives	Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. The useful life of VEON's assets generally fall within the following ranges: Class of property and equipment Useful life Telecommunication equipment 3 – 30 years Buildings and constructions 10 – 50 years Office and other equipment 2 – 10 years Right-of-use assets Equivalent lease term Class of intangible asset Useful life Telecommunications licenses, frequencies and permissions 3 - 20 years Software 3 - 10 years Brands and trademarks 3 - 15 years Customer relationships 10 - 21 years Other intangible assets 4 - 10 years

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about intangible assets [abstract]
Schedule of total gross carrying value and accumulated amortization of intangible assets	The following table summarizes the movement in the net book value of intangible assets for the years ended December 31: Net book value Telecommuni-cation licenses, frequencies & permissions Software Brands and trademarks Customer relationships Other intangible assets Goodwill Total As of January 1, 2021 921 301 117 116 15 2,682 4,152 Additions 482 184 — 1 29 14 710 Disposals (1) (1) — — 1 (51) (52) Amortization charge for the year (162) (135) 8 (15) (4) — (308) Reclassification as held for sale (34) (9) (73) — — (1,034) (1,150) Impairment (4) (1) — — — — (5) Transfer 40 11 (39) — (6) (7) (1) Translation adjustment (40) — 1 (2) 1 (62) (102) As of December 31, 2021 1,202 350 14 100 36 1,542 3,244 Additions 526 74 1 2 19 10 632 Disposals (5) (2) — — — — (7) Amortization charge for the year (139) (71) (3) (8) — — (221) Reclassification as held for sale (84) (150) (2) (22) (35) (1,084) (1,377) Impairment reversal 75 2 — — — — 77 Transfer — 3 — — (3) — — Translation adjustment (241) (37) (3) (18) (15) (74) (388) As of December 31, 2022 1,334 169 7 54 2 394 1,960 Cost 2,188 615 187 321 12 1,391 4,714 Accumulated amortization and impairment (854) (446) (180) (267) (10) (997) (2,754)
Schedule of changes in goodwill per cash-generating unit	During the year, the movement in goodwill for the Group, per CGU , consisted of the following: CGU* December 31, Translation adjustment Addition Reclassification as held for sale December 31, Russia — — — (1,084) 1,084 Pakistan 223 (64) — — 287 Kazakhstan 127 (9) — — 136 Ukraine 10 — 10 — — Uzbekistan 34 (1) — — 35 Total 394 (74) 10 (1,084) 1,542 * There is no goodwill allocated to the CGUs of Bangladesh, or Kyrgyzstan. CGU* December 31, Translation adjustment Addition Reclassification as held for sale Disposal Other December 31, Russia** 1,084 (10) 14 — (51) — 1,131 Algeria — (19) — (1,034) — — 1,053 Pakistan 287 (30) — — — (7) 324 Kazakhstan 136 (4) — — — — 140 Uzbekistan 35 1 — — — — 34 Total 1,542 (62) 14 (1,034) (51) (7) 2,682 * There is no goodwill allocated to the CGUs of Ukraine, Bangladesh, or Kyrgyzstan ** In 2021, VEON acquired a majority stake in OTM, a technology platform for the automation and planning of online advertising and IBS DataFort, a cloud IT infrastructure provider in Russia.
Schedule of capital commitments for the future purchase of intangible assets	Capital commitments for the future purchase of equipment are as follows as of December 31: 2022 2021 Less than 1 year 272 709 Between 1 and 5 years — 62 More than 5 years — 198 Total commitments 272 969 The above table for 2021 includes future lease commitments relating to the lease agreements between Russia and NTC (Less than one year: US$4; Between one and five years: US$61 and More than five years: US$198). For further details on this transaction, refer to Note 9 (Agreement between VEON and Service Telecom regarding the Sale of its Russian tower assets). For commitments pertaining to the Russian operations as of December 31, 2022, refer to Note 10 . Capital commitments for the future purchase of intangible assets are as follows as of December 31: 2022 2021 Less than 1 year 13 58 Total commitments 13 58
Schedule of estimated useful lives	Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. The useful life of VEON's assets generally fall within the following ranges: Class of property and equipment Useful life Telecommunication equipment 3 – 30 years Buildings and constructions 10 – 50 years Office and other equipment 2 – 10 years Right-of-use assets Equivalent lease term Class of intangible asset Useful life Telecommunications licenses, frequencies and permissions 3 - 20 years Software 3 - 10 years Brands and trademarks 3 - 15 years Customer relationships 10 - 21 years Other intangible assets 4 - 10 years

INVESTMENTS IN SUBSIDIARIES (Ta

INVESTMENTS IN SUBSIDIARIES (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of subsidiaries [abstract]
Schedule of information about significant subsidiaries	The Company held investments in material subsidiaries for the years ended December 31 as detailed in the table below. The equity interest presented represents the economic rights available to the Company. Equity interest held by the Group Name of significant subsidiary Country of incorporation Nature of subsidiary 2022 2021 VEON Amsterdam B.V. Netherlands Holding 100.0 % 100.0 % VEON Holdings B.V. Netherlands Holding 100.0 % 100.0 % PJSC VimpelCom Russia Operating 100.0 % 100.0 % JSC “Kyivstar” Ukraine Operating 100.0 % 100.0 % LLP “KaR-Tel” Kazakhstan Operating 75.0 % 75.0 % LLC “Unitel” Uzbekistan Operating 100.0 % 100.0 % LLC “VEON Georgia” Georgia Operating — % 100.0 % VEON Finance Ireland Designated Activity Company Ireland Holding 100.0 % 100.0 % LLC “Sky Mobile” Kyrgyzstan Operating 50.1 % 50.1 % VEON Luxembourg Holdings S.à r.l. Luxembourg Holding 100.0 % 100.0 % VEON Luxembourg Finance Holdings S.à r.l. Luxembourg Holding 100.0 % 100.0 % VEON Luxembourg Finance S.A. Luxembourg Holding 100.0 % 100.0 % Global Telecom Holding S.A.E Egypt Holding 99.6 % 99.6 % Omnium Telecom Algérie S.p.A.* Algeria Holding — % 45.6 % Optimum Telecom Algeria S.p.A.* Algeria Operating — % 45.6 % Pakistan Mobile Communications Limited Pakistan Operating 100.0 % 100.0 % Banglalink Digital Communications Limited Bangladesh Operating 100.0 % 100.0 % * Until the date sale of Algeria on August 5, 2022, the Group had concluded that it controls Omnium Telecom Algérie S.p.A and Optimum Telecom Algeria S.p.A, see ‘Significant accounting judgments’ below for further details.
Schedule of information about materially partly-owned subsidiaries	Financial information of subsidiaries that have material non-controlling interests ( “NCIs” ) is provided below: Equity interest held by NCIs Book values of Profit / (loss) attributable to material NCIs Name of significant subsidiary 2022 2021 2022 2021 2022 2021 LLP “KaR-Tel” ( “Kar-Tel” ) 25.0 % 25.0 % 85 96 31 29 Omnium Telecom Algérie S.p.A. (“OTA”) — % 54.4 % — 732 21 29
Schedule of summarized income statement of subsidiaries before inter-company eliminations	The summarized financial information of these subsidiaries before intercompany eliminations for the years ended December 31 are detailed below. Summarized income statement Kar-Tel 2022 2021 2020 Operating revenue 571 529 446 Operating expenses (403) (370) (316) Other (expenses) / income (12) (9) 4 Profit / (loss) before tax 156 150 134 Income tax expense (33) (32) (28) Profit / (loss) for the year 123 118 106 Total comprehensive income / (loss) 123 118 106 Attributed to NCIs 31 29 26 Dividends paid to NCIs — — —
Schedule of summarized financial position of subsidiaries before inter-company eliminations	Summarized statement of financial position Kar-Tel 2022 2021 Property and equipment 327 300 Intangible assets 178 213 Other non-current assets 39 28 Trade and other receivables 34 29 Cash and cash equivalents 43 46 Other current assets 27 33 Debt and derivatives (97) (102) Provisions (9) (6) Other liabilities (204) (158) Total equity 338 383 Attributed to: Equity holders of the parent 253 287 Non-controlling interests 85 96
Schedule of summarized cash flow statement of subsidiaries before inter-company eliminations	Summarized statement of cash flows Kar-Tel 2022 2021 2020 Net operating cash flows 243 231 184 Net investing cash flows (127) (106) (88) Net financing cash flows (117) (114) (97) Net foreign exchange difference (3) (1) (2) Net increase / (decrease) in cash equivalents (4) 10 (3)

OTHER NON-OPERATING GAIN _ (L_2

OTHER NON-OPERATING GAIN / (LOSS) (Tables)	12 Months Ended
	Dec. 31, 2022
Other Non-Operating Gain (Loss)
Schedule of other non-operating gains / (losses)	Other non-operating gains / (losses) consisted of the following for the years ended December 31: 2022 2021* 2020* Ineffective portion of hedging activities — 3 15 Change of fair value of other derivatives 10 (4) (23) Gain /(loss) from money market funds 29 7 12 Other (losses) / gains (30) 20 80 Other non-operating gain / (loss), net 9 26 84 *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10

INVESTMENTS, DEBT AND DERIVAT_2

INVESTMENTS, DEBT AND DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about financial instruments [abstract]
Schedule of financial assets	The Company holds the following investments and derivatives assets as of December 31: Carrying value 2022 2021 At fair value Other investments 58 37 58 37 At amortized cost Security deposits and cash collateral 63 49 Other investments 70 99 133 148 Total investments and derivatives 191 185 Non-current 71 99 Current 120 86
Schedule of financial liabilities	The Company holds the following outstanding debt and derivatives liabilities as of December 31: Carrying value 2022 2021 At fair value Derivatives not designated as hedges — 4 Derivatives designated as net investment hedges — 4 — 8 At amortized cost Principal amount outstanding 6,670 7,595 Interest accrued 102 86 Discounts, unamortized fees, hedge basis adjustment (8) (15) Bank loans and bonds 6,764 7,666 Lease liabilities 806 2,667 Put-option liability over non-controlling interest — 16 Other financial liabilities 610 289 8,180 10,638 Total debt and derivatives 8,180 10,646 Non-current 5,336 9,404 Current 2,844 1,242
Schedule of principal amounts outstanding for interest-bearing loans and bonds	The Company had the following principal amounts outstanding for interest-bearing loans and bonds at December 31: Principal amount outstanding Borrower Type of debt Guarantor Currency Interest rate Maturity 2022 2021 VEON Holdings B.V. Notes PJSC VimpelCom USD 7.50% 2022 — 417 VEON Holdings B.V. Loan None RUB CBR key rate + 1.85% 2022 — 404 VEON Holdings B.V. Notes None USD 5.95% 2023 529 529 VEON Holdings B.V. Revolving Credit Facility None USD SOFR + 1.70% 2023 692 — VEON Holdings B.V. Notes None USD 7.25% 2023 700 700 VEON Holdings B.V. Revolving Credit Facility None USD SOFR + 1.70% 2023 363 — VEON Holdings B.V. Notes None USD 4.95% 2024 533 533 VEON Holdings B.V. Notes None USD 4.00% 2025 1,000 1,000 VEON Holdings B.V. Notes None RUB 6.30% 2025 284 269 VEON Holdings B.V. Notes None RUB 6.50% 2025 143 135 VEON Holdings B.V. Notes None RUB 8.13% 2026 284 269 VEON Holdings B.V. Notes None USD 3.38% 2027 1,250 1,250 VEON Finance Ireland DAC Loan VEON Holdings RUB CBR key rate + 1.90% to 2.15% 2022 — 807* VEON Finance Ireland DAC Loan VEON Holdings RUB 10.10% 2022 — 404 * PMCL Loan None PKR 6M KIBOR + 0.35% 2022 — 24 PMCL Loan None PKR 6M KIBOR + 0.55% 2026 212 272 PMCL Loan None PKR 6M KIBOR + 0.55% 2028 66 85 PMCL Loan None PKR 3M KIBOR + 0.60% 2031 221 57 PMCL Loan None PKR 6M KIBOR + 0.60% 2032 132 — PJSC Kyivstar Loan None UAH NBU Key rate + 3.00% 2022 — 61 PJSC Kyivstar Loan VEON Holdings UAH NBU Key rate + 3.50% 2022 — 47 PJSC Kyivstar Loan VEON Holdings UAH Treasury Bill Rate + 3.00% 2022 — 50 PJSC Kyivstar Loan None UAH 10.15% to 11.00% 2023-2025 59 97 Banglalink Loan None BDT Average bank deposit rate + 4.25% 2022 — 46 Banglalink Loan None BDT Average bank deposit rate + 4.25% 2027 110 — Other bank loans and bonds 92 139 Total bank loans and bonds 6,670 7,595 *During 2022 these loans were novated to PJSC VimpelCom and are part of Liabilities associated with assets held for sale.
Schedule of reconciliation of cash flows from financing activities	SIGNIFICANT CHANGES IN DEBT AND DERIVATIVES Reconciliation of cash flows from financing activities Bank loans and bonds Lease liabilities Total Balance as of January 1, 2021 7,758 1,913 9,671 Cash flows Proceeds from borrowings, net of fees paid 2,081 — 2,081 Repayment of debt (1,857) (120) (1,977) Interest paid (462) (59) (521) Proceeds from borrowings relating to Russia discontinued operations 9 — 9 Repayment of debt relating to Russia discontinued operations (272) (217) (489) Interest paid relating to Russia discontinued operations (10) (88) (98) Non-cash movements Interest and fee accruals 513 144 657 Lease additions, disposals, impairment and modifications — 1,224 1,224 Held for sale - Note 10 — (122) (122) Foreign currency translation (68) (8) (76) Other non-cash movements (26) — (26) Balance as of December 31, 2021 7,666 2,667 10,333 Cash flows Proceeds from borrowings, net of fees paid 2,087 — 2,087 Repayment of debt (1,479) (140) (1,619) Interest paid (419) (70) (489) Non-cash movements Interest and fee accruals 400 64 464 Lease additions, disposals, impairment and modifications — 583 583 Held for sale - Note 10 (10) (2,134) (2,144) Foreign currency translation (416) (155) (571) Reclassification related to bank loans and bonds (1,064) — (1,064) Other non-cash movements (1) (9) (10) Balance as of December 31, 2022 6,764 806 7,570
Schedule of hedge accounting with derivatives as hedging items	The following table sets out the Company’s hedging instruments designated as net investment hedges as of December 31: Hedging instruments * Designated rate Excluded component Hedged Currency Aggregated designated nominal value of hedged items, million 2022 2021 Foreign currency forward contracts Forward foreign currency basis spread PJSC VimpelCom RUB — 6,986 ** * Refer to the Debt and Derivatives section above in this Note for information regarding the carrying amounts of the hedging instruments. ** Hedging instruments had a weighted average term to maturity of less than 1 year as of December 31, 2021. The below table sets out the reconciliation of each component of equity and the analysis of other comprehensive income (all of which are attributable to the equity owners of the parent): Foreign currency translation reserve Cost of hedging reserve ** As of January 1, 2021 (8,775) 1 Foreign currency revaluation of the foreign operations and other (140) — Effective portion of foreign currency revaluation of the hedging instruments * (18) — Change in fair value of foreign currency basis spreads — 2 Amortization of time-period related foreign currency basis spreads — (3) As of December 31, 2021 (8,933) — Foreign currency revaluation of the foreign operations 125 — Effective portion of foreign currency revaluation of the hedging instruments * — — Change in fair value of foreign currency basis spreads — — Amortization of time-period related foreign currency basis spreads — — Other movements in foreign currency translation reserve — — As of December 31, 2022 (8,808) — * Amounts represent the changes in fair value of the hedging instruments and closely approximate the changes in value of the hedged items used to recognize hedge ineffectiveness.

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Cash and cash equivalents [abstract]
Schedule of cash and cash equivalents	Cash and cash equivalents consisted of the following items as of December 31: 2022 2021 Cash and cash equivalents at banks and on hand 928 1,485 Cash equivalents with original maturity of less than three months 2,179 767 Cash and cash equivalents* 3,107 2,252 Less overdrafts — (13) Cash and cash equivalents, net of overdrafts, as presented in the consolidated statement of cash flows 3,107 2,239 * Cash and cash equivalents include an amount of US$67 relating to banking operations in Pakistan.

FINANCIAL RISK MANAGEMENT (Tabl

FINANCIAL RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of risk management strategy related to hedge accounting [abstract]
Schedule of sensitivity analysis	The following table demonstrates the sensitivity to a possible change in exchange rates against the U.S. dollar with all other variables held constant. Additional sensitivity changes to the indicated currencies are expected to be approximately proportionate. The table shows the effect on the Company’s profit before tax (due to changes in the value of monetary assets and liabilities, including foreign currency derivatives) and equity (due to application of hedge accounting or existence of quasi equity loans). The Company’s exposure to foreign currency changes for all other currencies is not material. Effect on profit / (loss) before tax Effect on other comprehensive income Change in foreign exchange rate against US$ 10% depreciation 10% appreciation 10% depreciation 10% appreciation 2022 Russian Ruble (5) 6 — — Bangladeshi Taka (34) 37 — — Pakistani Rupee (15) 17 — — Ukrainian Hryvnia (1) 1 — — Other currencies (net) (1) 1 — — 2021 Russian Ruble 18 (25) 9 (10) Bangladeshi Taka (30) 33 — — Pakistani Rupee (3) 4 — — Georgian Lari (37) 41 — — Ukrainian Hryvnia (1) 1 — — Other currencies (net) (6) 6 — —
Schedule of available facilities for liquidity risk	The Company had the following available facilities as of December 31: Amounts in millions of transactional currency US$ equivalent amounts Final availability period Facility amount Utilized Available Facility amount Utilized Available 2022 PMCL - Term Facility Apr 2023 PKR 40,000 PKR 30,000 PKR 10,000 176 132 44 Amounts in millions of transactional currency US$ equivalent amounts Final availability period Facility amount Utilized Available Facility amount Utilized Available 2021 VEON Holdings B.V. – Revolving Credit Facility* Feb 2024 US$1,250 — US$1,250 1,250 — 1,250 PMCL - Term Facility Jun 2022 PKR 50,000 PKR 10,000 PKR 40,000 283 57 226 TNS -Plus LLC - Term Facilities Oct 2023 KZT 4,000 KZT 2,783 KZT 1,217 9 6 3 *During 2022 Revolving credit facility amount reduced to US$1,055.
Schedule of maturity analysis of financial liabilities	The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments. Payments related to variable interest rate financial liabilities and derivatives are included based on the interest rates and foreign currency exchange rates applicable as of December 31, 2022 and 2021, respectively. The total amounts in the table differ from the carrying amounts as stated in Note 16 as the below table includes both undiscounted principal amounts and interest while the carrying amounts are measured using the effective interest rate method. Less than 1 year 1-3 years 3-5 years More than 5 years Total As of December 31, 2022 Bank loans and bonds 2,796 2,671 2,013 351 7,831 Lease liabilities 95 423 327 402 1,247 Derivative financial liabilities Gross cash inflows — — — — — Gross cash outflows — — — — — Trade and other payables 1,087 — — — 1,087 Other financial liabilities 176 322 142 52 692 Total financial liabilities 4,154 3,416 2,482 805 10,857 Related derivatives financial assets Gross cash inflows — — — — — Gross cash outflows — — — — — Related derivative financial assets — — — — — Total financial liabilities, net of derivative assets 4,154 3,416 2,482 805 10,857 Less than 1 year 1-3 years 3-5 years More than 5 years Total As of December 31, 2021 Bank loans and bonds 1,050 3,200 3,652 1,393 9,295 Lease liabilities 545 1,111 763 751 3,170 Derivative financial liabilities Gross cash inflows — — — — — Gross cash outflows 8 — — — 8 Trade and other payables 2,031 — — — 2,031 Other financial liabilities 120 144 21 15 300 Put option liability over non-controlling interest 16 — — — 16 Total financial liabilities 3,770 4,455 4,436 2,159 14,820 Related derivatives financial assets Gross cash inflows — — — — — Gross cash outflows — — — — — Related derivative financial assets — — — — — Total financial liabilities, net of derivative assets 3,770 4,455 4,436 2,159 14,820

ISSUED CAPITAL AND RESERVES (Ta

ISSUED CAPITAL AND RESERVES (Tables)	12 Months Ended
	Dec. 31, 2022
ISSUED CAPITAL AND RESERVES
Summary of common shares	The following table details the common shares of the Company as of December 31: 2022 2021 Authorized common shares (nominal value of US$0.001 per share) 1,849,190,667 1,849,190,667 Issued shares, including 3,374,459 (2021: 7,603,731) shares held by a subsidiary of the Company* 1,756,731,135 1,756,731,135 *Refer to Note 22 for further details.
Summary of major shareholders	As of December 31, 2022, the Company’s largest shareholders and remaining free float are as follows: Shareholder Number of common shares % of common and voting shares L1T VIP Holdings S.à r.l. (“LetterOne”) 840,625,001 47.9 % Stichting Administratiekantoor Mobile Telecommunications Investor * 145,947,562 8.3 % Exor N.V. 131,068,288 7.5 % Free Float, including 3,374,459 shares held by a subsidiary of the Company 639,090,284 36.4 % Total outstanding common shares 1,756,731,135 100.0 % * LetterOne is the holder of the depositary receipts issued by Stichting and is therefore entitled to the economic benefits (dividend payments, other distributions and sale proceeds) of such depositary receipts and, indirectly, of the 145,947,562 common shares represented by the depositary receipts. According to the conditions of administration entered into between Stichting and LetterOne ( “Conditions of Administration” ) in connection with the transfer of 145,947,562 ADSs from LetterOne to Stichting on March 29, 2016, Stichting has the power to vote and direct the voting of, and the power to dispose and direct the disposition of, the ADSs, in its sole discretion, in accordance with the Conditions of Administration and Stichting’s articles of association.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings per share [abstract]
Schedule of earnings per share for continuing operations	The following table sets forth the computation of basic and diluted earnings per share for continuing operations, for the years ended December 31: Continuing operations 2022 2021 2020 (In millions of U.S. dollars, except per share amounts) Numerator: Profit / (loss) for the period attributable to the owners of the parent 656 75 102 Denominator: Weighted average common shares outstanding for basic earnings per share (in millions) 1,753 1,753 1,753 Denominator for diluted earnings per share (in millions) 1,761 1,761 1,761 Basic earnings / (loss) per share * $0.37 $0.04 $0.06 Diluted earnings / (loss) per share * $0.37 $0.04 $0.06 *In accordance with IAS 33, Earnings per Share, the shares vested on December 31, 2022 and subsequently issued after the reporting period date have been included in the Earnings per Share calculation.
Schedule of earnings per share for discontinued operations	The following table sets forth the computation of basic and diluted earnings per share for discontinued operations, for the years ended December 31: Discontinued operations 2022 2021 2020 (In millions of U.S. dollars, except per share amounts) Numerator: Profit / (loss) for the period attributable to the owners of the parent (818) 599 (451) Denominator: Weighted average common shares outstanding for basic earnings per share (in millions) 1,753 1,753 1,753 Denominator for diluted earnings per share (in millions) 1,761 1,761 1,761 Basic earnings / (loss) per share * ($0.46) $0.34 ($0.26) Diluted earnings / (loss) per share * ($0.46) $0.34 ($0.26) *In accordance with IAS 33, Earnings per Share, the shares vested on December 31, 2022 and subsequently issued after the reporting period date have been included in the Earnings per Share calculation.

DIVIDENDS PAID AND PROPOSED (Ta

DIVIDENDS PAID AND PROPOSED (Tables)	12 Months Ended
	Dec. 31, 2022
Dividends Paid And Proposed
Schedule of declared dividends paid or payable to non-controlling interests	During 2022, 2021 and 2020, certain subsidiaries of the Company declared dividends, of which a portion was paid or payable to non-controlling interests as shown in the table below: Name of subsidiary 2022 2021 2020 Omnium Telecom Algeria S.p.A — 44 45 VIP Kazakhstan Holding AG — 27 24 TNS Plus LLP 11 8 16 Other 3 10 2 Total dividends declared to non-controlling interests 14 89 87

RELATED PARTIES (Tables)

RELATED PARTIES (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of transactions between related parties [abstract]
Schedule of compensation paid to key management personnel	The following table sets forth the total compensation to our Board of Directors, Group Chief Executive Officer, Group Chief Financial Officer and Group General Counsel, who are considered to be key management personnel of the Company, as defined by IAS 24, Related Party Disclosures , as well as other senior managers of the Company: 2022 2021 2020 Short-term employee benefits 21 39 35 Long-term employee benefits — — 1 Share-based payment* 9 9 — Termination benefits — 7 4 Total compensation to the Board of Directors and senior management** 30 55 40 *Share-based payment in 2022 and 2021 represent the expense under the Deferred Shares Plan, Short-Term Incentive Scheme (share awards), and Long-Term Incentive Plan, see further details below. ** The number of directors and senior managers vary from year to year. The group of individuals we consider to be senior managers has changed in recent years, including a determination that the chief executive officers of our operating companies should no longer be classified as senior managers. As a result, for 2022 reporting, we have changed the total compensation perimeter for the Board of Directors and senior managers to reflect this internal view. Total compensation paid to the Board of Directors and senior management approximates the amount charged in the consolidated income statement for that year with the exception of the share-based payment in 2022 and 2021.
Schedule of compensation paid to key management board members	The following table sets forth the total remuneration expense to the Group Executive Committee for the periods indicated (gross amounts in whole euro and whole US$ equivalents). For further details on compensation and changes to the Board of Directors and Group Executive Committee, please refer to the Explanatory notes below. In whole euros Kaan Terzioglu Serkan Okandan Victor Biryukov Omiyinka Doris Joop Brakenhoff Michael Schulz Dmitry Shvets Matthieu Galvani Alex Bolis Sergio Herrero Ursula Burns Murat Kirkgoz Alex Kazbegi Scott Dresser Group CEO** Group CFO** Group General Counsel** Acting Group General Counsel** Group Chief Internal Audit & Compliance Officer Group Chief People Officer Group Head of Portfolio Management Chief Corporate Affairs Officer Group Head of Corporate Development, Communications and Investor Relations Former Co-GCEO** Former Group CEO** Former Deputy Group CFO** Former Chief Strategy Officer Former Group General Counsel** 2022 Short-term employee benefits Base salary 1,323,000 1,296,000 645,865 77,583 540,000 565,000 647,070 150,000 187,500 — — — — — Annual incentive 1,035,891 712,800 343,556 52,644 297,000 310,750 350,585 83,178 204,555 — — — — — Other 205,350 1,806,342 814,770 11,550 542,362 500,205 693,232 — 366,168 — — — — — Long-term employee benefits — — — — — — — — — — — — — — Share-based payments 3,392,793 981,490 105,710 — 654,502 482,768 436,981 36,434 187,704 — — — — — Termination benefits — — — — — — — — — — — — — — Total remuneration expense * 5,957,034 4,796,632 1,909,901 141,777 2,033,864 1,858,723 2,127,868 269,612 945,927 — — — — — 2021 Short-term employee benefits Base salary 1,323,000 1,296,000 — — 540,000 237,741 365,854 — 272,448 628,199 — — 143,100 1,300,000 Annual incentive 1,695,094 1,192,320 — — 496,800 197,107 372,351 — 239,754 623,036 — — 128,437 1,300,000 Other 205,350 1,276,225 — — 96,600 27,862 11,271 — 77,000 5,512,172 — — 143,936 1,013,859 Long-term employee benefits 166,518 — — — — — — — — (144,764) — — — — Share-based payments 2,158,098 1,066,672 — — 467,471 469,127 491,760 — 330,726 (60,701) (103,954) (26,417) — 277,390 Termination benefits — — — — — — — — — 2,936,759 — — 579,675 2,625,000 Total remuneration expense * 5,548,060 4,831,217 — — 1,600,871 931,837 1,241,236 — 919,928 9,494,701 (103,954) (26,417) 995,148 6,516,249 * Total remuneration expense for 2022 excludes accrued payroll taxes of EUR0 million (US$0) (2021: EUR-3 million (US$-3) recorded in ‘Selling, general and administrative expenses’ incurred by the Company pertaining to payments made to Ursula Burns. ** Considered to be key management personnel as defined in IAS 24 Related Party Disclosures. In whole US dollars Kaan Terzioglu Serkan Okandan Victor Biryukov Omiyinka Doris Joop Brakenhoff Michael Schulz Dmitry Shvets Matthieu Galvani Alex Bolis Sergio Herrero Ursula Burns Murat Kirkgoz Alex Kazbegi Scott Dresser Group CEO** Group CFO** Group General Counsel** Acting Group General Counsel** Group Chief Internal Audit & Compliance Officer Group Chief People Officer Group Head of Portfolio Management Chief Corporate Affairs Officer Group Head of Corporate Development, Communications and Investor Relations Former Co-GCEO Former Group CEO** Former Deputy Group CFO** Former Chief Strategy Officer Former Group General Counsel** 2022 Short-term employee benefits Base salary 1,390,582 1,362,203 678,869 81,546 567,585 593,862 680,135 157,662 197,078 — — — — — Annual incentive 1,088,807 749,212 361,112 55,333 312,172 326,624 368,500 87,427 215,004 — — — — — Other 215,840 1,898,615 856,404 12,140 570,067 525,757 728,656 — 384,873 — — — — — Long-term employee benefits — — — — — — — — — — — — — — Share-based payments 3,566,105 1,031,627 111,111 — 687,936 507,429 459,310 38,296 197,292 — — — — — Termination benefits — — — — — — — — — — — — — — Total remuneration expense * 6,261,334 5,041,657 2,007,496 149,019 2,137,760 1,953,672 2,236,601 283,385 994,247 — — — — — 2021 Short-term employee benefits Base salary 1,564,015 1,532,096 — — 638,373 281,051 433,078 — 322,081 742,676 — — 169,169 1,536,825 Annual incentive 2,003,894 1,409,528 — — 587,303 233,014 440,768 — 283,431 736,572 — — 151,835 1,536,825 Other 242,759 1,508,718 — — 114,198 32,938 13,342 — 91,027 6,516,660 — — 170,158 1,198,557 Long-term employee benefits 196,853 — — — — — — — — (171,144) — — — — Share-based payments 2,551,245 1,260,991 — — 552,631 554,589 582,119 — 390,975 (71,763) (122,891) (31,230) — 327,923 Termination benefits — — — — — — — — — 3,471,927 — — 685,276 3,103,204 Total remuneration expense * 6,558,766 5,711,333 — — 1,892,505 1,101,592 1,469,307 — 1,087,514 11,224,928 (122,891) (31,230) 1,176,438 7,703,333 * Total remuneration expense for 2022 excludes accrued payroll taxes of EUR0 million (US$0) (2021: EUR-3 million (US$-3) recorded in ‘Selling, general and administrative expenses’ incurred by the Company pertaining to payments made to Ursula Burns. ** Considered to be key management personnel as defined in IAS 24 Related Party Disclosures.
Schedule of compensation paid to supervisory board members	The following table sets forth the total remuneration expense to the members of the Board of Directors for the periods indicated (gross amounts in whole euro and whole U.S. dollar equivalents). For details on changes in Board of Directors, please refer to explanations below. Retainer Committees Other compensation Total In whole euros 2022 2021 2022 2021 2022 2021 2022 2021 Hans-Holger Albrecht 483,078 487,500 190,558 136,458 1,184,142 1,098,610 1,857,778 1,722,568 Yaroslav Glazunov 281,250 75,000 80,000 — — — 361,250 75,000 Andrei Gusev 281,250 75,000 52,500 — 500,000 — 833,750 75,000 Gunnar Holt 625,000 350,000 68,750 150,000 — — 693,750 500,000 Irene Shvakman 350,000 195,115 55,000 27,874 — — 405,000 222,989 Vasily Sidorov 350,000 195,115 123,750 111,494 — — 473,750 306,609 Michiel Soeting 277,083 — 57,083 — — — 334,166 — Karen Linehan 342,289 — 53,899 — — — 396,188 — Augie Fabela 175,000 — 57,500 — — — 232,500 — Morten Lundal 175,000 — 42,500 — — — 217,500 — Stan Miller 175,000 — 30,000 — — — 205,000 — Mikhail Fridman 12,500 75,000 — — — — 12,500 75,000 Leonid Boguslavsky 175,000 335,417 12,500 23,958 — — 187,500 359,375 Gennady Gazin 387,500 842,708 62,500 57,292 1,566,303 1,971,749 2,016,303 2,871,749 Sergi Herrero 175,000 195,417 12,500 13,958 — — 187,500 209,375 Robert Jan van de Kraats 65,860 350,000 23,522 125,000 — — 89,382 475,000 Osama Bedier — 155,556 — 44,444 — — — 200,000 Peter Derby — 155,556 — 66,667 — — — 222,223 Amos Genish — 155,556 — 66,667 — — — 222,223 Steve Pusey — 189,583 — 53,125 — — — 242,708 Total compensation 4,330,810 3,832,523 922,562 876,937 3,250,445 3,070,359 8,503,817 7,779,819 Retainer Committees Other compensation Total In whole US dollars 2022 2021 2022 2021 2022 2021 2022 2021 Hans-Holger Albrecht 507,763 576,323 200,296 161,321 1,244,652 1,298,776 1,952,711 2,036,420 Yaroslav Glazunov 295,622 88,665 84,088 — — — 379,710 88,665 Andrei Gusev 295,622 88,665 55,183 — 525,550 — 876,355 88,665 Gunnar Holt 656,938 413,770 72,263 177,330 — — 729,201 591,100 Irene Shvakman 367,885 230,665 57,810 32,952 — — 425,695 263,617 Vasily Sidorov 367,885 230,665 130,074 131,808 — — 497,959 362,473 Michiel Soeting 291,242 — 60,000 — — — 351,242 — Karen Linehan 359,780 — 56,653 — — — 416,433 — Augie Fabela 183,943 — 60,438 — — — 244,381 — Morten Lundal 183,943 — 44,672 — — — 228,615 — Stan Miller 183,943 — 31,533 — — — 215,476 — Mikhail Fridman 13,139 88,665 — — — — 13,139 88,665 Leonid Boguslavsky 183,943 396,530 13,139 28,323 — — 197,082 424,853 Gennady Gazin 407,301 996,250 65,694 67,730 1,646,342 2,331,001 2,119,337 3,394,981 Sergi Herrero 183,943 231,022 13,139 16,502 — — 197,082 247,524 Robert Jan van de Kraats 69,226 413,770 24,723 147,775 — — 93,949 561,545 Osama Bedier — 183,898 — 52,542 — — — 236,440 Peter Derby — 183,898 — 78,813 — — — 262,711 Amos Genish — 183,898 — 78,813 — — — 262,711 Steve Pusey — 224,125 — 62,804 — — — 286,929 Total compensation 4,552,118 4,530,809 969,705 1,036,713 3,416,544 3,629,777 8,938,367 9,197,299

BASIS OF PREPARATION OF THE C_2

BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS
Disclosure of impact of correction of errors	Statement of Comprehensive Income For the year ended December 31, 2022 Impact of correction of the error (In millions of U.S. dollars) VEON Ltd. Dutch Statutory Financial Statements as previously reported Adjustment VEON Ltd. Form 20-F Consolidated Financial Statements as restated Profit / (loss) for the period (9) — (9) Items that may be reclassified to profit or loss Foreign currency translation (480) — (480) Reclassification of accumulated foreign currency translation reserve to profit or loss upon disposal of foreign operation (266) 824 558 Items that will not to be reclassified to profit or loss Other 27 — 27 Other comprehensive income / (loss) for the period, net of tax (719) 824 105 Total comprehensive income / (loss) for the period, net of tax (728) 824 96 Attributable to: The owners of the parent (14) — (14) Non-controlling interests (714) 824 110 (728) 824 96 Total comprehensive income / (loss) for the period, net of tax from: Continuing operations 234 — 234 Discontinued operations (962) 824 (138) (728) 824 96

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies That Relate To The Consolidated Financial Statements As A Whole
Disclosure of significant accounting judgments, estimates and assumptions	The sources of uncertainty identified by the Group are described together with the applicable Note, as follows: Significant accounting judgment / source of estimation uncertainty Described in Revenue recognition Note 3 Deferred tax assets and uncertain tax positions Note 8 Provisions and contingent liabilities Note 7 Impairment of non-current assets Note 11 Control over subsidiaries Note 14 Depreciation and amortization of non-current assets Note 12 and Note 13 Fair value of financial instruments Note 16 Sale and lease back transactions Note 12 Measurement of lease liabilities Note 16

CONDENSED SEPARATE FINANCIAL _2

CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON LTD (Tables)	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Condensed statement of financial position	Condensed statement of financial position: As of December 31 2022 2021 2020 Non-current assets Intangible assets 5 6 8 Tangible fixed assets 2 3 8 Financial fixed assets 760 690 138 Total non-current assets 767 699 154 Total current assets 78 119 320 Total assets 845 818 474 Equity 569 586 163 Total liabilities 276 232 311 Total equity and liabilities 845 818 474
Condensed income statement	Condensed income statement: for the years ended December 31 2022 2021 2020 Selling, general and administrative expenses (103) (86) (101) Other operating gains — — — Recharged expenses to group companies 10 (11) 3 Operating (loss) / profit (93) (97) (98) Finance income and (costs) (1) 2 (2) Share in result of subsidiaries after tax (68) 773 (249) Income tax — (4) — Total non-operating income and expenses (69) 772 (251) Profit / (loss) for the year (162) 674 (349)
Condensed statements of comprehensive income	Condensed statements of comprehensive income: for the years ended December 31 2022 2021 2020 Total comprehensive (loss) / profit for the year, net of tax — — (800)
Condensed statement of cash flows	Condensed statement of cash flows: for the years ended December 31 2022 2021 2020 Net cash flows from operating activities (108) (27) (13) Investing activities Receipt of dividends — — — Receipt of capital surplus from a subsidiary — (1) 317 Other cash flows from investing activities — 3 — Net cash flows used in investing activities — 2 317 Financing activities Proceeds from borrowings net of fees paid 60 — — Repayment of borrowings — — — Dividends paid to equity owners of the parent — — (260) Share capital issued and paid — — — Net cash flows generated from/(used in) financing activities 60 — (260) Net increase (decrease) in cash and cash equivalents (48) (25) 44 Net foreign exchange difference — — — Cash and cash equivalents at beginning of period 54 79 35 Cash and cash equivalents at end of period 6 54 79

GENERAL INFORMATION (Details)

GENERAL INFORMATION (Details) ₴ in Millions, ₨ in Millions, $ in Millions, ₽ in Billions, ৳ in Billions

1 Months Ended

2 Months Ended

3 Months Ended

12 Months Ended

Nov. 24, 2022 USD ($)

Nov. 24, 2022 RUB (₽)

Oct. 13, 2022 USD ($)

Aug. 05, 2022 USD ($)

Jun. 08, 2022 USD ($)

Apr. 12, 2022 USD ($) installment

Apr. 12, 2022 PKR (₨) installment

Mar. 31, 2022 USD ($) numberOfMegahertz installment

Mar. 31, 2022 UAH (₴)

Mar. 09, 2022 RUB (₽)

Jul. 01, 2021

Apr. 30, 2023 USD ($)

Apr. 30, 2023 PKR (₨)

Nov. 30, 2022 USD ($)

Jun. 30, 2022 USD ($)

Jun. 30, 2022 UAH (₴)

May 31, 2022 USD ($)

May 31, 2022 BDT (৳)

May 31, 2022 UAH (₴)

Apr. 30, 2022 USD ($)

Apr. 30, 2022 UAH (₴)

Mar. 31, 2022 USD ($) numberOfMegahertz installment

Mar. 31, 2022 PKR (₨)

Feb. 28, 2022 USD ($) bank $ / mHz

Feb. 28, 2022 RUB (₽) bank $ / mHz

Apr. 30, 2021

May 31, 2022 USD ($)

Sep. 30, 2022 USD ($) shares

Sep. 30, 2022 BDT (৳) shares

Mar. 31, 2021 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2022 UAH (₴)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

[2]

May 31, 2023 USD ($)

Dec. 31, 2022 UAH (₴)

Dec. 09, 2022 USD ($)

Oct. 14, 2022

Oct. 01, 2022 shares

Sep. 30, 2022 BDT (৳)

Jun. 30, 2022 UAH (₴)

Jun. 29, 2022 candidate

May 31, 2022 UAH (₴)

May 25, 2022 candidate

Apr. 30, 2022 RUB (₽)

Apr. 30, 2022 PKR (₨)

Apr. 30, 2022 BDT (৳)

Apr. 30, 2022 UAH (₴)

Mar. 31, 2022 RUB (₽) numberOfMegahertz installment

Mar. 31, 2022 UAH (₴) numberOfMegahertz installment

Feb. 28, 2022 RUB (₽)

Mar. 31, 2021 RUB (₽)

Jul. 31, 2020 USD ($)

Jul. 31, 2020 RUB (₽)

Mar. 31, 2020 USD ($)

Mar. 31, 2020 RUB (₽)

General information

Disposal of subsidiaries with non-controlling interests

[1]

$ (824)

Number of banks not extending facility | $ / mHz

2

2

Repayments of borrowings, classified as financing activities

1,619

$ 1,977

[2]

$ 4,148

Borrowings

6,670

7,595

Number of installments | installment

10

10

10

10

Number of equal annual installments | installment

5

5

Number of instruments granted in share-based payment arrangement (in shares) | shares

2,659,740

2,659,740

Number of instruments transferred (in shares) | shares

1,569,531

Gains on litigation settlements

$ 92

Repurchase of notes

$ 600

Director

General information

Number of candidates recommended for board | candidate

8

Number of directors elected | candidate

8,000,000

Other

General information

Number of candidates recommended for board | candidate

3,000,000

Number of directors elected | candidate

3

Banglalink

General information

New spectrum acquisition fee

$ 205

Spectrum maturity term

11 years

11 years

Banglalink | 40 MHz spectrum

General information

Frequency bands | numberOfMegahertz

40

40

40

40

Banglalink | 2300 MHz Spectrum

General information

Frequency bands | numberOfMegahertz

2,300

2,300

2,300

2,300

Jazz | Telecommunications licenses frequencies and permissions

General information

License renewal with a PTA

$ 486

₨ 95,000

License term

15 years

15 years

Proportion of settled fee (in percent)

50%

50%

Veon Holdings B.V. revolving credit facility, available until february 2024

General information

Notional amount

$ 1,250

$ 1,250

1,250

Borrowings term

3 years

Revolving credit facility

General information

Borrowings extension option, term

1 year

1 year

Number of banks not extending facility | bank

2

2

Proceeds from non-current borrowings

$ 82

$ 430

$ 610

Available credit

$ 1,055

$ 1,055

1,250

Borrowings

1,055

Revolving credit facility | VEON Holdings B.V.

General information

Notional amount

1,055

Proceeds from non-current borrowings

$ 82

430

610

Revolving credit facility | Rolled-over Revolving Credit Facility | VEON Holdings B.V.

General information

Notional amount

$ 692

$ 363

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

General information

Notional amount

250

Revolving credit facility | Later than two years and not later than three years

General information

Notional amount

805

Alfa Bank $125 commitment

General information

Notional amount

125

125

Repayments of borrowings, classified as financing activities

$ 43

Raiffeisen Bank Russia $170 commitment

General information

Notional amount

70

70

Repayments of borrowings, classified as financing activities

$ 24

Notes 7.5%

General information

Notional amount

$ 417

Borrowings, interest rate (in percent)

7.50%

7.50%

Notes 7.5% | VEON Holdings B.V.

General information

Notional amount

$ 417

Borrowings, interest rate (in percent)

7.50%

7.50%

RUB30bn Alfa Bank facility

General information

Notional amount

$ 396

₽ 30

Borrowings

$ 165

₽ 30

RUB30bn Alfa Bank facility | VEON Holdings B.V.

General information

Notional amount | ₽

₽ 30

VTB bank bilateral term loan

General information

Notional amount

$ 422

₽ 30

Repayments of borrowings, classified as financing activities

$ 396

₽ 30

VTB bank bilateral term loan | VEON Holdings B.V.

General information

Repayments of borrowings, classified as financing activities

396

VTB Bank term loan facility agreement, maturity february 2029

General information

Notional amount

400,000

₽ 30

VTB Bank term loan facility agreement, maturity february 2029 | Veon Finance Ireland DAC

General information

Notional amount

259

₽ 30

259

$ 400

₽ 30

₽ 30

Borrowings term

7 years

PKR50BN syndicated credit facility | PMCL (Pakistan Mobile Communications Ltd)

General information

Proceeds from non-current borrowings

$ 41

₨ 10,000

222

₨ 40,000

Sherbank RUB 45 million loan

General information

Notional amount

556,000

₽ 45

Sherbank RUB 45 million loan | Veon Finance Ireland DAC

General information

Notional amount

556

45

Alfa Bank RUB 45 million loan

General information

Notional amount

556

45

Alfa Bank RUB 45 million loan | Veon Finance Ireland DAC

General information

Notional amount

556

45

Sberbank and Alfa Bank

General information

Notional amount

1,112

90

Sberbank and Alfa Bank | Veon Finance Ireland DAC

General information

Notional amount

1,112

₽ 90

Syndicated loan with a 10 year maturity | PMCL (Pakistan Mobile Communications Ltd)

General information

Notional amount

$ 217

₨ 40,000

Borrowings term

10 years

10 years

10 years

Borrowings

$ 156

₨ 30,000

Syndicated loan with a 5 years maturity | Banglalink

General information

Notional amount

$ 139

$ 32

৳ 3

৳ 12

Proceeds from non-current borrowings

103,000

৳ 9

$ 32,000

৳ 3

Borrowings term

5 years

5 years

USD300M syndicated term facility | Banglalink

General information

Repayments of borrowings, classified as financing activities

38

৳ 3

JSC Citibank | Kyivstar

General information

Notional amount

46

$ 46

46

$ 46

46

46

46

₴ 1,350

₴ 1,350

₴ 1,350

₴ 1,350

₴ 1,350

JSC credit agricole | Kyivstar

General information

Notional amount

44

44

44

44

44

44

44

1,275

1,275

1,275

1,275

1,275

Alfa Bank $1667 million loan | Kyivstar

General information

Notional amount

$ 57

57

57

57

57

$ 57

57

1,677

1,677

1,677

1,677

1,677

OTP Bank UAH 490 million loan | Kyivstar

General information

Notional amount | ₴

₴ 1,250

₴ 1,250

₴ 1,250

₴ 1,250

₴ 1,250

Repayments of borrowings, classified as financing activities

₴ 490

$ 17

₴ 490

$ 17

₴ 490

$ 17

₴ 490

$ 17

$ 17

₴ 490

Notes at 7.25%

General information

Borrowings, interest rate (in percent)

7.25%

7.25%

7.25%

Borrowings

$ 700

$ 700

PJSC VimpelCom

General information

Consideration received in cash

$ 1,900

₽ 130

Algeria

General information

Consideration received in cash

$ 682

Put option, percentage ownership sold (in percentage)

45.57%

VEON Georgia LLC

General information

Gains (losses) recognised when control of subsidiary is lost

$ (88)

VEON Georgia LLC | VEON Georgia Holdings B.V.

General information

Consideration received in cash

$ 45

45

VEON Georgia LLC | Reserve of exchange differences on translation

General information

Disposal of subsidiaries with non-controlling interests

$ 78

[1] **Refer to Note 24 for further details with respect to the restatement. * Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation ( see note 10 )

SEGMENT INFORMATION - Reportabl

SEGMENT INFORMATION - Reportable segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Disclosure of operating segments [line items]
Total revenue	$ 3,755	$ 3,850	[1]	$ 3,482	[1]
Total Adjusted EBITDA	1,747	1,840		1,625
CAPEX excl licenses and ROU	841	806		776
Operating segments | Pakistan**
Disclosure of operating segments [line items]
Total revenue	1,285	1,408		1,233
Total Adjusted EBITDA	654	643		612
CAPEX excl licenses and ROU	258	318		249
Operating segments | Ukraine
Disclosure of operating segments [line items]
Total revenue	971	1,055		933
Total Adjusted EBITDA	575	704		630
CAPEX excl licenses and ROU	177	203		179
Operating segments | Kazakhstan
Disclosure of operating segments [line items]
Total revenue	636	569		479
Total Adjusted EBITDA	322	307		265
CAPEX excl licenses and ROU	122	134		119
Operating segments | Uzbekistan
Disclosure of operating segments [line items]
Total revenue	233	194		198
Total Adjusted EBITDA	124	89		68
CAPEX excl licenses and ROU	64	34		52
Operating segments | Bangladesh
Disclosure of operating segments [line items]
Total revenue	576	564		537
Total Adjusted EBITDA	210	235		228
CAPEX excl licenses and ROU	199	89		126
Operating segments | Others
Disclosure of operating segments [line items]
Total revenue	66	81		125
Total Adjusted EBITDA	26	41		22
CAPEX excl licenses and ROU	16	25		33
HQ and eliminations | HQ and eliminations
Disclosure of operating segments [line items]
Total revenue	(12)	(21)		(23)
Total Adjusted EBITDA	(164)	(179)		(200)
CAPEX excl licenses and ROU	$ 5	$ 3		$ 18
[1] *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10

SEGMENT INFORMATION - Segments

SEGMENT INFORMATION - Segments adjusted EBITDA (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Disclosure of operating segments [abstract]
Profit / (loss) before tax	$ 802	$ 464	[1],[2]	$ 373	[1],[2]
Depreciation	557	605	[2]	553	[2]
Amortization	221	194	[2]	177	[2]
Impairment (loss) / reversal	(107)	27	[2]	62	[2]
(Gain) / loss on disposal of non-current assets	1	(9)	[2]	10	[2]
(Loss) / gain on disposal of subsidiaries	(88)	0	[2]	0	[2]
Finance costs	583	591	[2]	569	[2]
Finance income	(32)	(13)	[2]	(19)	[2]
Other non-operating (gain) / loss	(9)	(26)	[2]	(84)	[2]
Net foreign exchange (gain) / loss	(181)	7	[1],[2]	(16)	[1],[2]
Total Adjusted EBITDA	$ 1,747	$ 1,840		$ 1,625
[1] * Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation ( see note 10 ) *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10

OPERATING REVENUE - Revenue (De

OPERATING REVENUE - Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of operating segments [line items]
Sale of Equipment and accessories	$ 28	$ 35	$ 22
Other revenue	127	125	105
Total revenue	3,755	3,850	3,482
Unused provision reversed, other provisions	28	77
Operating segments | Pakistan**
Disclosure of operating segments [line items]
Sale of Equipment and accessories	14	18	11
Other revenue	102	105	88
Total revenue	1,285	1,408	1,233
Unused provision reversed, other provisions	29
Operating segments | Ukraine
Disclosure of operating segments [line items]
Sale of Equipment and accessories	1	0	0
Other revenue	5	7	5
Total revenue	971	1,055	933
Operating segments | Kazakhstan
Disclosure of operating segments [line items]
Sale of Equipment and accessories	13	17	7
Other revenue	10	2	2
Total revenue	636	569	479
Operating segments | Uzbekistan
Disclosure of operating segments [line items]
Sale of Equipment and accessories	0	0	0
Other revenue	0	0	1
Total revenue	233	194	198
Operating segments | Bangladesh
Disclosure of operating segments [line items]
Sale of Equipment and accessories	0	0	0
Other revenue	10	11	10
Total revenue	576	564	537
Operating segments | Others
Disclosure of operating segments [line items]
Sale of Equipment and accessories	0	0	4
Other revenue	0	0	0
Total revenue	66	81	125
HQ and eliminations
Disclosure of operating segments [line items]
Sale of Equipment and accessories	0	0	0
Other revenue	0	0	(1)
Total revenue	(12)	(21)	(23)
Mobile
Disclosure of operating segments [line items]
Service revenue	3,428	3,536	3,207
Mobile | Operating segments | Pakistan**
Disclosure of operating segments [line items]
Service revenue	1,169	1,285	1,134
Mobile | Operating segments | Ukraine
Disclosure of operating segments [line items]
Service revenue	906	980	869
Mobile | Operating segments | Kazakhstan
Disclosure of operating segments [line items]
Service revenue	497	459	392
Mobile | Operating segments | Uzbekistan
Disclosure of operating segments [line items]
Service revenue	232	193	196
Mobile | Operating segments | Bangladesh
Disclosure of operating segments [line items]
Service revenue	566	553	527
Mobile | Operating segments | Others
Disclosure of operating segments [line items]
Service revenue	66	81	102
Mobile | HQ and eliminations
Disclosure of operating segments [line items]
Service revenue	(8)	(15)	(13)
Fixed
Disclosure of operating segments [line items]
Service revenue	172	154	148
Fixed | Operating segments | Pakistan**
Disclosure of operating segments [line items]
Service revenue	0	0	0
Fixed | Operating segments | Ukraine
Disclosure of operating segments [line items]
Service revenue	59	68	59
Fixed | Operating segments | Kazakhstan
Disclosure of operating segments [line items]
Service revenue	116	91	78
Fixed | Operating segments | Uzbekistan
Disclosure of operating segments [line items]
Service revenue	1	1	1
Fixed | Operating segments | Bangladesh
Disclosure of operating segments [line items]
Service revenue	0	0	0
Fixed | Operating segments | Others
Disclosure of operating segments [line items]
Service revenue	0	0	19
Fixed | HQ and eliminations
Disclosure of operating segments [line items]
Service revenue	$ (4)	$ (6)	$ (9)

OPERATING REVENUE - Assets and

OPERATING REVENUE - Assets and liabilities arising from contracts with customers (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Revenue [abstract]
Receivables (billed)	$ 493	$ 789
Receivables (unbilled)	37	49
Contract liabilities	(169)	(232)
Customer acquisition costs	$ 126	$ 149

SELLING, GENERAL AND ADMINIST_3

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Selling, general and administrative expense [abstract]
Network and IT costs	$ 503	$ 491		$ 447
Personnel costs	411	361		375
Customer associated costs	347	413		359
Losses on receivables	28	14		22
Taxes, other than income taxes	30	50		21
Other	214	197		179
Total selling, general and administrative expenses	$ 1,533	$ 1,526	[1]	$ 1,403	[1]
[1] *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10

SELLING, GENERAL AND ADMINIST_4

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES - Narrative (Details) $ in Millions, ₨ in Billions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 PKR (₨)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 PKR (₨)
Investments in subsidiaries
Customer associated costs	$ 347		$ 413	$ 359
Reversal of tax expense other than income tax expense				$ 52	₨ 8.6
Pakistan Mobile Communications Limited
Investments in subsidiaries
Customer associated costs	$ 63	₨ 13.8

TRADE AND OTHER RECEIVABLES - D

TRADE AND OTHER RECEIVABLES - Detail of trade and other receivables (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Trade receivables	$ 446	$ 679
Other receivable, net of expected credit losses allowance	10	11
Total trade and other receivables	456	690
Gross
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Trade receivables	530	838
Expected credit losses
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Trade receivables	$ (84)	$ (159)

TRADE AND OTHER RECEIVABLES - M

TRADE AND OTHER RECEIVABLES - Movements in the allowance for expected credit losses (Details) - Trade receivables - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Balance as of January 1	$ 159	$ 225
Accruals for expected credit losses	44	35
Recoveries	(6)	(9)
Accounts receivable written off	(64)	(28)
Reclassifications	(4)	0
Reclassification as held for sale	(28)	(56)
Foreign currency translation adjustment	(15)	(4)
Other movements	(2)	(4)
December 31	$ 84	$ 159

TRADE AND OTHER RECEIVABLES - A

TRADE AND OTHER RECEIVABLES - Aging of trade receivables (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Aging of trade receivables
Trade receivables (including contract assets)	$ 191	$ 185
Trade receivables and contract assets
Aging of trade receivables
Trade receivables (including contract assets)	446	679
Trade receivables and contract assets | Cost
Aging of trade receivables
Trade receivables (including contract assets)	530	838
Trade receivables and contract assets | Expected credit losses
Aging of trade receivables
Trade receivables (including contract assets)	$ (84)	$ (159)
Unbilled Receivables
Aging of trade receivables
Expected loss rate, %	0%	0%
Trade receivables (including contract assets)	$ 37	$ 49
Unbilled Receivables | Cost
Aging of trade receivables
Trade receivables (including contract assets)	37	49
Unbilled Receivables | Expected credit losses
Aging of trade receivables
Trade receivables (including contract assets)	$ 0	$ 0
Trade receivables | Current
Aging of trade receivables
Expected loss rate, %	0.60%	1.80%
Trade receivables (including contract assets)	$ 354	$ 540
Trade receivables | Less than 30 days
Aging of trade receivables
Expected loss rate, %	15.40%	3.60%
Trade receivables (including contract assets)	$ 33	$ 54
Trade receivables | Between 31 and 120 days
Aging of trade receivables
Expected loss rate, %	31%	33.30%
Trade receivables (including contract assets)	$ 20	$ 30
Trade receivables | Greater than 120 days
Aging of trade receivables
Expected loss rate, %	97.10%	95.70%
Trade receivables (including contract assets)	$ 2	$ 6
Trade receivables | Cost | Current
Aging of trade receivables
Trade receivables (including contract assets)	356	550
Trade receivables | Cost | Less than 30 days
Aging of trade receivables
Trade receivables (including contract assets)	39	56
Trade receivables | Cost | Between 31 and 120 days
Aging of trade receivables
Trade receivables (including contract assets)	29	45
Trade receivables | Cost | Greater than 120 days
Aging of trade receivables
Trade receivables (including contract assets)	69	138
Trade receivables | Expected credit losses | Current
Aging of trade receivables
Trade receivables (including contract assets)	(2)	(10)
Trade receivables | Expected credit losses | Less than 30 days
Aging of trade receivables
Trade receivables (including contract assets)	(6)	(2)
Trade receivables | Expected credit losses | Between 31 and 120 days
Aging of trade receivables
Trade receivables (including contract assets)	(9)	(15)
Trade receivables | Expected credit losses | Greater than 120 days
Aging of trade receivables
Trade receivables (including contract assets)	$ (67)	$ (132)

OTHER ASSETS AND LIABILITIES -

OTHER ASSETS AND LIABILITIES - Other assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Other non-current assets
Customer acquisition costs (see Note 3)	$ 126	$ 149
Tax advances (non-income tax)	7	33
Other non-financial assets	24	34
Total other non-current assets	157	216
Other current assets
Advances to suppliers	55	102
Input value added tax	49	160
Prepaid taxes	50	24
Other assets	54	58
Total other current assets	$ 208	$ 344

OTHER ASSETS AND LIABILITIES _2

OTHER ASSETS AND LIABILITIES - Other liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Other non-current liabilities
Long-term deferred revenue (see Note 3)	$ 10	$ 20
Other liabilities	10	16
Total other non-current liabilities	20	36
Other current liabilities
Taxes payable (non-income tax)	135	318
Short-term deferred revenue (see Note 3)	121	154
Customer advances (see Note 3)	38	58
Other payments to authorities	60	52
Due to employees	82	153
Other liabilities	39	38
Total other current liabilities	$ 475	$ 773

PROVISIONS AND CONTINGENT LIA_3

PROVISIONS AND CONTINGENT LIABILITIES - Movement in provisions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of other provisions [line items]
Balance at beginning of the year	$ 196	$ 292
Arising during the year	6	67
Utilized	(2)	(13)
Unused amounts reversed	(28)	(77)
Reclassification as held for sale	(45)	(81)
Transfer and reclassification	(5)
Discount rate adjustment and imputed interest (change in estimate)	4	7
Translation adjustments and other	(20)	1
Balance at end of the year	106	196
Non-current	47	87
Current	59	109
Non-income tax provisions
Disclosure of other provisions [line items]
Balance at beginning of the year	88	86
Arising during the year	5	19
Utilized	0	(12)
Unused amounts reversed	(20)
Reclassification as held for sale	(11)	0
Transfer and reclassification	(4)
Discount rate adjustment and imputed interest (change in estimate)	0	0
Translation adjustments and other	(9)	(6)
Balance at end of the year	49	88
Non-current	4	0
Current	45	88
Non-income tax provisions
Disclosure of other provisions [line items]
Unused amounts reversed		1
Decommi-ssioning provision
Disclosure of other provisions [line items]
Balance at beginning of the year	87	141
Arising during the year	0	31
Utilized	(2)	(1)
Unused amounts reversed	(6)	(19)
Reclassification as held for sale	(30)	(69)
Transfer and reclassification	0
Discount rate adjustment and imputed interest (change in estimate)	4	7
Translation adjustments and other	(10)	(3)
Balance at end of the year	43	87
Non-current	43	87
Current	0	0
Legal provision
Disclosure of other provisions [line items]
Balance at beginning of the year	14	22
Arising during the year	0	4
Utilized	0	0
Unused amounts reversed	0	(1)
Reclassification as held for sale	(4)	(12)
Transfer and reclassification	0
Discount rate adjustment and imputed interest (change in estimate)	0	0
Translation adjustments and other	(1)	1
Balance at end of the year	9	14
Non-current	0	0
Current	9	14
Other provisions
Disclosure of other provisions [line items]
Balance at beginning of the year	7	43
Arising during the year	1	13
Utilized	0	0
Unused amounts reversed	(2)	(58)
Reclassification as held for sale	0	0
Transfer and reclassification	(1)
Discount rate adjustment and imputed interest (change in estimate)	0	0
Translation adjustments and other	0	9
Balance at end of the year	5	7
Non-current	0	0
Current	$ 5	$ 7

PROVISIONS AND CONTINGENT LIA_4

PROVISIONS AND CONTINGENT LIABILITIES - Narrative (Details) ৳ in Millions, $ in Millions

Apr. 08, 2021 motions

Apr. 14, 2020 plaintiffs

Feb. 20, 2018

Apr. 27, 2016 action

Aug. 13, 2015

May 18, 2015 BDT (৳) sim_card

Apr. 01, 2012 BDT (৳) sim_card operator

Jul. 31, 2023 legalProceeding

Jun. 26, 2023 BDT (৳)

Jun. 26, 2023 USD ($)

Dec. 31, 2022 USD ($)

Jul. 05, 2022 USD ($)

Dec. 31, 2021 USD ($)

Apr. 13, 2018 plaintiffs

Nov. 20, 2017 BDT (৳)

Nov. 20, 2017 USD ($)

May 18, 2015 USD ($)

Apr. 01, 2012 USD ($)

Disclosure of other provisions [line items]

Legal provisions

$ 22

Threshold value of other individual contingencies for disclosure

$ 5

Total value of all other individual contingencies above threshold other than amounts already disclosed

289

$ 442

PJSC VimpelCom

Disclosure of other provisions [line items]

Tax and interest claim amount

$ 22

Entering into significant commitments or contingent liabilities

Disclosure of other provisions [line items]

Tax and interest claim amount

৳ 8,231

$ 76

Interest claim

৳ 4,307

$ 40

Commencement of major litigation | PJSC VimpelCom

Disclosure of other provisions [line items]

Hearings held | legalProceeding

2

Legal claims | legalProceeding

4

VEON - Securities Class Action

Disclosure of other provisions [line items]

Number of class action lawsuits filed against the company | action

2

Defendants with dismissed claims | plaintiffs

1

Number of additional named plaintiffs and allegations | plaintiffs

3

Number of parties filed motions | motions

2

VAT on Replacement SIMs | Banglalink Digital Communications Limited

Disclosure of other provisions [line items]

Legal provisions

$ 8

$ 11

NBR | VAT on Replacement SIMs | Banglalink Digital Communications Limited

Disclosure of other provisions [line items]

Unpaid SIM tax

৳ 7,740

$ 75

Number of random SIM cards purchased by NBR | sim_card

5

Total number of SIM cards issued | sim_card

7,021,834

Number of other operators that received notices | operator

3

Percentage of exposure of the original demand

8.50%

Assessed SIM tax liability

৳ 7,620

$ 74

LTU | VAT on Replacement SIMs | Banglalink Digital Communications Limited

Disclosure of other provisions [line items]

Unpaid SIM tax

৳ 1,690

$ 16

Number of random SIM cards purchased by Review Committee | sim_card

1,200

Percentage of incorrectly registered SIM cards

4.83%

Number of SIM cards incorrectly issued | sim_card

6,887,633

SIM tax payable on incorrectly issued SIM cards

৳ 5,320

$ 52

Percentage of SIM tax deposited

10%

10%

INCOME TAXES - Income tax payab

INCOME TAXES - Income tax payable (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Major components of tax expense (income) [abstract]
Current tax payable	$ 47	$ 70
Uncertain tax provisions	133	158
Total income tax payable	$ 180	$ 228

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income taxes
Current and non-current income tax assets	$ 72	$ 70
Deferred tax assets	274	228
Deferred tax liabilities	36	115
Non-recognized losses	9,381	9,260
Right-of-use assets
Income taxes
Deferred tax liabilities		23
Lease liabilities
Income taxes
Deferred tax assets		146
Luxembourg
Income taxes
Non-recognized losses	6,776	6,431
Netherlands
Income taxes
Non-recognized losses	2,352	2,360
Russian, Algerian and Pakistan
Income taxes
Deferred tax liabilities	29	98
Foreign subsidiaries outside Netherlands
Income taxes
Undistributed earnings of VEON's foreign subsidiaries	6,105	7,404
Pakistan Mobile Communications Limited
Income taxes
Estimated financial effect of contingent liabilities	$ 193	$ 158

INCOME TAXES - Income tax expen

INCOME TAXES - Income tax expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Current income taxes
Current year	$ 271	$ 273		$ 333
Adjustments in respect of previous years	10	47		(5)
Total current income taxes	281	320		328
Deferred income taxes
Movement of temporary differences and losses	(50)	38		46
Changes in tax rates	(4)	0		0
Changes in recognized deferred tax assets	(117)	0		(32)
Adjustments in respect of previous years	(5)	(21)		5
Other	(36)	7		(68)
Total deferred tax expense / (benefit)	(212)	24		(49)
Income tax expense	$ 69	$ 344	[1]	$ 279	[1]
[1] *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10

INCOME TAXES - Reconciliation b

INCOME TAXES - Reconciliation between statutory and effective income tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Effective income tax rate reconciliation, difference due to tax effects
Profit / (loss) before tax from continuing operations	$ 802	$ 464		$ 373
Income tax benefit / (expense) at statutory tax rate (25.8%)	(207)	(116)		(93)
Different tax rates in different jurisdictions	45	(5)		(19)
Non-deductible expenses	(46)	(35)		(89)
Non-taxable income	11	(3)		16
Adjustments in respect of previous years	(6)	(25)		1
Movements in (un)recognized deferred tax assets	117	(76)		(55)
Withholding taxes	38	(73)		(49)
Uncertain tax positions	(25)	(7)		(4)
Change in income tax rate	4	0		0
Other	0	4		(13)
Income tax	$ (69)	$ (344)	[1]	$ (279)	[1]
Effective tax rate	8.60%	74.10%		74.80%
Bangladesh
Effective income tax rate reconciliation, difference due to tax effects
Movements in (un)recognized deferred tax assets		$ (108)
[1] *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10

INCOME TAXES - Deferred taxes (

INCOME TAXES - Deferred taxes (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets and liabilities
Deferred tax assets	$ 274	$ 228
Deferred tax liabilities	(36)	(115)
Net deferred tax position	$ 238	$ 113

INCOME TAXES - Deferred tax ass

INCOME TAXES - Deferred tax assets and liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in deferred tax liability (asset) [abstract]
Opening balance - liabilities		$ 59
Opening balance - assets	$ 113
Net income statement movement	212	(24)
Held for sale	(46)	91
Other movements	(41)	(13)
Ending balance - assets	238	113
Property and equipment
Reconciliation of changes in deferred tax liability (asset) [abstract]
Opening balance - liabilities	(100)	(274)
Net income statement movement	(45)	31
Held for sale	35	101
Other movements	28	42
Ending balance - liabilities	(82)	(100)
Intangible assets
Reconciliation of changes in deferred tax liability (asset) [abstract]
Opening balance - liabilities		(14)
Opening balance - assets	(36)
Net income statement movement	59	33
Held for sale	(13)	19
Other movements	(23)	(2)
Ending balance - assets	59	(36)
Trade receivables
Reconciliation of changes in deferred tax liability (asset) [abstract]
Opening balance - assets	32	43
Net income statement movement	(20)	7
Held for sale	7	(15)
Other movements	2	(3)
Ending balance - assets	21	32
Provisions
Reconciliation of changes in deferred tax liability (asset) [abstract]
Opening balance - assets	17	28
Net income statement movement	7	2
Held for sale	(7)	(6)
Other movements	(2)	(7)
Ending balance - assets	15	17
Accounts payable
Reconciliation of changes in deferred tax liability (asset) [abstract]
Opening balance - assets	90	140
Net income statement movement	32	8
Held for sale	(65)	(24)
Other movements	(21)	(34)
Ending balance - assets	36	90
Withholding tax on undistributed earnings
Reconciliation of changes in deferred tax liability (asset) [abstract]
Opening balance - liabilities	(98)	(60)
Net income statement movement	69	(39)
Held for sale	0	0
Other movements	0	1
Ending balance - liabilities	(29)	(98)
Tax losses and other balances carried forwards
Reconciliation of changes in deferred tax liability (asset) [abstract]
Opening balance - assets	2,626	2,221
Net income statement movement	41	34
Held for sale	(3)	1
Other movements	(64)	370
Ending balance - assets	2,600	2,626
Non-recognized deferred tax assets
Reconciliation of changes in deferred tax liability (asset) [abstract]
Opening balance - liabilities	(2,498)	(2,025)
Net income statement movement	57	(88)
Held for sale	0	0
Other movements	46	(385)
Ending balance - liabilities	(2,395)	(2,498)
Other
Reconciliation of changes in deferred tax liability (asset) [abstract]
Opening balance - assets	8	0
Net income statement movement	12	(12)
Held for sale	0	15
Other movements	(7)	5
Ending balance - assets	$ 13	$ 8

INCOME TAXES - Tax losses year

INCOME TAXES - Tax losses year of expiration (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Income taxes
Recognized losses	$ (410)	$ (189)
Recognized DTA	159	53
Non-recognized losses	(9,381)	(9,260)
Non-recognized DTA	2,357	2,361
Recognized credits	(46)	(75)
Recognized DTA	46	75
Non-recognized credits	(147)	(567)
Non-recognized DTA	38	137
0-5 years
Income taxes
Recognized losses	0	(15)
Recognized DTA	0	3
Non-recognized losses	0	0
Non-recognized DTA	0	0
Recognized credits	(1)	(2)
Recognized DTA	1	2
Non-recognized credits	0	0
Non-recognized DTA	0	0
6-10 years
Income taxes
Recognized losses	0	0
Recognized DTA	0	0
Non-recognized losses	0	0
Non-recognized DTA	0	0
Recognized credits	(45)	(73)
Recognized DTA	45	73
Non-recognized credits	0	0
Non-recognized DTA	0	0
More than 10 years
Income taxes
Recognized losses	0	0
Recognized DTA	0	0
Non-recognized losses	(853)	(707)
Non-recognized DTA	213	169
Recognized credits	0	0
Recognized DTA	0	0
Non-recognized credits	0	0
Non-recognized DTA	0	0
Indefinite
Income taxes
Recognized losses	(410)	(174)
Recognized DTA	159	50
Non-recognized losses	(8,528)	(8,553)
Non-recognized DTA	2,144	2,192
Recognized credits	0	0
Recognized DTA	0	0
Non-recognized credits	(147)	(567)
Non-recognized DTA	$ 38	$ 137

SIGNIFICANT TRANSACTIONS - Sign

SIGNIFICANT TRANSACTIONS - Significant Transactions in 2022 (Details) $ in Millions, ₽ in Billions							12 Months Ended
		Nov. 24, 2022 USD ($)	Nov. 24, 2022 RUB (₽)	Aug. 05, 2022 USD ($)	Jun. 08, 2022 USD ($)	Jul. 01, 2021	Dec. 31, 2022 USD ($)
Disclosure of analysis of single amount of discontinued operations [line items]
Disposal of subsidiaries with non-controlling interests	[1]						$ (824)
Gains (losses) on exchange differences on translation of foreign operations, net of tax							$ 480
PJSC VimpelCom
Disclosure of analysis of single amount of discontinued operations [line items]
Consideration received in cash		$ 1,900	₽ 130
Algeria
Disclosure of analysis of single amount of discontinued operations [line items]
Consideration received in cash				$ 682
Put option, percentage ownership sold (in percentage)						45.57%
VEON Georgia LLC
Disclosure of analysis of single amount of discontinued operations [line items]
Gains (losses) recognised when control of subsidiary is lost					$ (88)
VEON Georgia LLC | Reserve of exchange differences on translation
Disclosure of analysis of single amount of discontinued operations [line items]
Disposal of subsidiaries with non-controlling interests					78
VEON Georgia LLC | VEON Georgia Holdings B.V.
Disclosure of analysis of single amount of discontinued operations [line items]
Consideration received in cash				$ 45	$ 45
[1] **Refer to Note 24 for further details with respect to the restatement.

SIGNIFICANT TRANSACTIONS - Si_2

SIGNIFICANT TRANSACTIONS - Significant Transactions in 2021 and 2020 (Details) ₽ in Millions, $ / mHz in Millions, $ in Millions, ৳ in Billions

1 Months Ended

12 Months Ended

Dec. 01, 2021 USD ($)

Sep. 05, 2021 USD ($)

Sep. 05, 2021 RUB (₽)

Jul. 19, 2021 USD ($)

Jul. 22, 2019 USD ($) numberOfMegahertz $ / mHz

Jun. 30, 2021 USD ($)

Oct. 31, 2020 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($) tower extensionOption

Dec. 31, 2020 USD ($)

Mar. 31, 2021 USD ($) numberOfMegahertz

Mar. 31, 2021 BDT (৳) numberOfMegahertz

Feb. 28, 2021 numberOfMegahertz

Aug. 21, 2019

Investments in subsidiaries

Lease, renewal options | extensionOption

10

Goodwill

$ 394

$ 1,542

$ 2,682

Right-of-use assets

706

1,833

1,734

Trade receivables (including contract assets)

191

185

Total assets held for sale

15,083

15,921

Transfer from OCI to income statement on disposal of subsidiary (reclassification adjustments)

(558)

[1],[2]

0

(96)

(Loss) / gain on disposal of subsidiaries

(88)

0

[3]

0

[3]

Foreign currency translation

(480)

[2]

(200)

$ (623)

Licences

Investments in subsidiaries

Additions

$ 384

384

Service cost liability

65

At amortized cost

Investments in subsidiaries

Trade receivables (including contract assets)

133

148

At amortized cost | Security deposits and cash collateral

Investments in subsidiaries

Trade receivables (including contract assets)

$ 63

$ 49

PTA license renewal

Investments in subsidiaries

License renewal assessment, tax percentage

13%

PTA license renewal | At amortized cost | Security deposits and cash collateral

Investments in subsidiaries

Trade receivables (including contract assets)

$ 326

Initial license payment percentage

50%

1800 MHz spectrum | PTA license renewal

Investments in subsidiaries

Frequency bands | numberOfMegahertz

1,800

License renewal assessment, amount per spectrum block | $ / mHz

30

900 MHz spectrum | PTA license renewal

Investments in subsidiaries

Frequency bands | numberOfMegahertz

900

License renewal assessment, amount per spectrum block | $ / mHz

40

License renewal assessment, total amount

$ 450

National Tower Company J C S N T C

Investments in subsidiaries

Increase decrease in number of towers leased | tower

5,000

National Tower Company J C S N T C | Long term lease agreement N T C

Investments in subsidiaries

Number of towers | tower

15,400

National Tower Company J C S N T C

Investments in subsidiaries

Consideration received in cash

$ 945

₽ 70,650

Goodwill

$ 215

Gain on sale of subsidiary

$ 101

National Tower Company J C S N T C | Long term lease agreement N T C

Investments in subsidiaries

Lease term

8 years

Service Telecom Group of Companies

Investments in subsidiaries

Lease term

8 years

Goodwill

$ 168

Right-of-use assets

101

Lease liabilities

$ 718

Lease commitments

$ 263

Banglalink Digital Communications Limited

Investments in subsidiaries

Spectrum cost

$ 115

৳ 10

Proportion of ownership interest in subsidiary

100%

100%

Banglalink Digital Communications Limited | 9.4 MHz spectrum

Investments in subsidiaries

Frequency bands | numberOfMegahertz

9.4

9.4

Banglalink Digital Communications Limited | 4 MHz spectrum

Investments in subsidiaries

Frequency bands | numberOfMegahertz

4.4

4.4

Banglalink Digital Communications Limited | 1800 MHz spectrum

Investments in subsidiaries

Frequency bands | numberOfMegahertz

1,800

1,800

Banglalink Digital Communications Limited | 5 MHz spectrum

Investments in subsidiaries

Frequency bands | numberOfMegahertz

5

5

Banglalink Digital Communications Limited | 2100 MHz spectrum

Investments in subsidiaries

Frequency bands | numberOfMegahertz

2,100

2,100

Banglalink Digital Communications Limited | 30 MHz spectrum

Investments in subsidiaries

Frequency bands | numberOfMegahertz

30.6

Banglalink Digital Communications Limited | 40 MHz spectrum

Investments in subsidiaries

Frequency bands | numberOfMegahertz

40

40

OTM

Investments in subsidiaries

Consideration received in cash

$ (16)

Proportion of ownership interest in subsidiary

67%

VEON Finance Ireland Designated Activity Company

Investments in subsidiaries

Consideration received in cash

$ 51

Proportion of ownership interest in subsidiary

100%

100%

Total assets held for sale

33

Transfer from OCI to income statement on disposal of subsidiary (reclassification adjustments)

96

(Loss) / gain on disposal of subsidiaries

$ 78

[1] **Refer to Note 24 for further details with respect to the restatement. *Refer to Note 24 for further details with respect to the restatement. *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10

SIGNIFICANT TRANSACTIONS - Summ

SIGNIFICANT TRANSACTIONS - Summary of assets and liabilities disposed of relating to NTC (Details) - Discontinued operations - Assets and liabilities classified as held for sale - National Tower Company J C S N T C $ in Millions	Dec. 31, 2022 USD ($)
Disclosure of analysis of single amount of discontinued operations [line items]
Property and equipment	$ 264
Goodwill	222
Other assets	24
Total assets	510
Non-current liabilities	127
Current liabilities	23
Total liabilities disposed	$ 150

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	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Assets held-for-sale	$ 5,792	$ 1,864
Liabilities held-for-sale	4,232	391
Assets and liabilities classified as held for sale
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Assets held-for-sale	5,792	1,864
Liabilities held-for-sale	4,232	391
Assets and liabilities classified as held for sale | Russia
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Assets held-for-sale	5,792	0
Liabilities held-for-sale	4,232	0
Assets and liabilities classified as held for sale | Algeria
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Assets held-for-sale	0	1,846
Liabilities held-for-sale	0	391
Assets and liabilities classified as held for sale | Other individual assets
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Assets held-for-sale	0	18
Liabilities held-for-sale	$ 0	$ 0

HELD FOR SALE AND DISCONTINUE_4

HELD FOR SALE AND DISCONTINUED OPERATIONS - Summary of details over Comprehensive Income/Loss classified as held-for-sale (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Disclosure of Analysis of Profit or Loss of Disposal Groups [Line Items]
Loss after tax from discontinued operations and disposals of discontinued operations	$ (742)	$ 681	[1]	$ (410)	[1]
Russia
Disclosure of Analysis of Profit or Loss of Disposal Groups [Line Items]
Loss after tax from discontinued operations and disposals of discontinued operations	(164)	530		(489)
Algeria
Disclosure of Analysis of Profit or Loss of Disposal Groups [Line Items]
Profit / (loss) after tax for the period	144	151		79
Net loss on disposal of Algeria operations	$ (722)	$ 0		$ 0
[1] *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10

HELD FOR SALE AND DISCONTINUE_5

HELD FOR SALE AND DISCONTINUED OPERATIONS - Narrative (Details) $ in Millions, ₽ in Billions

3 Months Ended

12 Months Ended

Nov. 24, 2022 USD ($)

Nov. 24, 2022 RUB (₽)

Aug. 05, 2022 USD ($)

Jul. 01, 2021

Mar. 31, 2022 USD ($)

Sep. 30, 2020 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Dec. 31, 2019 USD ($)

Investments in subsidiaries

Fair value bank loans and bonds, including interest accrued

$ 1,247

Total equity

767

[1]

$ 1,505

[1]

$ 1,013

$ 2,220

Total commitments

272

969

Russia

Investments in subsidiaries

Total commitments

528

Less than 1 year

Investments in subsidiaries

Total commitments

272

709

Less than 1 year | Russia

Investments in subsidiaries

Total commitments

250

Between 1 and 5 years

Investments in subsidiaries

Total commitments

0

62

Between 1 and 5 years | Russia

Investments in subsidiaries

Total commitments

91

More than 5 years

Investments in subsidiaries

Total commitments

0

198

More than 5 years | Russia

Investments in subsidiaries

Total commitments

187

Russia

Investments in subsidiaries

Impairment

$ 446

$ 723

Recoverable amount

$ 1,886

$ 3,001

Consideration received in cash

$ 1,900

₽ 130

Russia | Assets and liabilities classified as held for sale

Investments in subsidiaries

Impairment

445

Reserve of exchange differences on translation

Investments in subsidiaries

Total equity

(8,808)

[1]

$ (8,933)

[1]

$ (8,775)

$ (8,312)

Reserve of exchange differences on translation | Russia | Assets and liabilities classified as held for sale

Investments in subsidiaries

Total equity

$ 2,964

Algeria

Investments in subsidiaries

Consideration received in cash

$ 682

Put option, percentage ownership sold (in percentage)

45.57%

PJSC VimpelCom

Investments in subsidiaries

Consideration received in cash

$ 1,900

₽ 130

[1] **Refer to Note 24 for further details with respect to the restatement.

HELD FOR SALE AND DISCONTINUE_6

HELD FOR SALE AND DISCONTINUED OPERATIONS - Summary of assets and liabilities classified as discontinued operations relating to Russia (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets
Property and equipment	$ 2,848,000,000	$ 6,717,000,000
Goodwill	394,000,000	1,542,000,000	$ 2,682,000,000
Deferred tax assets	238,000,000	113,000,000
Other non-current assets	157,000,000	216,000,000
Inventories	18,000,000	111,000,000
Other current assets	208,000,000	344,000,000
Total assets	15,083,000,000	15,921,000,000
Liabilities
Other non current liabilities	20,000,000	36,000,000
Restricted cash	125,000,000	71,000,000
Russia
Assets
Goodwill	0	1,084,000,000	$ 1,131,000,000
Liabilities
Restricted cash	146,000,000
Assets and liabilities classified as held for sale | Russia
Assets
Property and equipment	3,941,000,000	4,013,000,000
Intangible assets excl. goodwill	356,000,000	293,000,000
Goodwill	617,000,000	$ 1,084,000,000
Deferred tax assets	78,000,000
Other non-current assets	50,000,000
Inventories	113,000,000
Trade and other receivables	367,000,000
Other current assets	270,000,000
Total assets	5,792,000,000
Liabilities
Debt and Derivatives - NCL	2,888,000,000
Other non current liabilities	64,000,000
Trade and other payables	691,000,000
Debt & Derivatives - CL	306,000,000
Other non-financial liabilities	283,000,000
Total liabilities disposed	$ 4,232,000,000

HELD FOR SALE AND DISCONTINUE_7

HELD FOR SALE AND DISCONTINUED OPERATIONS - Movements of Russian operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property and equipment
Property and equipment at beginning of period	$ 6,717
Property and equipment at end of period	2,848	$ 6,717
Goodwill
Goodwill at beginning of period	1,542	2,682
Addition	10	14
Translation adjustment	(74)	(62)
Goodwill at end of period	394	1,542	$ 2,682
Russia
Goodwill
Goodwill at beginning of period	1,084	1,131
Addition	0	14
Translation adjustment	0	(10)
Goodwill at end of period	0	1,084	1,131
Assets and liabilities classified as held for sale | Russia
Property and equipment
Property and equipment at beginning of period	4,013
Additions	775
Disposals	(18)
Depreciation charge for the year	(947)
Reclassification as held for sale	(9)
Impairment	(5)
Transfers	0
Modifications of right-of-use assets	(166)
Translation adjustment	298
Property and equipment at end of period	3,941	4,013
Intangible assets excl. goodwill
Intangible assets excl. goodwill at beginning of period	293
Additions	192
Disposals	(10)
Amortization charge for the year	(131)
Reclassification as held for sale	0
Impairment	(2)
Transfer	0
Translation adjustment	14
Intangible assets excl. goodwill at end of period	356	293
Goodwill
Goodwill at beginning of period	1,084
Addition	0
Disposal	4
Reclassification as held for sale	0
Impairment loss recognised in profit or loss, goodwill	(445)
Translation adjustment	(26)
Goodwill at end of period	617	1,084
Impairment loss recognised in profit or loss, goodwill	$ 446	$ 0	$ 723

HELD FOR SALE AND DISCONTINUE_8

HELD FOR SALE AND DISCONTINUED OPERATIONS - Summary profit/(loss) and other comprehensive income relating to Russia operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Total operating revenues	$ 3,755		$ 3,850	[1]	$ 3,482	[1]
Profit / (loss) before tax	802		464	[1],[2]	373	[1],[2]
Income tax benefit / (expense)	69		344	[1]	279	[1]
(Loss) / profit for the period	(9)	[3],[4]	801	[1]	(316)	[1]
Other comprehensive income / (loss) for the period, net of tax	105	[4]	(203)		(541)
Total comprehensive income / (loss)	96	[3],[4]	598		(857)
Assets and liabilities classified as held for sale | Russia
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Total operating revenues	4,277		3,943		3,811
Operating expenses	(3,993)		(3,424)		(4,123)
Other expenses	(424)		(76)		(143)
Profit / (loss) before tax	(140)		443		(455)
Income tax benefit / (expense)	(24)		87		(34)
(Loss) / profit for the period	(164)		530		(489)
Other comprehensive income / (loss) for the period, net of tax	(29)		(10)		(478)
Total comprehensive income / (loss)	(193)		$ 520		$ (967)
Impairment	$ 445
[1] *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10 * Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation ( see note 10 ) **Refer to Note 24 for further details with respect to the restatement. *Refer to Note 24 for further details with respect to the restatement.

HELD FOR SALE AND DISCONTINUE_9

HELD FOR SALE AND DISCONTINUED OPERATIONS - Key Assumptions relating to Russia operations (Details)	3 Months Ended	9 Months Ended		12 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2022
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Budget and forecast period				5 years
Russia
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Average annual revenue discount rate, explicit forecast period (in percent)	0%	0%	0%
Average annual revenue discount rate, terminal period (in percent)	0%	0%	0%
Average annual revenue discount rate, combined average (in percent)	20.50%	9.30%	10.10%
Average annual revenue growth rate, explicit forecast period (in percent)	6.20%	5%	4.30%
Average annual revenue growth rate, terminal period (in percent)	1.60%	1.60%	1.80%
Average annual revenue growth rate, combined average (in percent)	5.50%	4.40%	3.90%
Average operating margin, explicit forecast period (in percent)	32.40%	33.20%	31.20%
Average operating margin, terminal period (in percent)	35%	35.50%	35.70%
Average operating margin, combined average (in percent)	32.80%	33.60%	32%
Average CAPEX / revenue, explicit forecast (in percent)	20.30%	25.40%	27.90%
Average CAPEX / revenue, terminal period (in percent)	18%	21%	21%
Average CAPEX / revenue, combined average (in percent)	19.90%	24.70%	26.80%
Budget and forecast period				5 years

HELD FOR SALE AND DISCONTINU_10

HELD FOR SALE AND DISCONTINUED OPERATIONS - Summary of assets and liabilities classified as discontinued operations relating to Algeria (Details) - USD ($) $ in Millions	Dec. 31, 2022	Aug. 05, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Property and equipment	$ 2,848		$ 6,717
Goodwill	394		1,542	$ 2,682
Net deferred tax position	238		113
Other assets	208		344
Total assets held for sale	15,083		15,921
Non-current liabilities	5,439		9,642
Current liabilities	$ 4,645		4,383
Assets and liabilities classified as held for sale | Algeria
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Property and equipment		$ 555	527
Intangible assets excl. goodwill		120	111
Goodwill		953	1,001
Net deferred tax position		35	35
Other assets		234	172
Total assets held for sale		1,897	1,846
Non-current liabilities		91	106
Current liabilities		276	285
Total liabilities held for sale		$ 367	$ 391

HELD FOR SALE AND DISCONTINU_11

HELD FOR SALE AND DISCONTINUED OPERATIONS - Summary of profit loss and other comprehensive income relating to Algeria operations (Details) - USD ($) $ in Millions	7 Months Ended	12 Months Ended
	Aug. 05, 2022	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Operating revenue		$ 3,755		$ 3,850	[1]	$ 3,482	[1]
Profit / (loss) before tax		802		464	[1],[2]	373	[1],[2]
Income tax benefit / (expense)		69		344	[1]	279	[1]
(Loss) / profit for the period		(9)	[3],[4]	801	[1]	(316)	[1]
Other comprehensive income / (loss) (excluding reclassification adjustments)		105	[4]	(203)		(541)
Total comprehensive income / (loss)		$ 96	[3],[4]	598		(857)
Assets and liabilities classified as held for sale | Algeria
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Operating revenue	$ 378			659		689
Operating expenses	(212)			(470)		(564)
Other expenses	(7)			(17)		(17)
Profit / (loss) before tax	159			172		108
Income tax benefit / (expense)	(15)			(21)		(29)
(Loss) / profit for the period	144			151		79
Other comprehensive income / (loss) (excluding reclassification adjustments)	(65)			(68)		(157)
Total comprehensive income / (loss)	$ 79			$ 83		$ (78)
[1] *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10 * Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation ( see note 10 ) **Refer to Note 24 for further details with respect to the restatement. *Refer to Note 24 for further details with respect to the restatement.

HELD FOR SALE AND DISCONTINU_12

HELD FOR SALE AND DISCONTINUED OPERATIONS - Results of Algeria operations (Details) - Algeria - USD ($) $ in Millions		12 Months Ended
	Aug. 05, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Consideration received in cash	$ (682)
Net loss on disposal of Algeria operations		$ (722)	$ 0	$ 0
Assets and liabilities classified as held for sale | Discontinued operations
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Consideration received in cash		(682)
Carrying amount of net assets at disposal		(1,530)
De-recognition of non-controlling interest		824
Loss on sale before reclassification of foreign currency translation reserve		(24)
Reclassification of foreign currency translation reserve		(698)
Net loss on disposal of Algeria operations		(722)
Assets and liabilities classified as held for sale | Discontinued operations | Cash and cash equivalents
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Carrying amount of net assets at disposal		$ 175

IMPAIRMENT OF ASSETS - Impairme

IMPAIRMENT OF ASSETS - Impairment losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	$ (107)	$ 27	$ 62
Bangladesh
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(100)
Kyrgyzstan
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(49)	19	64
Ukraine
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	36
Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	6	8	(2)
Property and equipment
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(19)	20	43
Property and equipment | Bangladesh
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(32)
Property and equipment | Kyrgyzstan
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(29)	12	38
Property and equipment | Ukraine
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	35
Property and equipment | Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	7	8	5
Intangible assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(77)	5	8
Intangible assets | Bangladesh
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(68)
Intangible assets | Kyrgyzstan
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(9)	5	8
Intangible assets | Ukraine
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	1
Intangible assets | Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(1)	0	0
Goodwill
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	0	0	0
Goodwill | Bangladesh
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	0
Goodwill | Kyrgyzstan
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	0	0	0
Goodwill | Ukraine
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	0
Goodwill | Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	0	0	0
Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(11)	2	11
Other | Bangladesh
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	0
Other | Kyrgyzstan
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(11)	2	18
Other | Ukraine
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	0
Other | Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	$ 0	$ 0	$ (7)

IMPAIRMENT OF ASSETS - Impair_2

IMPAIRMENT OF ASSETS - Impairment losses 2022 - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2018
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss		$ (107)	$ 27	[1]	$ 62	[1]
Non-current assets		$ 5,310	$ 10,504
Bangladesh
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss							$ 451
Recoverable amount							474
Amount by which unit's recoverable amount exceeds its carrying amount							119
Non-current assets							$ 355
Impairment reversal	$ 100
Impairment reversal	68
Reversal of impairment loss recognised in profit or loss, property, plant and equipment	32
Bangladesh | Fully Depreciated Assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment reversal	19
Kyrgyzstan
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss					$ 64
Recoverable amount	25
Amount by which unit's recoverable amount exceeds its carrying amount	51
Impairment reversal	49
Impairment reversal	9
Reversal of impairment loss recognised in profit or loss, property, plant and equipment	29
Reversal of impairment loss recognised In profit or loss, other assets	11
Reversal of impairment loss recognised In profit or loss, other assets, depreciated assets	$ 2
[1] *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10

IMPAIRMENT OF ASSETS - Impair_3

IMPAIRMENT OF ASSETS - Impairment losses 2021 and 2020 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	$ (107)	$ 27	$ 62
Property and equipment
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(19)	20	43
Intangible assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(77)	5	8
Goodwill
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	0	0	0
Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(11)	2	11
Kyrgyzstan
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(49)	19	64
Kyrgyzstan | Property and equipment
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(29)	12	38
Kyrgyzstan | Intangible assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(9)	5	8
Kyrgyzstan | Goodwill
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	0	0	0
Kyrgyzstan | Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(11)	2	18
Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	6	8	(2)
Other | Property and equipment
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	7	8	5
Other | Intangible assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(1)	0	0
Other | Goodwill
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	0	0	0
Other | Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	$ 0	$ 0	$ (7)

IMPAIRMENT OF ASSETS- Impairmen

IMPAIRMENT OF ASSETS- Impairment losses 2020 -Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	$ (107)	$ 27	$ 62
Property and equipment
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(19)	20	43
Kyrgyzstan
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(49)	19	64
Kyrgyzstan | Property and equipment
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	(29)	12	38
Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	6	8	(2)
Other | Property and equipment
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss recognised in profit or loss	$ 7	$ 8	$ 5

IMPAIRMENT OF ASSETS - Key Assu

IMPAIRMENT OF ASSETS - Key Assumptions- Narrative (Details)	12 Months Ended
	Dec. 31, 2022
Disclosure of impairment loss and reversal of impairment loss [abstract]
Budget and forecast period	5 years

IMPAIRMENT OF ASSETS - Key As_2

IMPAIRMENT OF ASSETS - Key Assumptions (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of impairment loss and reversal of impairment loss [line items]
Maturity period for an United States treasury bond	20 years
Median historical capital structure term	5 years
Average annual revenue growth, key assumptions, explicit forecast period	5 years
Average operating margin, key assumptions, explicit forecast period	5 years
Cash flow forecasts for license and spectrum payments term	5 years
Average CAPEX as a percentage of revenue, key assumptions, explicit forecast period	5 years
Pakistan
Disclosure of impairment loss and reversal of impairment loss [line items]
Average annual revenue discount rate, combined average (in percent)	19.50%	14.70%	18.20%
Average annual revenue growth rate, combined average (in percent)	12%	4.80%	9.70%
Terminal growth rate	4%	5.50%	5.80%
Average operating margin, combined average (in percent)	40.90%	43.60%	42%
Average operating margin, terminal period (in percent)	40%	42%	44.60%
Average CAPEX / revenue, combined average (in percent)	15.80%	22%	19.60%
Average CAPEX / revenue, terminal period (in percent)	16%	20%	18.90%
Bangladesh
Disclosure of impairment loss and reversal of impairment loss [line items]
Average annual revenue discount rate, combined average (in percent)	14.60%	0%	0%
Average annual revenue growth rate, combined average (in percent)	12.60%	0%	0%
Terminal growth rate	3.50%	0%	0%
Average operating margin, combined average (in percent)	32.60%	0%	0%
Average operating margin, terminal period (in percent)	36.30%	0%	0%
Average CAPEX / revenue, combined average (in percent)	18%	0%	0%
Average CAPEX / revenue, terminal period (in percent)	17%	0%	0%
Kazakhstan
Disclosure of impairment loss and reversal of impairment loss [line items]
Average annual revenue discount rate, combined average (in percent)	13.80%	9.40%	10.30%
Average annual revenue growth rate, combined average (in percent)	12.30%	3.60%	5.30%
Terminal growth rate	1%	1%	3.10%
Average operating margin, combined average (in percent)	49.20%	48.90%	49.50%
Average operating margin, terminal period (in percent)	45%	47%	50%
Average CAPEX / revenue, combined average (in percent)	18.60%	20%	19.80%
Average CAPEX / revenue, terminal period (in percent)	18.50%	20%	19%
Kyrgyzstan
Disclosure of impairment loss and reversal of impairment loss [line items]
Average annual revenue discount rate, combined average (in percent)	19%	0%	0%
Average annual revenue growth rate, combined average (in percent)	11.40%	0%	0%
Terminal growth rate	3%	0%	0%
Average operating margin, combined average (in percent)	36.70%	0%	0%
Average operating margin, terminal period (in percent)	33.70%	0%	0%
Average CAPEX / revenue, combined average (in percent)	20.10%	0%	0%
Average CAPEX / revenue, terminal period (in percent)	23%	0%	0%
Uzbekistan
Disclosure of impairment loss and reversal of impairment loss [line items]
Average annual revenue discount rate, combined average (in percent)	15.80%	11.80%	13.80%
Average annual revenue growth rate, combined average (in percent)	19.30%	3.70%	3.20%
Terminal growth rate	2.50%	3%	5.10%
Average operating margin, combined average (in percent)	43.60%	40.90%	34%
Average operating margin, terminal period (in percent)	41%	34%	34%
Average CAPEX / revenue, combined average (in percent)	18%	20.20%	21.40%
Average CAPEX / revenue, terminal period (in percent)	20%	21%	21%
Ukraine
Disclosure of impairment loss and reversal of impairment loss [line items]
Average annual revenue discount rate, combined average (in percent)	21.70%	0%	0%
Average annual revenue growth rate, combined average (in percent)	8.60%	0%	0%
Terminal growth rate	1%	0%	0%
Average operating margin, combined average (in percent)	51.20%	0%	0%
Average operating margin, terminal period (in percent)	50%	0%	0%
Average CAPEX / revenue, combined average (in percent)	18.90%	0%	0%
Average CAPEX / revenue, terminal period (in percent)	20%	0%	0%

IMPAIRMENT OF ASSETS - Sensitiv

IMPAIRMENT OF ASSETS - Sensitivity Analysis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Bangladesh
Disclosure of impairment loss and reversal of impairment loss [line items]
Average annual revenue discount rate, combined average (in percent)	14.60%	0%	0%
Discount Rate 1% increase	15.60%
Reasonably possible 1% change in discount rate, amount	$ (42)
Average annual revenue growth rate, explicit forecast period (in percent)	11.10%
Growth rate 1% decrease	10.10%
Reasonably possible 1% change in average growth rate, amount	$ (26)
Combined operating margin	33.20%
Combined operating margin 1% decrease	32.20%
Reasonably possible 1% change in average operating margin, amount	$ (40)
Combined CAPEX %	17.80%
Combined CAPEX percentage 1% increase	18.80%
Reasonably possible 1% change in average CAPEX as percentage of revenue, amount	$ (52)
Kyrgyzstan
Disclosure of impairment loss and reversal of impairment loss [line items]
Average annual revenue discount rate, combined average (in percent)	19%	0%	0%
Discount Rate 1% increase	20%
Reasonably possible 1% change in discount rate, amount	$ 0
Average annual revenue growth rate, explicit forecast period (in percent)	10%
Growth rate 1% decrease	9%
Reasonably possible 1% change in average growth rate, amount	$ (1)
Combined operating margin	36.20%
Combined operating margin 1% decrease	35.20%
Reasonably possible 1% change in average operating margin, amount	$ (4)
Combined CAPEX %	20.60%
Combined CAPEX percentage 1% increase	21.60%
Reasonably possible 1% change in average CAPEX as percentage of revenue, amount	$ (4)

PROPERTY AND EQUIPMENT - Moveme

PROPERTY AND EQUIPMENT - Movement in property and equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property and equipment
Property and equipment at beginning of period	$ 6,717
Property and equipment at end of period	2,848	$ 6,717
Right-of-use assets at beginning of period	1,833	1,734
Additions	526	712
Disposals	(15)	(100)
Depreciation charge for the year	(139)	(409)
Divestment and reclassification as held for sale	(1,393)	(80)
Impairment	(8)	(2)
Impairment reversal	6
Transfers	(5)	(2)
Modifications of right-of-use assets	26
Translation adjustment	(125)	(20)
Others	0
Right-of-use assets at end of period	706	1,833
Property, plant and equipment and right-of-use assets at beginning of period	6,717	6,879
Additions	1,285	2,342
Disposals	(70)	(311)
Depreciation charge for the year	(557)	(1,545)
Divestment and reclassification as held for sale	(4,013)	(504)
Impairment	(54)	(13)
Impairment reversal	73
Transfers	(4)	5
Modifications of right-of-use assets	26
Translation adjustment	(555)	(136)
Others	0
Property, plant and equipment and right-of-use assets at end of period	2,848	6,717
Cost
Property and equipment
Right-of-use assets at end of period	1,059
Property, plant and equipment and right-of-use assets at end of period	6,827
Accumulated depreciation and impairment
Property and equipment
Right-of-use assets at end of period	(353)
Property, plant and equipment and right-of-use assets at end of period	(3,979)
Telecommunication equipment
Property and equipment
Property and equipment at beginning of period	3,860	4,050
Additions	67	50
Disposals	(40)	(198)
Depreciation charge for the year	(382)	(990)
Reclassification as held for sale	(1,991)	(367)
Impairment		(12)
Impairment	38
Impairment reversal	57
Transfers	528	1,428
Modifications of right-of-use assets	0
Translation adjustment	(363)	(101)
Others	0
Property and equipment at end of period	1,698	3,860
Telecommunication equipment | Cost
Property and equipment
Property and equipment at end of period	4,890
Telecommunication equipment | Accumulated depreciation and impairment
Property and equipment
Property and equipment at end of period	(3,192)
Land, buildings and constructions
Property and equipment
Property and equipment at beginning of period	151	159
Additions	7	3
Disposals	(1)	(1)
Depreciation charge for the year	(7)	(22)
Reclassification as held for sale	(80)	(6)
Impairment		0
Impairment	2
Impairment reversal	1
Transfers	5	16
Modifications of right-of-use assets	0
Translation adjustment	(13)	2
Others	0
Property and equipment at end of period	61	151
Land, buildings and constructions | Cost
Property and equipment
Property and equipment at end of period	153
Land, buildings and constructions | Accumulated depreciation and impairment
Property and equipment
Property and equipment at end of period	(92)
Office and other equipment
Property and equipment
Property and equipment at beginning of period	422	368
Additions	23	18
Disposals	(4)	(5)
Depreciation charge for the year	(29)	(124)
Reclassification as held for sale	(314)	(9)
Impairment		(2)
Impairment	3
Impairment reversal	3
Transfers	13	182
Modifications of right-of-use assets	0
Translation adjustment	(14)	(6)
Others	0
Property and equipment at end of period	97	422
Office and other equipment | Cost
Property and equipment
Property and equipment at end of period	405
Office and other equipment | Accumulated depreciation and impairment
Property and equipment
Property and equipment at end of period	(308)
Equipment not installed and assets under construction
Property and equipment
Property and equipment at beginning of period	451	568
Additions	662	1,559
Disposals	(10)	(7)
Depreciation charge for the year	0	0
Reclassification as held for sale	(235)	(42)
Impairment	3
Impairment reversal	6
Transfers	(545)	(1,619)
Modifications of right-of-use assets	0
Translation adjustment	(40)	(11)
Others	0
Property and equipment at end of period	286	451
Equipment not installed and assets under construction | Cost
Property and equipment
Property and equipment at end of period	320
Equipment not installed and assets under construction | Accumulated depreciation and impairment
Property and equipment
Property and equipment at end of period	$ (34)
Equipment not installed and assets under construction
Property and equipment
Impairment		$ 3

PROPERTY AND EQUIPMENT - Narrat

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Impairment reversal	$ 77
Acquired property and equipment, not yet paid	306	$ 726
Property plant and equipment pledged as security for bank borrowings	688	919
Total commitments	272	969
Less than 1 year
Disclosure of quantitative information about right-of-use assets [line items]
Total commitments	272	709
Between 1 and 5 years
Disclosure of quantitative information about right-of-use assets [line items]
Total commitments	0	62
More than 5 years
Disclosure of quantitative information about right-of-use assets [line items]
Total commitments	0	198
Russia And NTC | Less than 1 year
Disclosure of quantitative information about right-of-use assets [line items]
Total commitments		4
Russia And NTC | Between 1 and 5 years
Disclosure of quantitative information about right-of-use assets [line items]
Total commitments		61
Russia And NTC | More than 5 years
Disclosure of quantitative information about right-of-use assets [line items]
Total commitments		$ 198
Bangladesh
Disclosure of quantitative information about right-of-use assets [line items]
Impairment reversal	32
Kyrgyzstan
Disclosure of quantitative information about right-of-use assets [line items]
Impairment reversal	29
Ukraine
Disclosure of quantitative information about right-of-use assets [line items]
Impairment reversal	$ 35

PROPERTY AND EQUIPMENT - Move_2

PROPERTY AND EQUIPMENT - Movement in right-of-use assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at beginning of period	$ 1,833	$ 1,734
Additions	526	712
Disposals	(15)	(100)
Depreciation charge for the year	(139)	(409)
Divestment and reclassification as held for sale	(1,393)	(80)
Impairment	(8)	(2)
Impairment reversal	6
Transfers	(5)	(2)
Modifications and reassessments	26
Translation adjustment	(125)	(20)
Right-of-use assets at end of period	706	1,833
Cost
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	1,059
Accumulated depreciation and impairment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	(353)
Telecommunication equipment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at beginning of period	1,567	1,436
Additions	513	642
Disposals	(12)	(100)
Depreciation charge for the year	(125)	(320)
Divestment and reclassification as held for sale	(1,175)	(71)
Impairment	(8)	0
Impairment reversal	2
Transfers	(4)	(4)
Modifications and reassessments	20
Translation adjustment	(117)	(16)
Right-of-use assets at end of period	661	1,567
Telecommunication equipment | Cost
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	970
Telecommunication equipment | Accumulated depreciation and impairment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	(309)
Land, buildings and constructions
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at beginning of period	260	293
Additions	13	65
Disposals	(3)	0
Depreciation charge for the year	(12)	(86)
Divestment and reclassification as held for sale	(216)	(9)
Impairment	0	(2)
Impairment reversal	4
Transfers	(1)	2
Modifications and reassessments	6
Translation adjustment	(7)	(3)
Right-of-use assets at end of period	44	260
Land, buildings and constructions | Cost
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	84
Land, buildings and constructions | Accumulated depreciation and impairment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	(40)
Office and other equipment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at beginning of period	6	5
Additions	0	5
Disposals	0	0
Depreciation charge for the year	(2)	(3)
Divestment and reclassification as held for sale	(2)	0
Impairment	0	0
Impairment reversal	0
Transfers	0	0
Modifications and reassessments	0
Translation adjustment	(1)	(1)
Right-of-use assets at end of period	1	$ 6
Office and other equipment | Cost
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	5
Office and other equipment | Accumulated depreciation and impairment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	$ (4)

PROPERTY AND EQUIPMENT - Commit

PROPERTY AND EQUIPMENT - Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of capital commitments [line items]
Total commitments	$ 272	$ 969
Less than 1 year
Disclosure of capital commitments [line items]
Total commitments	272	709
Less than 1 year | Russia And NTC
Disclosure of capital commitments [line items]
Total commitments		4
Between 1 and 5 years
Disclosure of capital commitments [line items]
Total commitments	0	62
Between 1 and 5 years | Russia And NTC
Disclosure of capital commitments [line items]
Total commitments		61
More than 5 years
Disclosure of capital commitments [line items]
Total commitments	$ 0	198
More than 5 years | Russia And NTC
Disclosure of capital commitments [line items]
Total commitments		$ 198

PROPERTY AND EQUIPMENT - Useful

PROPERTY AND EQUIPMENT - Useful life of property and equipment (Details)	12 Months Ended
	Dec. 31, 2022
Minimum | Telecommunication equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	3 years
Minimum | Buildings and constructions
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	10 years
Minimum | Office and other equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	2 years
Maximum | Telecommunication equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	30 years
Maximum | Buildings and constructions
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	50 years
Maximum | Office and other equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	10 years

INTANGIBLE ASSETS - Summary of

INTANGIBLE ASSETS - Summary of the movement in the net book value of intangible assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Goodwill [abstract]
Goodwill at beginning of period	$ 1,542	$ 2,682
Addition	10	14
Disposals		51
Translation adjustment	(74)	(62)
Goodwill at end of period	394	1,542		$ 2,682
Intangible assets and goodwill [abstract]
Balance at beginning of the period	3,244	4,152
Additions	632	710
Disposals	(7)	(52)
Amortization charge for the year	221	194	[1]	177	[1]
Reclassification as held for sale	1,377	1,150
Impairment	(77)	(5)
Impairment reversal	77
Transfer	0	(1)
Translation adjustment	(388)	(102)
Balance at end of the period	1,960	3,244		4,152
Previously Reported, Netting
Intangible assets and goodwill [abstract]
Amortization charge for the year		308
Telecommunication licenses, frequencies & permissions
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at beginning of period	1,202	921
Additions	526	482
Disposals	5	1
Amortization charge for the year	(139)
Reclassification as held for sale	84	34
Impairment		4
Impairment reversal	75
Transfer	0	40
Translation adjustment	(241)	(40)
Intangible assets excl. goodwill at end of period	1,334	1,202		921
Telecommunication licenses, frequencies & permissions | Previously Reported, Netting
Intangible assets other than goodwill [abstract]
Amortization charge for the year		(162)
Software
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at beginning of period	350	301
Additions	74	184
Disposals	2	1
Amortization charge for the year	(71)
Reclassification as held for sale	150	9
Impairment		1
Impairment reversal	2
Transfer	3	11
Translation adjustment	(37)	0
Intangible assets excl. goodwill at end of period	169	350		301
Software | Previously Reported, Netting
Intangible assets other than goodwill [abstract]
Amortization charge for the year		(135)
Brands and trademarks
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at beginning of period	14	117
Additions	1	0
Disposals	0	0
Amortization charge for the year	(3)
Reclassification as held for sale	2	73
Impairment		0
Impairment reversal	0
Transfer	0	(39)
Translation adjustment	(3)	1
Intangible assets excl. goodwill at end of period	7	14		117
Brands and trademarks | Previously Reported, Netting
Intangible assets other than goodwill [abstract]
Amortization charge for the year		8
Customer relationships
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at beginning of period	100	116
Additions	2	1
Disposals	0	0
Amortization charge for the year	(8)
Reclassification as held for sale	22	0
Impairment		0
Impairment reversal	0
Transfer	0	0
Translation adjustment	(18)	(2)
Intangible assets excl. goodwill at end of period	54	100		116
Customer relationships | Previously Reported, Netting
Intangible assets other than goodwill [abstract]
Amortization charge for the year		(15)
Other intangible assets
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at beginning of period	36	15
Additions	19	29
Disposals	0
Amortization charge for the year	0
Reclassification as held for sale	35	0
Impairment		0
Impairment reversal	0
Transfer	(3)	(6)
Translation adjustment	(15)	1
Intangible assets excl. goodwill at end of period	2	36		15
Other intangible assets | Previously Reported, Netting
Intangible assets other than goodwill [abstract]
Amortization charge for the year		(4)
Other intangible assets
Intangible assets other than goodwill [abstract]
Disposals		(1)
Goodwill
Goodwill [abstract]
Goodwill at beginning of period	1,542	2,682
Addition	10	14
Disposals	0	51
Amortization charge for the year	0
Reclassification as held for sale	1,084	1,034
Impairment		0
Impairment reversal	0
Transfer	0	(7)
Translation adjustment	(74)	(62)
Goodwill at end of period	394	1,542		$ 2,682
Goodwill | Previously Reported, Netting
Goodwill [abstract]
Amortization charge for the year		$ 0
Cost
Intangible assets and goodwill [abstract]
Balance at end of the period	4,714
Cost | Telecommunication licenses, frequencies & permissions
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at end of period	2,188
Cost | Software
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at end of period	615
Cost | Brands and trademarks
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at end of period	187
Cost | Customer relationships
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at end of period	321
Cost | Other intangible assets
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at end of period	12
Cost | Goodwill
Goodwill [abstract]
Goodwill at end of period	1,391
Accumulated depreciation and impairment
Intangible assets and goodwill [abstract]
Balance at end of the period	(2,754)
Accumulated depreciation and impairment | Telecommunication licenses, frequencies & permissions
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at end of period	(854)
Accumulated depreciation and impairment | Software
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at end of period	(446)
Accumulated depreciation and impairment | Brands and trademarks
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at end of period	(180)
Accumulated depreciation and impairment | Customer relationships
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at end of period	(267)
Accumulated depreciation and impairment | Other intangible assets
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at end of period	(10)
Accumulated depreciation and impairment | Goodwill
Goodwill [abstract]
Goodwill at end of period	$ (997)
[1] *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10

INTANGIBLE ASSETS - Summary o_2

INTANGIBLE ASSETS - Summary of the movement in the net book value of intangible assets - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Jul. 19, 2021	Dec. 31, 2022	Dec. 31, 2021
Disclosure of capital commitments [line items]
Impairment loss recognised in profit or loss, intangible assets and goodwill		$ 77	$ 5
Acquired intangible assets, not yet paid		266	$ 171
Licences
Disclosure of capital commitments [line items]
Additions	$ 384	$ 384

INTANGIBLE ASSETS - Movement in

INTANGIBLE ASSETS - Movement in goodwill per cash-generating unit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill
Goodwill at beginning of period	$ 1,542	$ 2,682
Translation adjustment	(74)	(62)
Addition	10	14
Reclassification as held for sale	(1,084)	(1,034)
Disposal		(51)
Other		(7)
Goodwill at end of period	394	1,542
Russia
Goodwill
Goodwill at beginning of period	1,084	1,131
Translation adjustment	0	(10)
Addition	0	14
Reclassification as held for sale	(1,084)	0
Disposal		(51)
Other		0
Goodwill at end of period	0	1,084
Algeria
Goodwill
Goodwill at beginning of period	0	1,053
Translation adjustment		(19)
Addition		0
Reclassification as held for sale		(1,034)
Disposal		0
Other		0
Goodwill at end of period		0
Pakistan
Goodwill
Goodwill at beginning of period	287	324
Translation adjustment	(64)	(30)
Addition	0	0
Reclassification as held for sale	0	0
Disposal		0
Other		(7)
Goodwill at end of period	223	287
Kazakhstan
Goodwill
Goodwill at beginning of period	136	140
Translation adjustment	(9)	(4)
Addition	0	0
Reclassification as held for sale	0	0
Disposal		0
Other		0
Goodwill at end of period	127	136
Ukraine
Goodwill
Goodwill at beginning of period	0
Translation adjustment	0
Addition	10
Reclassification as held for sale	0
Goodwill at end of period	10	0
Uzbekistan
Goodwill
Goodwill at beginning of period	35	34
Translation adjustment	(1)	1
Addition	0	0
Reclassification as held for sale	0	0
Disposal		0
Other		0
Goodwill at end of period	$ 34	$ 35

INTANGIBLE ASSETS - Schedule of

INTANGIBLE ASSETS - Schedule of Capital Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of capital commitments [line items]
Contractual commitments for acquisition of intangible assets	$ 13	$ 58
Less than 1 year
Disclosure of capital commitments [line items]
Contractual commitments for acquisition of intangible assets	$ 13	$ 58

INTANGIBLE ASSETS - Amortizatio

INTANGIBLE ASSETS - Amortization period (Details)	12 Months Ended
	Dec. 31, 2022
Telecommunications licenses frequencies and permissions | Minimum
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	3 years
Telecommunications licenses frequencies and permissions | Maximum
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	20 years
Software | Minimum
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	3 years
Software | Maximum
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	10 years
Brands and trademarks | Minimum
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	3 years
Brands and trademarks | Maximum
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	15 years
Customer relationships | Minimum
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	10 years
Customer relationships | Maximum
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	21 years
Other intangible assets | Minimum
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	4 years
Other intangible assets | Maximum
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	10 years

INVESTMENTS IN SUBSIDIARIES - I

INVESTMENTS IN SUBSIDIARIES - Information about significant subsidiaries (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
VEON Amsterdam B.V.
Investments in subsidiaries
Equity interest held by the Group	100%	100%
VEON Holdings B.V.
Investments in subsidiaries
Equity interest held by the Group	100%	100%
PJSC VimpelCom
Investments in subsidiaries
Equity interest held by the Group	100%	100%
JSC “Kyivstar”
Investments in subsidiaries
Equity interest held by the Group	100%	100%
LLP “KaR-Tel”
Investments in subsidiaries
Equity interest held by the Group	75%	75%
LLC “Unitel”
Investments in subsidiaries
Equity interest held by the Group	100%	100%
LLC “VEON Georgia”
Investments in subsidiaries
Equity interest held by the Group	0%	100%
VEON Finance Ireland Designated Activity Company
Investments in subsidiaries
Equity interest held by the Group	100%	100%
LLC “Sky Mobile”
Investments in subsidiaries
Equity interest held by the Group	50.10%	50.10%
VEON Luxembourg Holdings S.à r.l.
Investments in subsidiaries
Equity interest held by the Group	100%	100%
VEON Luxembourg Finance Holdings S.à r.l.
Investments in subsidiaries
Equity interest held by the Group	100%	100%
VEON Luxembourg Finance S.A.
Investments in subsidiaries
Equity interest held by the Group	100%	100%
Global Telecom Holding S.A.E
Investments in subsidiaries
Equity interest held by the Group	99.60%	99.60%
Omnium Telecom Algerie S.p.A.
Investments in subsidiaries
Equity interest held by the Group	0%	45.60%
Optimum Telecom Algeria S.p.A
Investments in subsidiaries
Equity interest held by the Group	0%	45.60%
Pakistan Mobile Communications Limited
Investments in subsidiaries
Equity interest held by the Group	100%	100%
Banglalink Digital Communications Limited
Investments in subsidiaries
Equity interest held by the Group	100%	100%

INVESTMENTS IN SUBSIDIARIES - S

INVESTMENTS IN SUBSIDIARIES - Summarized statement of cash flows - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Jul. 01, 2021	Dec. 31, 2022	Dec. 31, 2021
Investments in subsidiaries
Dividend restrictions		$ 229	$ 1,033
Global Telecom Holding S.A.E
Investments in subsidiaries
Proportion of ownership interest in subsidiary		99.60%	99.60%
Algeria
Investments in subsidiaries
Proportion of ownership interest in subsidiary		0%	45.60%
Put option, percentage ownership sold (in percentage)	45.57%
Maximum
Investments in subsidiaries
Proportion of ownership interest in subsidiary		50%
Maximum | Global Telecom Holding S.A.E
Investments in subsidiaries
Proportion of ownership interest in subsidiary		50%

INVESTMENTS IN SUBSIDIARIES - F

INVESTMENTS IN SUBSIDIARIES - Financial information of subsidiaries that have material NCIs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020	[1]
Investments in subsidiaries
Profit / (loss) attributable to material NCIs	$ 153	$ 127	[1]	$ 33
Kar-Tel
Investments in subsidiaries
Equity interest held by NCIs	25%	25%
Book values of material NCIs	$ 85	$ 96
Profit / (loss) attributable to material NCIs	$ 31	$ 29
Omnium Telecom Algérie S.p.A. (“OTA”)
Investments in subsidiaries
Equity interest held by NCIs	0%	54.40%
Book values of material NCIs	$ 0	$ 732
Profit / (loss) attributable to material NCIs	$ 21	$ 29
[1] *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10

INVESTMENTS IN SUBSIDIARIES -_2

INVESTMENTS IN SUBSIDIARIES - Summarized income statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Summarized income statement
Operating revenue	$ 3,755		$ 3,850	[1]	$ 3,482	[1]
Profit / (loss) before tax	802		464	[1],[2]	373	[1],[2]
Income tax expense	(69)		(344)	[1]	(279)	[1]
(Loss) / profit for the period	(9)	[3],[4]	801	[1]	(316)	[1]
Total comprehensive income / (loss)	96	[3],[4]	598		(857)
Attributed to NCIs	110	[4]	85		(57)
Kar-Tel
Summarized income statement
Operating revenue	571		529		446
Operating expenses	(403)		(370)		(316)
Other (expenses) / income	(12)		(9)		4
Profit / (loss) before tax	156		150		134
Income tax expense	(33)		(32)		(28)
(Loss) / profit for the period	123		118		106
Total comprehensive income / (loss)	123		118		106
Attributed to NCIs	31		29		26
Dividends paid to NCIs	$ 0		$ 0		$ 0
[1] *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10 * Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation ( see note 10 ) **Refer to Note 24 for further details with respect to the restatement. *Refer to Note 24 for further details with respect to the restatement.

INVESTMENTS IN SUBSIDIARIES -_3

INVESTMENTS IN SUBSIDIARIES - Summarized statement of financial position (Details) - USD ($) $ in Millions	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020	Dec. 31, 2019
Statement of financial position
Property and equipment	$ 2,848		$ 6,717
Other non-current assets	157		216
Cash and cash equivalents	3,107		2,252
Other current assets	208		344
Debt and derivatives	(8,180)		(10,646)
Total equity	767	[1]	1,505	[1]	$ 1,013	$ 2,220
Equity holders of the parent	569		586
Non-controlling interests	198		919
Kar-Tel
Statement of financial position
Property and equipment	327		300
Intangible assets	178		213
Other non-current assets	39		28
Trade and other receivables	34		29
Cash and cash equivalents	43		46
Other current assets	27		33
Debt and derivatives	(97)		(102)
Provisions	(9)		(6)
Other liabilities	(204)		(158)
Total equity	338		383
Equity holders of the parent	253		287
Non-controlling interests	$ 85		$ 96
[1] **Refer to Note 24 for further details with respect to the restatement.

INVESTMENTS IN SUBSIDIARIES -_4

INVESTMENTS IN SUBSIDIARIES - Summarized statement of cash flows (Details) - Kar-Tel - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments in subsidiaries
Net operating cash flows	$ 243	$ 231	$ 184
Net investing cash flows	(127)	(106)	(88)
Net financing cash flows	(117)	(114)	(97)
Net foreign exchange difference	(3)	(1)	(2)
Net increase / (decrease) in cash equivalents	$ (4)	$ 10	$ (3)

OTHER NON-OPERATING GAIN _ (L_3

OTHER NON-OPERATING GAIN / (LOSS) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Other Non-Operating Gain (Loss)
Ineffective portion of hedging activities	$ 0	$ 3		$ 15
Change of fair value of other derivatives	10	(4)		(23)
Gain /(loss) from money market funds	29	7		12
Other (losses) / gains	(30)	20		80
Other non-operating gain / (loss)	$ 9	$ 26	[1]	$ 84	[1]
[1] *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10

OTHER NON-OPERATING GAIN _ (L_4

OTHER NON-OPERATING GAIN / (LOSS)- Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Analysis of income and expense [abstract]
Gain from fair value adjustment of Shop-up	$ 21
Payable write-off	$ 3
Gain from remeasurement of contingent consideration liability		$ 41
Reversed unsettled liabilities, contingent liabilities recognised in business combination		$ 41

INVESTMENTS, DEBT AND DERIVAT_3

INVESTMENTS, DEBT AND DERIVATIVES - Investments and derivative assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
FINANCIAL ASSETS
Carrying value	$ 191	$ 185
Non-current	71	99
Current	120	86
At fair value
FINANCIAL ASSETS
Carrying value	58	37
At fair value | Other investments
FINANCIAL ASSETS
Carrying value	58	37
At amortized cost
FINANCIAL ASSETS
Carrying value	133	148
At amortized cost | Security deposits and cash collateral
FINANCIAL ASSETS
Carrying value	63	49
At amortized cost | Other investments
FINANCIAL ASSETS
Carrying value	$ 70	$ 99

INVESTMENTS, DEBT AND DERIVAT_4

INVESTMENTS, DEBT AND DERIVATIVES - Other Investments (Details) $ in Millions	Dec. 31, 2022 USD ($)
Disclosure of financial assets [line items]
Current financial assets at amortised cost	$ 54
Pakistan
Disclosure of financial assets [line items]
Non-current financial assets measured at fair value through other comprehensive income	21
Bangladesh
Disclosure of financial assets [line items]
Non-current financial assets measured at fair value through other comprehensive income	$ 37

INVESTMENTS, DEBT AND DERIVAT_5

INVESTMENTS, DEBT AND DERIVATIVES - Debt and derivatives (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities	$ 8,180	$ 10,646
Non-current	5,336	9,404
Current	2,844	1,242
At fair value
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities	0	8
At fair value | Derivatives not designated as hedges
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities	0	4
At fair value | Derivatives designated as net investment hedges
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities	0	4
At amortized cost | Principal amount outstanding
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities	6,670	7,595
At amortized cost | Interest accrued
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities	102	86
At amortized cost | Discounts, unamortized fees, hedge basis adjustment
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities	(8)	(15)
At amortized cost | Bank loans and bonds
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities	6,764	7,666
At amortized cost | Lease liabilities
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities	806	2,667
At amortized cost | Put-option liability over non-controlling interest
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities	0	16
At amortized cost | Other financial liabilities
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities	610	289
At amortized cost | Financial liabilities at amortised cost, class
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities	$ 8,180	$ 10,638

INVESTMENTS, DEBT AND DERIVAT_6

INVESTMENTS, DEBT AND DERIVATIVES - Bank loans and bonds (Details) - USD ($) $ in Millions	Dec. 31, 2022	Oct. 14, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 6,670		$ 7,595
Loan at 7.50%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	7.50%
Borrowings	$ 0		417
Notes at 5.95%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	5.95%	5.95%
Borrowings	$ 529		529
Notes at 7.25%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	7.25%	7.25%
Borrowings	$ 700		700
Notes at 4.95%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	4.95%
Borrowings	$ 533		533
Notes at 4.00%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	4%
Borrowings	$ 1,000		1,000
Notes at 6.30%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	6.30%
Borrowings	$ 284		269
Notes at 6.50%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	6.50%
Borrowings	$ 143		135
Notes at 8.13%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	8.13%
Borrowings	$ 284		269
Notes at 3.38%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	3.38%
Borrowings	$ 1,250		1,250
Loans at 10.10%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	10.10%
Borrowings	$ 0		404
Loans at 10.15% to 11%
Disclosure of detailed information about borrowings [line items]
Borrowings	59		97
Other bank loans and bonds
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 92		139
Minimum | Loans at 10.15% to 11%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	10.15%
Maximum | Loans at 10.15% to 11%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	11%
Floating interest rate - % in addition to key rate | Loan at 1.85%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	1.85%
Borrowings	$ 0		404
Floating interest rate - % in addition to key rate | Loan at 1.90% to 2.15%
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 0		807
Floating interest rate - % in addition to key rate | Minimum | Loan at 1.90% to 2.15%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	1.90%
Floating interest rate - % in addition to key rate | Maximum | Loan at 1.90% to 2.15%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	2.15%
Secured Overnight Financing Rate (SOFR) | RCF at 1.70%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	1.70%
Borrowings	$ 692		0
Secured Overnight Financing Rate (SOFR) | Loan at 1.70%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	1.70%
Borrowings	$ 363		0
6m KIBOR | Loan at 0.35%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	0.35%
Borrowings	$ 0		24
6m KIBOR | Loans at 0.55%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	0.55%
Borrowings	$ 212		272
6m KIBOR | Loan at 0.55%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	0.55%
Borrowings	$ 66		85
6m KIBOR | Loan At 0.60 Percent
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	0.60%
Borrowings	$ 132		0
3m KIBOR | Loan At 0.60 Percent
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	0.60%
Borrowings	$ 221		57
NBU key rate | Loan at 3.0%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	3%
Borrowings	$ 0		61
NBU key rate | Loan at 3.50%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	3.50%
Borrowings	$ 0		47
Treasury bill rate | Loan at 3.0%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	3%
Borrowings	$ 0		50
Average bank deposit rate | Loans at 4.25% | 2022
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	4.25%
Borrowings	$ 0		46
Average bank deposit rate | Loans at 4.25% | 2027
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	4.25%
Borrowings	$ 110		$ 0

INVESTMENTS, DEBT AND DERIVAT_7

INVESTMENTS, DEBT AND DERIVATIVES - Reconciliation of cash flows from financing activities (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Reconciliation of cash flows from financing activities
Liabilities arising from financing activities at beginning of period		$ 10,333	$ 9,671
Cash flows
Proceeds from borrowings, net of fees paid	[1]	2,087	2,081	[2]	$ 4,621	[2]
Repayment of debt		(1,619)	(1,977)	[2]	(4,148)	[2]
Interest paid		(489)	(521)
Non-cash movements
Interest and fee accruals		464	657
Lease additions, disposals, impairment and modifications		583	1,224
Held for sale - Note 10		(2,144)	(122)
Foreign currency translation		(571)	(76)
Reclassification related to bank loans and bonds		(1,064)
Other non-cash movements		(10)	(26)
Liabilities arising from financing activities at end of period		7,570	10,333		9,671
Discontinued operations
Cash flows
Proceeds from borrowings, net of fees paid			9
Repayment of debt			(489)
Interest paid			(98)
Bank loans and bonds
Reconciliation of cash flows from financing activities
Liabilities arising from financing activities at beginning of period		7,666	7,758
Cash flows
Proceeds from borrowings, net of fees paid		2,087	2,081
Repayment of debt		(1,479)	(1,857)
Interest paid		(419)	(462)
Non-cash movements
Interest and fee accruals		400	513
Lease additions, disposals, impairment and modifications		0	0
Held for sale - Note 10		(10)	0
Foreign currency translation		(416)	(68)
Reclassification related to bank loans and bonds		(1,064)
Other non-cash movements		(1)	(26)
Liabilities arising from financing activities at end of period		6,764	7,666		7,758
Bank loans and bonds | Discontinued operations
Cash flows
Proceeds from borrowings, net of fees paid			9
Repayment of debt			(272)
Interest paid			(10)
Lease liabilities
Reconciliation of cash flows from financing activities
Liabilities arising from financing activities at beginning of period		2,667	1,913
Cash flows
Proceeds from borrowings, net of fees paid		0	0
Repayment of debt		(140)	(120)
Interest paid		(70)	(59)
Non-cash movements
Interest and fee accruals		64	144
Lease additions, disposals, impairment and modifications		583	1,224
Held for sale - Note 10		(2,134)	(122)
Foreign currency translation		(155)	(8)
Reclassification related to bank loans and bonds		0
Other non-cash movements		(9)	0
Liabilities arising from financing activities at end of period		$ 806	2,667		$ 1,913
Lease liabilities | Discontinued operations
Cash flows
Proceeds from borrowings, net of fees paid			0
Repayment of debt			(217)
Interest paid			$ (88)
[1]Fees paid for borrowings were US$11 (2021: US$32, 2020: US$29)[2] * Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation ( see note 10 )

INVESTMENTS, DEBT AND DERIVAT_8

INVESTMENTS, DEBT AND DERIVATIVES - Financing activities 2022 (Details) ₴ in Millions, ₨ in Millions, $ in Millions, ₽ in Billions, ৳ in Billions

1 Months Ended

2 Months Ended

3 Months Ended

12 Months Ended

Mar. 31, 2022 UAH (₴)

Apr. 30, 2023 USD ($)

Apr. 30, 2023 PKR (₨)

Apr. 30, 2023 UAH (₴)

Nov. 30, 2022 USD ($)

Jun. 30, 2022 USD ($)

Jun. 30, 2022 UAH (₴)

May 31, 2022 USD ($)

May 31, 2022 BDT (৳)

May 31, 2022 UAH (₴)

Apr. 30, 2022 USD ($) loan

Apr. 30, 2022 UAH (₴) loan

Mar. 31, 2022 USD ($)

Mar. 31, 2022 PKR (₨)

Feb. 28, 2022 USD ($) bank $ / mHz

Feb. 28, 2022 RUB (₽) bank $ / mHz

Apr. 30, 2021

May 31, 2022 USD ($)

Sep. 30, 2022 USD ($)

Sep. 30, 2022 BDT (৳)

Dec. 31, 2022 USD ($)

Dec. 31, 2022 UAH (₴)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

[1]

May 31, 2023 USD ($)

Apr. 20, 2023 USD ($)

Dec. 31, 2022 UAH (₴)

Sep. 30, 2022 BDT (৳)

Jun. 30, 2022 UAH (₴)

May 31, 2022 UAH (₴)

Apr. 30, 2022 RUB (₽)

Apr. 30, 2022 PKR (₨)

Apr. 30, 2022 BDT (৳)

Apr. 30, 2022 UAH (₴)

Mar. 31, 2022 UAH (₴)

Feb. 28, 2022 RUB (₽)

Jul. 31, 2020 USD ($)

Jul. 31, 2020 RUB (₽)

Disclosure of detailed information about borrowings [line items]

Repayments of borrowings, classified as financing activities

$ 1,619

$ 1,977

[1]

$ 4,148

Number of banks not extending facility | $ / mHz

2

2

Borrowings

6,670

$ 7,595

Exposure to credit risk on loan commitments and financial guarantee contracts

$ 30

Notes 7.5%

Disclosure of detailed information about borrowings [line items]

Borrowings, interest rate (in percent)

7.50%

7.50%

Notional amount

$ 417

VTB bank bilateral term loan

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 422

₽ 30

Repayments of borrowings, classified as financing activities

396

₽ 30

VTB Bank term loan facility agreement, maturity february 2029

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 400,000

₽ 30

Alfa Bank $1250 revolving credit facility

Disclosure of detailed information about borrowings [line items]

Notional amount

1,250

Revolving credit facility

Disclosure of detailed information about borrowings [line items]

Borrowings extension option, term

1 year

1 year

Number of banks not extending facility | bank

2

2

Proceeds from non-current borrowings

$ 82

$ 430

$ 610

Available credit

1,055

1,250

Borrowings

1,055

Revolving credit facility | Borrowings

Disclosure of detailed information about borrowings [line items]

Borrowings

$ 692

$ 363

$ 692

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

Disclosure of detailed information about borrowings [line items]

Notional amount

250

Revolving credit facility | Later than two years and not later than three years

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 805

Alfa Bank $125 commitment

Disclosure of detailed information about borrowings [line items]

Notional amount

125

Repayments of borrowings, classified as financing activities

$ 43

Raiffeisen Bank Russia $170 commitment

Disclosure of detailed information about borrowings [line items]

Notional amount

70

Repayments of borrowings, classified as financing activities

$ 24

PKR50BN syndicated credit facility | PMCL (Pakistan Mobile Communications Ltd)

Disclosure of detailed information about borrowings [line items]

Proceeds from non-current borrowings

41

₨ 10,000

222

₨ 40,000

Syndicated loan with a 10 year maturity | PMCL (Pakistan Mobile Communications Ltd)

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 217

₨ 40,000

Borrowings term

10 years

10 years

10 years

Borrowings

$ 156

₨ 30,000

Sherbank RUB 45 million loan

Disclosure of detailed information about borrowings [line items]

Notional amount

556,000

₽ 45

Alfa Bank RUB 45 million loan

Disclosure of detailed information about borrowings [line items]

Notional amount

556

45

Sberbank and Alfa Bank

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 1,112

₽ 90

Number of group-level loans | loan

2

2

Syndicated loan with a 5 years maturity | Banglalink

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 139

$ 32

৳ 3

৳ 12

Proceeds from non-current borrowings

103,000

৳ 9

$ 32,000

৳ 3

Borrowings term

5 years

5 years

USD300M syndicated term facility | Banglalink

Disclosure of detailed information about borrowings [line items]

Repayments of borrowings, classified as financing activities

38

৳ 3

JSC Citibank | Kyivstar

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 46

46

$ 46

46

46

46

₴ 1,350

₴ 1,350

₴ 1,350

₴ 1,350

₴ 1,350

JSC credit agricole | Kyivstar

Disclosure of detailed information about borrowings [line items]

Notional amount

44

44

44

44

44

44

1,275

1,275

1,275

1,275

1,275

Alfa Bank $1667 million loan | Kyivstar

Disclosure of detailed information about borrowings [line items]

Notional amount

57

57

57

57

$ 57

57

1,677

1,677

1,677

1,677

1,677

OTP Bank UAH 490 million loan | Kyivstar

Disclosure of detailed information about borrowings [line items]

Notional amount | ₴

₴ 1,250

₴ 1,250

₴ 1,250

₴ 1,250

₴ 1,250

Repayments of borrowings, classified as financing activities

₴ 490

$ 17

₴ 490

$ 17

₴ 490

$ 17

₴ 490

$ 17

$ 17

₴ 490

OTP Bank UAH 490 million loan | Kyivstar | Borrowings

Disclosure of detailed information about borrowings [line items]

Repayments of borrowings, classified as financing activities

$ 21

₴ 760

[1] * Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation ( see note 10 )

INVESTMENTS, DEBT AND DERIVAT_9

INVESTMENTS, DEBT AND DERIVATIVES - Financing activities 2021 (Details) ₽ in Billions

1 Months Ended

3 Months Ended

12 Months Ended

Jun. 30, 2021 USD ($)

Apr. 30, 2021 RUB (₽)

Apr. 30, 2021 USD ($)

Mar. 31, 2021 USD ($)

Oct. 31, 2020 USD ($)

Sep. 30, 2020 RUB (₽)

Mar. 31, 2021 RUB (₽) extension

Dec. 31, 2022 USD ($)

Dec. 31, 2021 RUB (₽)

Feb. 28, 2022 USD ($)

Dec. 31, 2021 USD ($)

Sep. 30, 2021 RUB (₽)

Sep. 30, 2021 USD ($)

Jun. 30, 2021 PKR (₨)

Mar. 31, 2021 USD ($)

Mar. 31, 2021 PKR (₨)

Nov. 30, 2020 USD ($)

Sep. 30, 2020 USD ($)

Jun. 30, 2020 RUB (₽)

Jun. 30, 2020 USD ($)

Apr. 30, 2020 USD ($)

Mar. 31, 2020 RUB (₽)

Mar. 31, 2020 USD ($)

Disclosure of detailed information about borrowings [line items]

Borrowings

$ 6,670,000,000

$ 7,595,000,000

Veon Holdings B.V. revolving credit facility, available until february 2024

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 1,250,000,000

$ 1,250,000,000

$ 1,250,000,000

Borrowings term

3 years

Number of extensions | extension

2

Borrowing term, extension

1 year

RUB30bn Alfa Bank facility

Disclosure of detailed information about borrowings [line items]

Notional amount

₽ 30

396,000,000

Borrowings

₽ 30

$ 165,000,000

RUB45bn Alfa Bank Facility

Disclosure of detailed information about borrowings [line items]

Notional amount

45

594,000,000

RUB15bn Alfa Bank Floating Rate Tranche

Disclosure of detailed information about borrowings [line items]

Notional amount

₽ 15

198,000,000

Borrowings term

5 years

RUB15bn Alfa Bank facility floating rate tranche

Disclosure of detailed information about borrowings [line items]

Proceeds from non-current borrowings

₽ 15

$ 198,000,000

₽ 15

PMCL (Pakistan Mobile Communications Ltd)

Disclosure of detailed information about borrowings [line items]

Put option % acquired

15%

15%

Consideration paid

$ 273,000,000

Proportion of ownership interest in subsidiary

100%

100%

PMCL (Pakistan Mobile Communications Ltd) | Floating interest rate

Disclosure of detailed information about borrowings [line items]

Notional amount

131,000,000

₨ 20,000,000,000

PMCL (Pakistan Mobile Communications Ltd) | PKR15Bn MCB Bank syndicated facility

Disclosure of detailed information about borrowings [line items]

Notional amount

98,000,000

15,000,000,000

PMCL (Pakistan Mobile Communications Ltd) | PKR5Bn United Bank bilateral term facility

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 33,000,000

₨ 5,000,000,000

PMCL (Pakistan Mobile Communications Ltd) | PKR50BN syndicated credit facility

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 320,000,000

₨ 50,000,000,000

Borrowings term

10 years

PMCL (Pakistan Mobile Communications Ltd) | PKR5Bn United Bank Bilateral Term Facility And PKR15Bn MCB Bank Syndicated Facility

Disclosure of detailed information about borrowings [line items]

Tenor of floating rate facility

7 years

VEON Holdings B.V.

Disclosure of detailed information about borrowings [line items]

Proportion of ownership interest in subsidiary

100%

100%

VEON Holdings B.V. | MTN unsecured notes

Disclosure of detailed information about borrowings [line items]

Bonds issued

₽ 10

$ 273,000,000

$ 1,250,000,000

$ 135,000,000

₽ 20

$ 288,000,000

VEON Holdings B.V. | MTN unsecured notes | Maximum

Disclosure of detailed information about borrowings [line items]

Bonds issued

$ 6,500,000,000

$ 6,500,000,000

VEON Holdings B.V. | Alfa Bank bilateral term loan

Disclosure of detailed information about borrowings [line items]

Available

611,000,000

VEON Holdings B.V. | Sberbank

Disclosure of detailed information about borrowings [line items]

Available

612,000,000

VEON Holdings B.V. | Senior unsecured notes

Disclosure of detailed information about borrowings [line items]

Borrowings | ₽

₽ 20

VEON Finance Ireland Designated Activity Company

Disclosure of detailed information about borrowings [line items]

Consideration paid

$ (51,000,000)

Proportion of ownership interest in subsidiary

100%

100%

VEON Finance Ireland Designated Activity Company | Alfa Bank bilateral term loan

Disclosure of detailed information about borrowings [line items]

Fixed rate tranche

₽ 30

408,000,000

Available

45

612,000,000

Floating rate tranche

15

204,000,000

VEON Finance Ireland Designated Activity Company | Alfa Bank bilateral term loan | March 2025

Disclosure of detailed information about borrowings [line items]

Available

30

407,000,000

VEON Finance Ireland Designated Activity Company | Alfa Bank bilateral term loan | March 2026

Disclosure of detailed information about borrowings [line items]

Available

204,000,000

VEON Finance Ireland Designated Activity Company | Sberbank

Disclosure of detailed information about borrowings [line items]

Available

45

611,000,000

VEON Finance Ireland Designated Activity Company | Sberbank | June 2023

Disclosure of detailed information about borrowings [line items]

Available

15

204,000,000

VEON Finance Ireland Designated Activity Company | Sberbank | June 2024

Disclosure of detailed information about borrowings [line items]

Available

₽ 30

$ 408,000,000

INVESTMENTS, DEBT AND DERIVA_10

INVESTMENTS, DEBT AND DERIVATIVES - Financing activities 2020 (Details) ₽ in Billions, ₴ in Billions, ₨ in Billions

1 Months Ended

12 Months Ended

Mar. 31, 2021 USD ($)

Dec. 31, 2020 USD ($) facility

Sep. 30, 2020 USD ($) facility

Sep. 30, 2020 RUB (₽) facility

Jul. 31, 2020 USD ($)

Jul. 31, 2020 RUB (₽)

Jun. 30, 2020 USD ($) facility

Apr. 30, 2020 USD ($)

Mar. 31, 2020 USD ($) drawdown

Jul. 31, 2016

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Sep. 30, 2021 USD ($)

Mar. 31, 2021 RUB (₽)

Mar. 31, 2021 PKR (₨)

Dec. 31, 2020 UAH (₴)

Nov. 30, 2020 USD ($)

Sep. 30, 2020 RUB (₽)

Jul. 31, 2020 RUB (₽)

Jun. 30, 2020 RUB (₽)

Mar. 31, 2020 RUB (₽)

Feb. 29, 2020 USD ($)

Jan. 31, 2020 USD ($)

Oct. 31, 2019 USD ($)

Disclosure of detailed information about borrowings [line items]

Financial liabilities

$ 8,180,000,000

$ 10,646,000,000

Borrowings

$ 6,670,000,000

$ 7,595,000,000

Reversed unsettled liabilities, contingent liabilities recognised in business combination

$ 41,000,000

Maximum

Disclosure of detailed information about borrowings [line items]

Proportion of ownership interest in subsidiary

50%

PMCL (Pakistan Mobile Communications Ltd)

Disclosure of detailed information about borrowings [line items]

Put option % acquired

15%

15%

15%

Proportion of ownership interest in subsidiary

100%

100%

PMCL (Pakistan Mobile Communications Ltd) | Finance costs

Disclosure of detailed information about borrowings [line items]

Net loss on disposal of Algeria operations

$ 59,000,000

PMCL (Pakistan Mobile Communications Ltd) | Warid Telecom (Pvt) Limited

Disclosure of detailed information about borrowings [line items]

Contingency period

4 years

Reversed unsettled liabilities, contingent liabilities recognised in business combination

$ 41,000,000

VEON Holdings B.V.

Disclosure of detailed information about borrowings [line items]

Proportion of ownership interest in subsidiary

100%

100%

Warid Telecom (Pvt) Limited

Disclosure of detailed information about borrowings [line items]

Proportion of voting rights held in subsidiary

100%

Warid Telecom (Pvt) Limited | Pakistan Mobile Communications Limited

Disclosure of detailed information about borrowings [line items]

Consideration transferred in kind

15%

Banglalink Digital Communications Limited

Disclosure of detailed information about borrowings [line items]

Proportion of ownership interest in subsidiary

100%

100%

Notes 3.95%

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 600,000,000

$ 600,000,000

Borrowings, interest rate (in percent)

3.95%

3.95%

3.95%

Percentage of redemption price realised

101%

101%

101%

Kyivstar UAH4.1bn bilateral facility

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 146,000,000

$ 146,000,000

₴ 4.1

Number of facilities | facility

3

Kyivstar UAH4.1bn bilateral facility | OTP Bank

Disclosure of detailed information about borrowings [line items]

Borrowings, interest rate (in percent)

10.15%

10.15%

10.15%

Borrowings term

3 years

Kyivstar UAH4.1bn bilateral facility | Raiffeisen Bank Aval

Disclosure of detailed information about borrowings [line items]

Borrowings, interest rate (in percent)

11%

11%

11%

Borrowings term

5 years

Kyivstar UAH4.1bn bilateral facility | Alfa-Bank

Disclosure of detailed information about borrowings [line items]

Borrowings, interest rate (in percent)

3%

3%

3%

Borrowings term

3 years

MTN unsecured notes | VEON Holdings B.V.

Disclosure of detailed information about borrowings [line items]

Bonds issued

$ 135,000,000

$ 288,000,000

$ 273,000,000

$ 1,250,000,000

₽ 10

₽ 20

MTN unsecured notes | VEON Holdings B.V. | Maximum

Disclosure of detailed information about borrowings [line items]

Bonds issued

$ 6,500,000,000

$ 6,500,000,000

VTB bank bilateral term loan

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 422,000,000

₽ 30

VTB bank bilateral term loan | Fixed interest rate

Disclosure of detailed information about borrowings [line items]

Borrowings, interest rate (in percent)

8.75%

8.75%

VTB bank bilateral term loan | Floating interest rate - % in addition to key rate

Disclosure of detailed information about borrowings [line items]

Borrowings, interest rate (in percent)

1.85%

1.85%

RUB100bn bilateral facility

Disclosure of detailed information about borrowings [line items]

Notional amount | ₽

100

Number of facilities | facility

4

Number of facilities utilized | facility

3

Borrowings | ₽

₽ 87.5

Number of facilities repaid | facility

1

1

Proceeds from non-current borrowings | ₽

₽ 12.5

Repayments of non-current borrowings | ₽

₽ 20

Borrowing costs incurred

$ 0

RUB100bn bilateral facility | Minimum

Disclosure of detailed information about borrowings [line items]

Borrowings term

2 years

RUB100bn bilateral facility | Maximum

Disclosure of detailed information about borrowings [line items]

Borrowings term

4 years

RUB100bn bilateral facility | VEON Holdings B.V.

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 1,450,000,000

Borrowings

1,281,000,000

USD300M syndicated term facility | Banglalink Digital Communications Limited

Disclosure of detailed information about borrowings [line items]

Borrowings

300,000,000

Borrowing costs incurred

$ 0

Borrowings maturity, extension term

2 years

USD600M term facility | VEON Holdings B.V.

Disclosure of detailed information about borrowings [line items]

Borrowings

$ 600,000,000

Repayments of non-current borrowings

$ 500,000,000

100,000,000

Number of drawdowns | drawdown

2

RUB17.5bn Alfa bank facility

Disclosure of detailed information about borrowings [line items]

Borrowings | ₽

₽ 17.5

RUB30bn Alfa Bank facility

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 396,000,000

₽ 30

Borrowings

$ 165,000,000

₽ 30

Bonds 6.25% | Global Telecom Holding

Disclosure of detailed information about borrowings [line items]

Borrowings, interest rate (in percent)

6.25%

Borrowings

$ 500,000,000

PKR5Bn United Bank bilateral term facility | PMCL (Pakistan Mobile Communications Ltd)

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 33,000,000

₨ 5

Senior unsecured notes 4% | VEON Holdings B.V.

Disclosure of detailed information about borrowings [line items]

Borrowings, interest rate (in percent)

4%

Bonds issued

$ 300,000,000

$ 700,000,000

Contingent consideration | Level 3 | Financial instruments at fair value

Disclosure of detailed information about borrowings [line items]

Financial liabilities, at fair value

$ 0

Put-option liability over non-controlling interest | At amortized cost

Disclosure of detailed information about borrowings [line items]

Financial liabilities

$ 0

$ 16,000,000

Put-option liability over non-controlling interest | PMCL (Pakistan Mobile Communications Ltd) | At amortized cost

Disclosure of detailed information about borrowings [line items]

Financial liabilities

$ 273,000,000

INVESTMENTS, DEBT AND DERIVA_11

INVESTMENTS, DEBT AND DERIVATIVES - Fair value (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Bank loans and bonds | At amortized cost
Disclosure of fair value measurement of liabilities [line items]
Financial liabilities, at fair value	$ 5,847	$ 7,709

INVESTMENTS, DEBT AND DERIVA_12

INVESTMENTS, DEBT AND DERIVATIVES - Hedge accounting (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Derivative, hedge ratio	100%
Foreign currency forward contracts | Net investment hedge accounting
Disclosure of detailed information about borrowings [line items]
Aggregated designated nominal value of hedged items	$ 0	$ 6,986
Weighted average term of contract		1 year

INVESTMENTS, DEBT AND DERIVA_13

INVESTMENTS, DEBT AND DERIVATIVES - Impact of hedge accounting on equity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Disclosure of risk management strategy related to hedge accounting [line items]
Equity at beginning of period	$ 1,505	[1]	$ 1,013		$ 2,220
Other	(4)	[1]	0		(1)
Equity at end of period	767	[1]	1,505	[1]	1,013
Foreign currency translation reserve
Disclosure of risk management strategy related to hedge accounting [line items]
Equity at beginning of period	(8,933)	[1]	(8,775)		(8,312)
Foreign currency revaluation of the foreign operations and other	125		(140)
Effective portion of foreign currency revaluation of the hedging instruments	0		(18)
Change in fair value of foreign currency basis spreads	0		0
Amortization of time-period related foreign currency basis spreads	0		0
Other	0				(26)
Equity at end of period	(8,808)	[1]	(8,933)	[1]	(8,775)
Cost of hedging reserve
Disclosure of risk management strategy related to hedge accounting [line items]
Equity at beginning of period	0		1
Foreign currency revaluation of the foreign operations and other	0		0
Effective portion of foreign currency revaluation of the hedging instruments	0		0
Change in fair value of foreign currency basis spreads	0		2
Amortization of time-period related foreign currency basis spreads	0		(3)
Other	0
Equity at end of period	$ 0		$ 0		$ 1
[1] **Refer to Note 24 for further details with respect to the restatement.

CASH AND CASH EQUIVALENTS (Deta

CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Millions	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020	[1],[2],[3]	Dec. 31, 2019	[2],[3]
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Cash and cash equivalents at banks and on hand	$ 928		$ 1,485
Cash equivalents with original maturity of less than three months	2,179		767
Cash and cash equivalents	3,107		2,252
Less overdrafts	0		(13)
Cash and cash equivalents, net of overdrafts, as presented in the consolidated statement of cash flows	3,107	[1]	2,239	[1],[2],[3]	$ 1,661		$ 1,238
Cash and cash equivalents relating to baking operations in Pakistan	3,107	[1]	$ 2,239	[1],[2],[3]	$ 1,661		$ 1,238
Pakistan
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Cash and cash equivalents, net of overdrafts, as presented in the consolidated statement of cash flows	67
Cash and cash equivalents relating to baking operations in Pakistan	$ 67
[1]Overdrawn amount was US$0 (2021: US$13)[2] * Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation ( see note 10 ) **** Certain comparative amounts have been reclassified, refer to Note 24 – for further details.

CASH AND CASH EQUIVALENTS- Narr

CASH AND CASH EQUIVALENTS- Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Restricted cash	$ 125,000,000	$ 71,000,000
Investments in money market funds	1,950,000,000	397,000,000
Bank overdrafts	$ 0	$ 13,000,000

FINANCIAL RISK MANAGEMENT - Int

FINANCIAL RISK MANAGEMENT - Interest rate risk (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Interest rate risk
FINANCIAL RISK MANAGEMENT
Percent of borrowings that are at a fixed rate of interest	72%	75%
Interest rate appreciation risk
FINANCIAL RISK MANAGEMENT
Percentage of change in significant exposure used for sensitivity analysis	1%	1%
Interest rate depreciation risk
FINANCIAL RISK MANAGEMENT
Percentage of change in significant exposure used for sensitivity analysis	1%	1%

FINANCIAL RISK MANAGEMENT - For

FINANCIAL RISK MANAGEMENT - Foreign currency risk (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Risk of exchange rate depreciation
Foreign currency sensitivity
Change in foreign exchange rate against US$	10%
Risk of exchange rate appreciation
Foreign currency sensitivity
Change in foreign exchange rate against US$	10%
Russian Ruble | Risk of exchange rate depreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	$ (5)	$ 18
Effect on other comprehensive income	0	9
Russian Ruble | Risk of exchange rate appreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	6	(25)
Effect on other comprehensive income	0	(10)
Bangladeshi Taka | Risk of exchange rate depreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	(34)	(30)
Effect on other comprehensive income	0	0
Bangladeshi Taka | Risk of exchange rate appreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	37	33
Effect on other comprehensive income	0	0
Pakistani Rupee | Risk of exchange rate depreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	(15)	(3)
Effect on other comprehensive income	0	0
Pakistani Rupee | Risk of exchange rate appreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	17	4
Effect on other comprehensive income	0	0
Georgian Lari | Risk of exchange rate depreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax		(37)
Effect on other comprehensive income		0
Georgian Lari | Risk of exchange rate appreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax		41
Effect on other comprehensive income		0
Ukrainian Hryvnia | Risk of exchange rate depreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	(1)	(1)
Effect on other comprehensive income	0	0
Ukrainian Hryvnia | Risk of exchange rate appreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	1	1
Effect on other comprehensive income	0	0
Other currencies (net) | Risk of exchange rate depreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	(1)	(6)
Effect on other comprehensive income	0	0
Other currencies (net) | Risk of exchange rate appreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	1	6
Effect on other comprehensive income	$ 0	$ 0

FINANCIAL RISK MANAGEMENT - Liq

FINANCIAL RISK MANAGEMENT - Liquidity risk-Narrative (Details)	Dec. 31, 2022	Dec. 31, 2021
Liquidity risk
Disclosure of detailed information about borrowings [line items]
Percentage of debt that will mature in less than one year	37%	7%

FINANCIAL RISK MANAGEMENT - L_2

FINANCIAL RISK MANAGEMENT - Liquidity risk (Details) ₨ in Millions, $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 PKR (₨)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 PKR (₨)
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 6,670		$ 7,595
PMCL - Term Facility
Disclosure of detailed information about borrowings [line items]
Facility amount	176	₨ 40,000
Utilized	132	30,000
Available	44	₨ 10,000
VEON Holdings B.V. – Revolving Credit Facility*
Disclosure of detailed information about borrowings [line items]
Facility amount			1,250
Utilized			0
Available			1,250
PMCL - Term Facility
Disclosure of detailed information about borrowings [line items]
Facility amount			283	₨ 50,000
Utilized			57	10,000
Available			226	40,000
TNS -Plus LLC - Term Facilities
Disclosure of detailed information about borrowings [line items]
Facility amount			9	4,000
Utilized			6	2,783
Available			$ 3	₨ 1,217
Revolving credit facility
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 1,055

FINANCIAL RISK MANAGEMENT - L_3

FINANCIAL RISK MANAGEMENT - Liquidity risk maturity profile (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Maturity profile of the Group's financial liabilities
Total financial liabilities	$ 10,857	$ 14,820
Related derivative financial assets	0	0
Total financial liabilities, net of derivative assets	10,857	14,820
Bank loans and bonds
Maturity profile of the Group's financial liabilities
Total financial liabilities	7,831	9,295
Lease liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	1,247	3,170
Gross cash outflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	8
Trade and other payables
Maturity profile of the Group's financial liabilities
Total financial liabilities	1,087	2,031
Other financial liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	692	300
Put-option liability over non-controlling interest
Maturity profile of the Group's financial liabilities
Total financial liabilities		16
Gross cash inflows
Maturity profile of the Group's financial liabilities
Related derivative financial assets	0	0
Gross cash inflows | Gross cash inflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
Gross cash outflows
Maturity profile of the Group's financial liabilities
Related derivative financial assets	0	0
Less than 1 year
Maturity profile of the Group's financial liabilities
Total financial liabilities	4,154	3,770
Related derivative financial assets	0	0
Total financial liabilities, net of derivative assets	4,154	3,770
Less than 1 year | Bank loans and bonds
Maturity profile of the Group's financial liabilities
Total financial liabilities	2,796	1,050
Less than 1 year | Lease liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	95	545
Less than 1 year | Gross cash outflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	8
Less than 1 year | Trade and other payables
Maturity profile of the Group's financial liabilities
Total financial liabilities	1,087	2,031
Less than 1 year | Other financial liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	176	120
Less than 1 year | Put-option liability over non-controlling interest
Maturity profile of the Group's financial liabilities
Total financial liabilities		16
Less than 1 year | Gross cash inflows
Maturity profile of the Group's financial liabilities
Related derivative financial assets	0	0
Less than 1 year | Gross cash inflows | Gross cash inflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
Less than 1 year | Gross cash outflows
Maturity profile of the Group's financial liabilities
Related derivative financial assets	0	0
1-3 years
Maturity profile of the Group's financial liabilities
Total financial liabilities	3,416	4,455
Related derivative financial assets	0	0
Total financial liabilities, net of derivative assets	3,416	4,455
1-3 years | Bank loans and bonds
Maturity profile of the Group's financial liabilities
Total financial liabilities	2,671	3,200
1-3 years | Lease liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	423	1,111
1-3 years | Gross cash outflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
1-3 years | Trade and other payables
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
1-3 years | Other financial liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	322	144
1-3 years | Put-option liability over non-controlling interest
Maturity profile of the Group's financial liabilities
Total financial liabilities		0
1-3 years | Gross cash inflows
Maturity profile of the Group's financial liabilities
Related derivative financial assets	0	0
1-3 years | Gross cash inflows | Gross cash inflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
1-3 years | Gross cash outflows
Maturity profile of the Group's financial liabilities
Related derivative financial assets	0	0
3-5 years
Maturity profile of the Group's financial liabilities
Total financial liabilities	2,482	4,436
Related derivative financial assets	0	0
Total financial liabilities, net of derivative assets	2,482	4,436
3-5 years | Bank loans and bonds
Maturity profile of the Group's financial liabilities
Total financial liabilities	2,013	3,652
3-5 years | Lease liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	327	763
3-5 years | Gross cash outflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
3-5 years | Trade and other payables
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
3-5 years | Other financial liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	142	21
3-5 years | Put-option liability over non-controlling interest
Maturity profile of the Group's financial liabilities
Total financial liabilities		0
3-5 years | Gross cash inflows
Maturity profile of the Group's financial liabilities
Related derivative financial assets	0	0
3-5 years | Gross cash inflows | Gross cash inflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
3-5 years | Gross cash outflows
Maturity profile of the Group's financial liabilities
Related derivative financial assets	0	0
More than 5 years
Maturity profile of the Group's financial liabilities
Total financial liabilities	805	2,159
Related derivative financial assets	0	0
Total financial liabilities, net of derivative assets	805	2,159
More than 5 years | Bank loans and bonds
Maturity profile of the Group's financial liabilities
Total financial liabilities	351	1,393
More than 5 years | Lease liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	402	751
More than 5 years | Gross cash outflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
More than 5 years | Trade and other payables
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
More than 5 years | Other financial liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	52	15
More than 5 years | Put-option liability over non-controlling interest
Maturity profile of the Group's financial liabilities
Total financial liabilities		0
More than 5 years | Gross cash inflows
Maturity profile of the Group's financial liabilities
Related derivative financial assets	0	0
More than 5 years | Gross cash inflows | Gross cash inflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
More than 5 years | Gross cash outflows
Maturity profile of the Group's financial liabilities
Related derivative financial assets	$ 0	$ 0

FINANCIAL RISK MANAGEMENT - Cap

FINANCIAL RISK MANAGEMENT - Capital management (Details) - Capital management	12 Months Ended
	Dec. 31, 2022
Disclosure of risk management strategy related to hedge accounting [line items]
Dividend policy on payments, minimum percentage of prior year equity free cash flow after licenses	50%
Maximum
Disclosure of risk management strategy related to hedge accounting [line items]
Required net debt to adjusted EBITDA	3.75

ISSUED CAPITAL AND RESERVES - C

ISSUED CAPITAL AND RESERVES - Common stock (Details) - Common shares - $ / shares	Dec. 31, 2022	Dec. 31, 2021
ISSUED CAPITAL AND RESERVES
Par value ($ per share)	$ 0.001	$ 0.001
Authorised common shares (in shares)	1,849,190,667	1,849,190,667
Issued shares, including shares held by a subsidiary of the company (in shares)	3,374,459	7,603,731
Number of shares issued (in shares)	1,756,731,135	1,756,731,135

ISSUED CAPITAL AND RESERVES - M

ISSUED CAPITAL AND RESERVES - Major shareholders (Details) - shares	Dec. 31, 2022	Dec. 31, 2021
ISSUED CAPITAL AND RESERVES
Free float percentage	36.40%
Total percentage of common and voting shares	100%
Common shares
ISSUED CAPITAL AND RESERVES
Free float (in shares)	639,090,284
Outstanding shares (in shares)	1,756,731,135
Issued shares, including shares held by a subsidiary of the company (in shares)	3,374,459	7,603,731
L1T VIP Holdings S.à r.l. (“LetterOne”)
ISSUED CAPITAL AND RESERVES
Percentage of common and voting shares	47.90%
L1T VIP Holdings S.à r.l. (“LetterOne”) | Common shares
ISSUED CAPITAL AND RESERVES
Total outstanding common shares (in shares)	840,625,001
Stichting Administratiekantoor Mobile Telecommunications Investor
ISSUED CAPITAL AND RESERVES
Percentage of common and voting shares	8.30%
Stichting Administratiekantoor Mobile Telecommunications Investor | Common shares
ISSUED CAPITAL AND RESERVES
Total outstanding common shares (in shares)	145,947,562
Exor N.V.
ISSUED CAPITAL AND RESERVES
Percentage of common and voting shares	7.50%
Exor N.V. | Common shares
ISSUED CAPITAL AND RESERVES
Total outstanding common shares (in shares)	131,068,288

EARNINGS PER SHARE - Continued

EARNINGS PER SHARE - Continued operations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Continuing operations
Profit / (loss) for the period attributable to the owners of the parent		$ 656	$ 75	[1]	$ 102	[1]
Weighted average common shares outstanding for basic earnings per share (in millions) (in shares)		1,753	1,753		1,753
Denominator for diluted earnings per share (in millions) (in shares)		1,761	1,761		1,761
Basic gain (loss) per share (in dollars per share)	[2]	$ 0.37	$ 0.04	[1]	$ 0.06	[1]
Diluted (loss) / earnings per share (in dollars per share)	[2]	$ 0.37	$ 0.04	[1]	$ 0.06	[1]
[1] *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10 ** In accordance with IAS 33, Earnings per Share, the shares vested on December 31, 2022 and subsequently issued after the reporting period date have been included in the Earnings per Share calculation (see Note 20

EARNINGS PER SHARE - Discontinu

EARNINGS PER SHARE - Discontinued operations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Discontinued operations
Profit / (loss) for the period attributable to the owners of the parent		$ (818)	$ 599	[1]	$ (451)	[1]
Weighted average common shares outstanding for basic earnings per share (in millions) (in shares)		1,753	1,753		1,753
Denominator for diluted earnings per share (in millions) (in shares)		1,761	1,761		1,761
Basic gain (loss) from discontinued operations per share (in dollars per share)	[2]	$ (0.46)	$ 0.34	[1]	$ (0.26)	[1]
Diluted (loss) / earnings per share (in dollars per share)	[2]	$ (0.46)	$ 0.34	[1]	$ (0.26)	[1]
[1] *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10 ** In accordance with IAS 33, Earnings per Share, the shares vested on December 31, 2022 and subsequently issued after the reporting period date have been included in the Earnings per Share calculation (see Note 20

DIVIDENDS PAID AND PROPOSED - N

DIVIDENDS PAID AND PROPOSED - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividends Paid And Proposed
Dividends paid (in dollars per share)	$ 0	$ 0
Dividend declared to the non-controlling interest			$ 25

DIVIDENDS PAID AND PROPOSED -_2

DIVIDENDS PAID AND PROPOSED - Non-controlling Interests (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividends [line items]
Dividends paid to non-controlling interests	$ 14	$ 89	$ 87
Dividend declared to the non-controlling interest			25
Omnium Telecom Algeria S.p.A
Dividends [line items]
Dividends paid to non-controlling interests	0	44	45
VIP Kazakhstan Holding AG
Dividends [line items]
Dividends paid to non-controlling interests	0	27	24
TNS Plus LLP
Dividends [line items]
Dividends paid to non-controlling interests	11	8	16
Other
Dividends [line items]
Dividends paid to non-controlling interests	$ 3	$ 10	$ 2

RELATED PARTIES - Compensation

RELATED PARTIES - Compensation to directors and senior managers of the company (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of transactions between related parties [abstract]
Short-term employee benefits	$ 21	$ 39	$ 35
Long-term employee benefits	0	0	1
Share-based payments	9	9	0
Termination benefits	0	7	4
Total compensation to the Board of Directors and senior management	$ 30	$ 55	$ 40

RELATED PARTIES - Compensatio_2

RELATED PARTIES - Compensation of Group Executive Committee (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Disclosure of transactions between related parties
Long-term employee benefits	$ 0		$ 0		$ 1,000,000
Share-based payments	9,000,000		9,000,000		0
Termination benefits			3,103,204
Total compensation to the Board of Directors and senior management	30,000,000		55,000,000		$ 40,000,000
Accrued payroll taxes	0		(3,000,000)			€ 0	€ (3,000,000)
Kaan Terzioglu
Disclosure of transactions between related parties
Base salary	1,390,582	€ 1,323,000	1,564,015	€ 1,323,000
Annual incentive	1,088,807	1,035,891	2,003,894	1,695,094
Other	215,840	205,350	242,759	205,350
Long-term employee benefits			196,853	166,518
Share-based payments	3,566,105	3,392,793	2,551,245	2,158,098
Total compensation to the Board of Directors and senior management	6,261,334	5,957,034	6,558,766	5,548,060
Serkan Okandan
Disclosure of transactions between related parties
Base salary	1,362,203	1,296,000	1,532,096	1,296,000
Annual incentive	749,212	712,800	1,409,528	1,192,320
Other	1,898,615	1,806,342	1,508,718	1,276,225
Share-based payments	1,031,627	981,490	1,260,991	1,066,672
Total compensation to the Board of Directors and senior management	5,041,657	4,796,632	5,711,333	4,831,217
Victor Biryukov
Disclosure of transactions between related parties
Base salary	678,869	645,865
Annual incentive	361,112	343,556
Other	856,404	814,770
Share-based payments	111,111	105,710
Total compensation to the Board of Directors and senior management	2,007,496	1,909,901	0	0
Omiyinka Doris
Disclosure of transactions between related parties
Base salary	81,546	77,583
Annual incentive	55,333	52,644
Other	12,140	11,550
Share-based payments	0	0
Total compensation to the Board of Directors and senior management	149,019	141,777	0	0
Joop Brakenhoff
Disclosure of transactions between related parties
Base salary	567,585	540,000	638,373	540,000
Annual incentive	312,172	297,000	587,303	496,800
Other	570,067	542,362	114,198	96,600
Share-based payments	687,936	654,502	552,631	467,471
Total compensation to the Board of Directors and senior management	2,137,760	2,033,864	1,892,505	1,600,871
Michael Schulz
Disclosure of transactions between related parties
Base salary	593,862	565,000	281,051	237,741
Annual incentive	326,624	310,750	233,014	197,107
Other	525,757	500,205	32,938	27,862
Share-based payments	507,429	482,768	554,589	469,127
Total compensation to the Board of Directors and senior management	1,953,672	1,858,723	1,101,592	931,837
Dmitry Shvets
Disclosure of transactions between related parties
Base salary	680,135	647,070	433,078	365,854
Annual incentive	368,500	350,585	440,768	372,351
Other	728,656	693,232	13,342	11,271
Share-based payments	459,310	436,981	582,119	491,760
Total compensation to the Board of Directors and senior management	2,236,601	2,127,868	1,469,307	1,241,236
Matthieu Galvani
Disclosure of transactions between related parties
Base salary	157,662	150,000
Annual incentive	87,427	83,178
Other | €		0
Share-based payments	38,296	36,434
Total compensation to the Board of Directors and senior management	283,385	269,612	0	0
Alex Bolis
Disclosure of transactions between related parties
Base salary	197,078	187,500	322,081	272,448
Annual incentive	215,004	204,555	283,431	239,754
Other	384,873	366,168	91,027	77,000
Share-based payments	197,292	187,704	390,975	330,726
Total compensation to the Board of Directors and senior management	994,247	945,927	1,087,514	919,928
Sergio Herrero
Disclosure of transactions between related parties
Base salary			742,676	628,199
Annual incentive			736,572	623,036
Other			6,516,660	5,512,172
Long-term employee benefits, reversal			(171,144)	144,764
Share-based payments			(71,763)	(60,701)
Termination benefits			3,471,927	2,936,759
Total compensation to the Board of Directors and senior management	0	0	11,224,928	9,494,701
Ursula Burns
Disclosure of transactions between related parties
Share-based payments			(122,891)	(103,954)
Total compensation to the Board of Directors and senior management	0	0	(122,891)	(103,954)
Murat Kirkgoz
Disclosure of transactions between related parties
Share-based payments			(31,230)	(26,417)
Total compensation to the Board of Directors and senior management	0	0	(31,230)	(26,417)
Alex Bolis
Disclosure of transactions between related parties
Base salary			169,169	143,100
Annual incentive			151,835	128,437
Other			170,158	143,936
Termination benefits			685,276	579,675
Total compensation to the Board of Directors and senior management	0	0	1,176,438	995,148
Scott Dresser
Disclosure of transactions between related parties
Base salary			1,536,825	1,300,000
Annual incentive			1,536,825	1,300,000
Other			1,198,557	1,013,859
Share-based payments			327,923	277,390
Termination benefits | €				2,625,000
Total compensation to the Board of Directors and senior management	$ 0	€ 0	$ 7,703,333	€ 6,516,249

RELATED PARTIES - Compensatio_3

RELATED PARTIES - Compensation to board of directors (Details)	12 Months Ended
	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 USD ($)
Disclosure of transactions between related parties
Retainer	€ 4,330,810	$ 4,552,118	€ 3,832,523	$ 4,530,809
Committees	922,562	969,705	876,937	1,036,713
Other compensation	3,250,445	3,416,544	3,070,359	3,629,777
Total	8,503,817	8,938,367	7,779,819	9,197,299
Hans-Holger Albrecht
Disclosure of transactions between related parties
Retainer	483,078	507,763	487,500	576,323
Committees	190,558	200,296	136,458	161,321
Other compensation	1,184,142	1,244,652	1,098,610	1,298,776
Total	1,857,778	1,952,711	1,722,568	2,036,420
Yaroslav Glazunov
Disclosure of transactions between related parties
Retainer	281,250	295,622	75,000	88,665
Committees	80,000	84,088
Total	361,250	379,710	75,000	88,665
Andrei Gusev
Disclosure of transactions between related parties
Retainer	281,250	295,622	75,000	88,665
Committees	52,500	55,183
Other compensation	500,000	525,550
Total	833,750	876,355	75,000	88,665
Gunnar Holt
Disclosure of transactions between related parties
Retainer	625,000	656,938	350,000	413,770
Committees	68,750	72,263	150,000	177,330
Total	693,750	729,201	500,000	591,100
Irene Shvakman
Disclosure of transactions between related parties
Retainer	350,000	367,885	195,115	230,665
Committees	55,000	57,810	27,874	32,952
Total	405,000	425,695	222,989	263,617
Vasily Sidorov
Disclosure of transactions between related parties
Retainer	350,000	367,885	195,115	230,665
Committees	123,750	130,074	111,494	131,808
Total	473,750	497,959	306,609	362,473
Michiel Soeting
Disclosure of transactions between related parties
Retainer	277,083	291,242
Committees	57,083	60,000
Total	334,166	351,242	0	0
Karen Linehan
Disclosure of transactions between related parties
Retainer	342,289	359,780
Committees	53,899	56,653
Total	396,188	416,433	0	0
Augie Fabela
Disclosure of transactions between related parties
Retainer	175,000	183,943
Committees	57,500	60,438
Total	232,500	244,381	0	0
Morten Lundal
Disclosure of transactions between related parties
Retainer	175,000	183,943
Committees	42,500	44,672
Total	217,500	228,615	0	0
Stan Miller
Disclosure of transactions between related parties
Retainer	175,000	183,943
Committees	30,000	31,533
Total	205,000	215,476	0	0
Mikhail Fridman
Disclosure of transactions between related parties
Retainer	12,500	13,139	75,000	88,665
Total	12,500	13,139	75,000	88,665
Leonid Boguslavsky
Disclosure of transactions between related parties
Retainer	175,000	183,943	335,417	396,530
Committees	12,500	13,139	23,958	28,323
Total	187,500	197,082	359,375	424,853
Gennady Gazin
Disclosure of transactions between related parties
Retainer	387,500	407,301	842,708	996,250
Committees	62,500	65,694	57,292	67,730
Other compensation	1,566,303	1,646,342	1,971,749	2,331,001
Total	2,016,303	2,119,337	2,871,749	3,394,981
Sergi Herrero
Disclosure of transactions between related parties
Retainer	175,000	183,943	195,417	231,022
Committees	12,500	13,139	13,958	16,502
Total	187,500	197,082	209,375	247,524
Robert Jan van de Kraats
Disclosure of transactions between related parties
Retainer	65,860	69,226	350,000	413,770
Committees	23,522	24,723	125,000	147,775
Total	89,382	93,949	475,000	561,545
Osama Bedier
Disclosure of transactions between related parties
Retainer			155,556	183,898
Committees			44,444	52,542
Total	0	0	200,000	236,440
Peter Derby
Disclosure of transactions between related parties
Retainer			155,556	183,898
Committees			66,667	78,813
Total	0	0	222,223	262,711
Amos Genish
Disclosure of transactions between related parties
Retainer			155,556	183,898
Committees			66,667	78,813
Total	0	0	222,223	262,711
Steve Pusey
Disclosure of transactions between related parties
Retainer			189,583	224,125
Committees			53,125	62,804
Total	€ 0	$ 0	€ 242,708	$ 286,929

RELATED PARTIES - Narrative (De

RELATED PARTIES - Narrative (Details) $ in Millions				12 Months Ended
	Jun. 29, 2022 member	May 25, 2022 member	Jun. 10, 2021 member	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from equity-settled share-based payment transactions				$ 2	$ 2
Number of new members elected | member	3	3	3
Number of previously serving directors | member	8	8	9
Number of members recommended | member		11
Employee STI, cash pay-outs, percentage				50%
Employee STI, share awards, percentage				50%
Gennady Gazin
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options granted in share-based payment arrangement (in shares)					1,224,086
Hans-Holger Albrecht
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options granted in share-based payment arrangement (in shares)					1,360,095
Deferred shares plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options exercised in share-based payment arrangement (in shares) | shares				2,659,740
Vesting period					2 years
Expense				$ 5	$ 5
Deferred shares plan | Kaan Terzioglu
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options exercised in share-based payment arrangement (in shares) | shares				1,569,531
Expense				$ 1
Number of share options outstanding in share-based payment arrangement | shares				3,662,240
Long term incentive scheme
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period				3 years	3 years
Long term incentive scheme | Later than one year and not later than two years
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense				$ 1	$ 4
Long term incentive scheme | Later than two years and not later than three years
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense				0
Long term incentive scheme, cash settled
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period					3 years
Expense				0
Short term incentive scheme
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense				$ 1

EVENTS AFTER THE REPORTING PE_2

EVENTS AFTER THE REPORTING PERIOD (Details) ₴ in Millions, ₨ in Millions, ৳ in Millions, $ in Millions

1 Months Ended

2 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Jul. 24, 2023 shares

Apr. 14, 2023 shares director

Mar. 15, 2023

Mar. 31, 2022 UAH (₴)

Apr. 30, 2023 USD ($)

Apr. 30, 2023 PKR (₨)

Apr. 30, 2023 UAH (₴)

Nov. 30, 2022 USD ($)

Jun. 30, 2022 USD ($)

Jun. 30, 2022 UAH (₴) shares

May 31, 2022 USD ($)

May 31, 2022 UAH (₴)

Apr. 30, 2022 USD ($)

Apr. 30, 2022 UAH (₴)

Mar. 31, 2022 USD ($)

Mar. 31, 2022 PKR (₨)

Feb. 28, 2022 USD ($)

May 31, 2022 USD ($)

Mar. 31, 2023 USD ($)

Jul. 04, 2023 shares

Dec. 31, 2022 USD ($) shares

Dec. 31, 2022 UAH (₴) shares

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

[1]

Jul. 19, 2023 shares

Jul. 01, 2023 shares

Jun. 29, 2023 director

Jun. 26, 2023 USD ($)

Jun. 26, 2023 BDT (৳)

May 31, 2023 USD ($)

Apr. 26, 2023 USD ($)

Apr. 20, 2023 USD ($)

Apr. 19, 2023 USD ($)

Apr. 04, 2023

Feb. 06, 2023 shares

Feb. 05, 2023 shares

Jan. 30, 2023

Jan. 24, 2023

Dec. 31, 2022 UAH (₴)

Apr. 30, 2022 PKR (₨)

Apr. 30, 2022 UAH (₴)

Disclosure of non-adjusting events after reporting period

Borrowings | $

$ 6,670

$ 7,595

Repayments of borrowings, classified as financing activities | $

1,619

$ 1,977

[1]

$ 4,148

Number of American Depositary Shares (in shares)

1

1

Number of shares represented by one depositary receipt (in shares)

25

1

Number of executives under equity settled awards scheme | director

5

Number of years, group CFO contract

3 years

Approved directors | director

7

Approved directors already serving | director

6

Revolving credit facility

Disclosure of non-adjusting events after reporting period

Borrowings | $

$ 1,055

Proceeds from non-current borrowings | $

$ 82

$ 430

$ 610

Deferred shares plan

Disclosure of non-adjusting events after reporting period

Number of share options exercised in share-based payment arrangement (in shares)

2,659,740

2,659,740

Former board member | Common shares

Disclosure of non-adjusting events after reporting period

Number of share options exercisable in share-based payment arrangement (in shares)

1,224,086

VEON Holdings B.V. | Revolving credit facility

Disclosure of non-adjusting events after reporting period

Notional amount | $

$ 1,055

Proceeds from non-current borrowings | $

$ 82

$ 430

$ 610

Kyivstar | OTP Bank UAH 490 million loan

Disclosure of non-adjusting events after reporting period

Notional amount | ₴

₴ 1,250

₴ 1,250

₴ 1,250

₴ 1,250

₴ 1,250

Repayments of borrowings, classified as financing activities

₴ 490

$ 17

₴ 490

$ 17

₴ 490

$ 17

₴ 490

$ 17

$ 17

₴ 490

PMCL (Pakistan Mobile Communications Ltd) | PKR50BN syndicated credit facility

Disclosure of non-adjusting events after reporting period

Proceeds from non-current borrowings

$ 41

₨ 10,000

$ 222

₨ 40,000

PMCL (Pakistan Mobile Communications Ltd) | Syndicated loan with a 10 year maturity

Disclosure of non-adjusting events after reporting period

Notional amount

217

₨ 40,000

Borrowings

$ 156

₨ 30,000

Entering into significant commitments or contingent liabilities

Disclosure of non-adjusting events after reporting period

Scheme creditors percentage voting

97.59%

Tax and interest claim amount

$ 76

৳ 8,231

Interest claim

$ 40

৳ 4,307

Issue of notes | 2023 Notes

Disclosure of non-adjusting events after reporting period

Notes, amendment fee payable, basis points

2%

Notes, purchase price, percentage of principal amount (in percent)

102%

102%

Issue of notes | October 2023 Notes

Disclosure of non-adjusting events after reporting period

Notes and debentures issued | $

$ 364

$ 165

Issue of notes | December 2023 Notes

Disclosure of non-adjusting events after reporting period

Notes and debentures issued | $

$ 406

$ 294

Issue of notes | PJSC VimpelCom | VEON Holdings B.V.

Disclosure of non-adjusting events after reporting period

Proceeds | $

$ 1,572

Share based payment transactions | Common shares

Disclosure of non-adjusting events after reporting period

Number of share options exercised in share-based payment arrangement (in shares)

1,761,100

Share based payment transactions | Deferred shares plan | Common shares

Disclosure of non-adjusting events after reporting period

Number of share options exercised in share-based payment arrangement (in shares)

824,400

Number of share options exercisable in share-based payment arrangement (in shares)

1,395,358

Share based payment transactions | Short term incentive scheme

Disclosure of non-adjusting events after reporting period

Number of share options granted in share-based payment arrangement (in shares)

154,876

Share based payment transactions | Long term incentive scheme

Disclosure of non-adjusting events after reporting period

Number of share options granted in share-based payment arrangement (in shares)

643,286

Share based payment transactions | Joop Brakenhoff | Deferred shares plan

Disclosure of non-adjusting events after reporting period

Number of share options exercised in share-based payment arrangement (in shares)

52,543

Number of shares withheld for taxes (in shares)

51,504

Share based payment transactions | Executive Committee | Common shares

Disclosure of non-adjusting events after reporting period

Number of share options exercisable in share-based payment arrangement (in shares)

261,100

Share based payment transactions | Members of the board | Common shares

Disclosure of non-adjusting events after reporting period

Number of share options exercisable in share-based payment arrangement (in shares)

1,750,000

Share based payment transactions | Former board member | Common shares

Disclosure of non-adjusting events after reporting period

Number of share options exercised in share-based payment arrangement (in shares)

618,175

Borrowings | Revolving credit facility

Disclosure of non-adjusting events after reporting period

Borrowings | $

692

$ 363

$ 692

Borrowings | Kyivstar | OTP Bank UAH 490 million loan

Disclosure of non-adjusting events after reporting period

Repayments of borrowings, classified as financing activities

21

₴ 760

Borrowings | Kyivstar | Raiffeisen Bank Aval

Disclosure of non-adjusting events after reporting period

Repayments of borrowings, classified as financing activities

$ 38

₴ 1,400

[1] * Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation ( see note 10 )

BASIS OF PREPARATION OF THE C_3

BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS - Narrative (Details) $ in Millions, ₽ in Billions

1 Months Ended

12 Months Ended

Nov. 24, 2022 USD ($)

Nov. 24, 2022 RUB (₽)

Mar. 09, 2022 RUB (₽)

Apr. 30, 2022 USD ($) loan

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

[1]

Jul. 31, 2023 legalProceeding

Jul. 21, 2023 employee

Jun. 24, 2023

Jun. 15, 2023 company

May 31, 2023 USD ($)

Apr. 26, 2023 USD ($)

Apr. 19, 2023 USD ($)

Apr. 04, 2023

Jan. 30, 2023

Nov. 11, 2022

Jul. 05, 2022 USD ($) legalProceeding

Apr. 30, 2022 RUB (₽)

Mar. 31, 2022 USD ($)

Mar. 31, 2022 RUB (₽)

Feb. 28, 2022 USD ($)

Feb. 28, 2022 RUB (₽)

Cash and cash equivalents

$ 3,107

$ 2,252

Net increase / (decrease) in cash and cash equivalents

1,017

714

[1]

$ 474

Debt and derivatives

2,844

$ 1,242

Expected credit losses

$ 27

PJSC VimpelCom

Consideration received in cash

$ 1,900

₽ 130

Ukraine And Russia

Percentage of subscribers (in percent)

33.333%

Ukraine And Russia | Ultimate beneficial owners

Sanction period

10 years

2023 Notes At 7.25 Percent

Borrowings, interest rate (in percent)

5.95%

2023 Notes At 7.25 Percent

Borrowings, interest rate (in percent)

7.25%

VTB Bank term loan facility agreement, maturity february 2029

Notional amount

$ 400,000

₽ 30

Sberbank and Alfa Bank

Notional amount

$ 1,112

₽ 90

Number of group-level loans | loan

2

Disposal of major subsidiary

Cash on hand

$ 2,457

Introduction of new legal framework

Number of energy companies on the Decree 302 list | company

2

Employees | Ukraine And Russia

Number of employees | employee

32,000

2023 Notes | Issue of notes

Notes, purchase price, percentage of principal amount (in percent)

102%

102%

October 2023 Notes | Issue of notes

Notes and debentures issued

$ 364

$ 165

December 2023 Notes | Issue of notes

Notes and debentures issued

$ 406

$ 294

PJSC VimpelCom

Number of legal proceedings lodged | legalProceeding

4

Tax and interest claim amount

$ 22

PJSC VimpelCom | Commencement of major litigation

Hearings held | legalProceeding

2

Legal claims | legalProceeding

4

Veon Finance Ireland DAC | VTB Bank term loan facility agreement, maturity february 2029

Notional amount

₽ 30

$ 259

₽ 30

$ 400

₽ 30

Borrowings term

7 years

Veon Finance Ireland DAC | Sberbank and Alfa Bank

Notional amount

$ 1,112

₽ 90

Treasury bills, micro finance bank operations

Cash and cash equivalents

$ 75

Increase (decrease) due to corrections of prior period errors

Net increase / (decrease) in cash and cash equivalents

39

Debt and derivatives

$ 31

[1] * Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation ( see note 10 )

BASIS OF PREPARATION OF THE C_4

BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Disclosure of voluntary change in accounting policy [line items]
Profit / (loss) for the period	$ (9)	[1],[2]	$ 801	[3]	$ (316)	[3]
Items that may be reclassified to profit or loss
Foreign currency translation	(480)	[2]	(200)		(623)
Transfer from OCI to income statement on disposal of subsidiary (reclassification adjustments)	558	[1],[2]	0		96
Items that will not to be reclassified to profit or loss
Other	27	[2]	0		1
Other comprehensive income / (loss) for the period, net of tax	105	[2]	(203)		(541)
Total comprehensive income / (loss)	96	[1],[2]	598		(857)
Attributable to:
The owners of the parent	(14)	[2]	513		(800)
Non-controlling interests	110	[2]	85		(57)
Total comprehensive income / (loss) for the period, net of tax from:
Continuing operations	234	[2]	(5)		189
Discontinued operations	(138)	[2]	$ 603		$ (1,046)
VEON Ltd. Dutch Statutory Financial Statements as previously reported
Disclosure of voluntary change in accounting policy [line items]
Profit / (loss) for the period	(9)
Items that may be reclassified to profit or loss
Foreign currency translation	(480)
Transfer from OCI to income statement on disposal of subsidiary (reclassification adjustments)	(266)
Items that will not to be reclassified to profit or loss
Other	27
Other comprehensive income / (loss) for the period, net of tax	(719)
Total comprehensive income / (loss)	(728)
Attributable to:
The owners of the parent	(14)
Non-controlling interests	(714)
Total comprehensive income / (loss) for the period, net of tax from:
Continuing operations	234
Discontinued operations	(962)
Adjustment
Disclosure of voluntary change in accounting policy [line items]
Profit / (loss) for the period	0
Items that may be reclassified to profit or loss
Foreign currency translation	0
Transfer from OCI to income statement on disposal of subsidiary (reclassification adjustments)	824
Items that will not to be reclassified to profit or loss
Other	0
Other comprehensive income / (loss) for the period, net of tax	824
Total comprehensive income / (loss)	824
Attributable to:
The owners of the parent	0
Non-controlling interests	824
Total comprehensive income / (loss) for the period, net of tax from:
Continuing operations	0
Discontinued operations	$ 824
[1] **Refer to Note 24 for further details with respect to the restatement. *Refer to Note 24 for further details with respect to the restatement. *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10

CONDENSED SEPARATE FINANCIAL _3

CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON LTD - Narrative (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020
Condensed Financial Statements, Captions [Line Items]
Percentage of restricted net assets of consolidated net assets	25%
Algeria segment
Condensed Financial Statements, Captions [Line Items]
Distributable profit percentage	42.50%
Veon Ltd.
Condensed Financial Statements, Captions [Line Items]
Restricted net assets of consolidated subsidiaries as percentage of consolidated net assets	303%	102%

CONDENSED SEPARATE FINANCIAL _4

CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON LTD - Condensed Statement of Financial Position (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Non-current assets
Intangible assets	$ 1,960	$ 3,244	$ 4,152
Total non-current assets	5,310	10,504
Total assets	15,083	15,921
Equity	569	586
Total equity and liabilities	15,083	15,921
Veon Ltd.
Non-current assets
Intangible assets	5	6	8
Tangible fixed assets	2	3	8
Financial fixed assets	760	690	138
Total non-current assets	767	699	154
Total current assets	78	119	320
Total assets	845	818	474
Equity	569	586	163
Total liabilities disposed	276	232	311
Total equity and liabilities	$ 845	$ 818	$ 474

CONDENSED SEPARATE FINANCIAL _5

CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON LTD - Condensed Income Statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Condensed Income Statements, Captions [Line Items]
Selling, general and administrative expenses	$ (1,533)	$ (1,526)	[1]	$ (1,403)	[1]
Operating (loss) / profit	1,163	1,023	[1]	823	[1]
Income taxes	(69)	(344)	[1]	(279)	[1]
Total non-operating income and expenses	9	26	[1]	84	[1]
Veon Ltd.
Condensed Income Statements, Captions [Line Items]
Selling, general and administrative expenses	(103)	(86)		(101)
Other operating gains	0	0		0
Recharged expenses to group companies	10	(11)		3
Operating (loss) / profit	(93)	(97)		(98)
Finance income and (costs)	(1)	2		(2)
Share in result of subsidiaries after tax	(68)	773		(249)
Income taxes	0	(4)		0
Total non-operating income and expenses	(69)	772		(251)
Profit / (loss) for the year	$ (162)	$ 674		$ (349)
[1] *Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation (see Note 10

CONDENSED SEPARATE FINANCIAL _6

CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON LTD - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021	Dec. 31, 2020
Condensed Statement of Income Captions [Line Items]
Total comprehensive income (loss) for the year, net of tax	$ 96	[1],[2]	$ 598	$ (857)
Veon Ltd.
Condensed Statement of Income Captions [Line Items]
Total comprehensive income (loss) for the year, net of tax	$ 0		$ 0	$ (800)
[1] **Refer to Note 24 for further details with respect to the restatement. *Refer to Note 24 for further details with respect to the restatement.

CONDENSED SEPARATE FINANCIAL _7

CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON LTD - Condensed Statement of Cash Flows (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Investing activities
Other cash flows from investing activities		$ (3)	$ (3)	[1]	$ (47)	[1]
Financing activities
Proceeds from borrowings, net of fees paid	[2]	2,087	2,081	[1]	4,621	[1]
Repayment of debt		(1,619)	(1,977)	[1]	(4,148)	[1]
Dividends paid to equity owners of the parent		0	0	[1]	(259)	[1]
Net increase / (decrease) in cash and cash equivalents		1,017	714	[1]	474	[1]
Cash and cash equivalents at beginning of period		2,252
Cash and cash equivalents at end of period		3,107	2,252
Veon Ltd.
Condensed Cash Flow Statements, Captions [Line Items]
Net cash flows from operating activities		(108)	(27)		(13)
Investing activities
Receipt of dividends		0	0		0
Receipt of capital surplus from a subsidiary		0	(1)		317
Other cash flows from investing activities		0	3		0
Cash flows from (used in) investing activities		0	2		317
Financing activities
Proceeds from borrowings, net of fees paid		60	0		0
Repayment of debt		0	0		0
Dividends paid to equity owners of the parent		0	0		(260)
Share capital issued and paid		0	0		0
Cash flows from (used in) financing activities		60	0		(260)
Net increase / (decrease) in cash and cash equivalents		(48)	(25)		44
Net foreign exchange difference		0	0		0
Cash and cash equivalents at beginning of period		54	79		35
Cash and cash equivalents at end of period		$ 6	$ 54		$ 79
[1] * Prior year comparatives for the years ended December 31, 2021 and 2020 are adjusted following the classification of Russia as a discontinued operation ( see note 10 )

Uncategorized Items - vip-20221

Label	Element	Value
ADR [Member] | Major ordinary share transactions [member]
Number of share options exercised in share-based payment arrangement	ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement	70,444
ADR [Member] | Major ordinary share transactions [member] | Deferred Shares Plan [Member]
Number of share options exercised in share-based payment arrangement	ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement	32,976
Former Board Member [Member] | ADR [Member] | Major ordinary share transactions [member]
Number of share options exercised in share-based payment arrangement	ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement	24,727
Executive Officer [Member] | ADR [Member] | Major ordinary share transactions [member]
Number of share options exercisable in share-based payment arrangement	ifrs-full_NumberOfShareOptionsExercisableInSharebasedPaymentArrangement	10,444
Key management personnel of entity or parent [member] | ADR [Member] | Major ordinary share transactions [member]
Number of share options exercisable in share-based payment arrangement	ifrs-full_NumberOfShareOptionsExercisableInSharebasedPaymentArrangement	70,000