VEON (VEON) 20-F 17 Oct 24 2023 FY Annual report (foreign) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2023 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, 2023
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
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 Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Central Index Key	0001468091
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
American Depositary Shares
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
Common shares
Document Information [Line Items]
Title of 12(b) Security	Common shares, US$0.001 nominal value
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true
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, 2023	Dec. 31, 2022
Auditor Information [Abstract]
Auditor Firm ID	1195	1395
Auditor Name	UHY LLP	PricewaterhouseCoopers Accountants N.V.
Auditor Location	Melville, New York	Amsterdam, the Netherlands

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED INCOME STATEMENT - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	[1]
Profit or loss [abstract]
Service revenues	$ 3,576	$ 3,600	$ 3,690
Sale of equipment and accessories	19	28	35
Other revenues	103	127	125
Total operating revenues	3,698	3,755	3,850
Other operating income	1	1	0
Service costs	(423)	(448)	(448)
Cost of equipment and accessories	(18)	(28)	(36)
Selling, general and administrative expenses	(1,646)	(1,533)	(1,526)
Depreciation	(527)	(557)	(605)
Amortization	(208)	(221)	(194)
Impairment reversal / (loss)	6	107	(27)
Gain / (Loss) on disposal of non-current assets	46	(1)	9
Gain on disposal of subsidiaries	0	88	0
Operating profit	929	1,163	1,023
Finance costs	(531)	(583)	(591)
Finance income	60	32	13
Other non-operating gain / (loss), net	20	9	26
Net foreign exchange gain / (loss)	81	181	(7)	[2]
Profit before tax from continuing operations	559	802	464	[2]
Income taxes	(179)	(69)	(344)
Profit from continuing operations	380	733	120
(Loss) / Profit after tax from discontinued operations and disposals of discontinued operations	(2,830)	(742)	681
(Loss) / profit for the period	(2,450)	(9)	801
Attributable to:
The owners of the parent (continuing operations)	307	656	75
The owners of the parent (discontinued operations)	(2,835)	(818)	599
Non-controlling interest	$ 78	$ 153	$ 127
Basic and diluted gain / (loss) per share attributable to ordinary equity holders of the parent:
Basic gain (loss) from continuing operations per share (in USD per share)	$ 0.17	$ 0.37	$ 0.04
Diluted gain (loss) per share from continuing operations (in USD per share)	0.17	0.37	0.04
Basic gain (loss) from discontinued operations per share (in USD per share)	(1.61)	(0.46)	0.34
Diluted gain (loss) per share from discontinued operations (in USD per share)	(1.61)	(0.46)	0.34
Basic gain (loss) per share (in USD per share)	(1.44)	(0.09)	0.38
Diluted gain (loss) per share (in USD per share)	$ (1.44)	$ (0.09)	$ 0.38
[1] *Prior year comparative for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see Note 10 * Prior year comparatives for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see N ote 10 ).

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of comprehensive income [abstract]
(Loss) / profit for the period	$ (2,450)	$ (9)	$ 801	[1]
Items that may be reclassified to profit or loss
Foreign currency translation	(598)	(480)	(200)
Reclassification of accumulated foreign currency translation reserve and net investment hedge reserve to profit or loss upon disposal of foreign operation	3,414	558	0
Other	(3)	0	(3)
Items that will not be reclassified to profit or loss
Other	(16)	27	0
Other comprehensive income / (loss) for the period, net of tax	2,797	105	(203)
Total comprehensive income / (loss)	347	96	598
Attributable to:
The owners of the parent	271	(14)	513
Non-controlling interests	76	110	85
Total comprehensive income / (loss) for the period, net of tax from:
Continuing operations	188	234	(5)
Discontinued operations	$ 159	$ (138)	$ 603
[1] *Prior year comparative for the year ended December 31, 2021 is 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, 2023	Dec. 31, 2022
Non-current assets
Property and equipment	$ 2,898	$ 2,848
Intangible assets	1,619	1,960
Investments and derivatives	53	71
Deferred tax assets	312	274
Other assets	178	157
Total non-current assets	5,060	5,310
Current assets
Inventories	23	18
Trade and other receivables	542	456
Investments and derivatives	433	120
Current income tax assets	58	72
Other assets	200	208
Cash and cash equivalents	1,902	3,107
Total current assets	3,158	3,981
Assets classified as held for sale	0	5,792
Total assets	8,218	15,083
Equity
Equity attributable to equity owners of the parent	858	569
Non-controlling interests	213	198
Total equity	1,071	767
Non-current liabilities
Debt and derivatives	3,464	5,336
Provisions	44	47
Deferred tax liabilities	26	36
Other liabilities	29	20
Total non-current liabilities	3,563	5,439
Current liabilities
Trade and other payables	1,200	1,087
Debt and derivatives	1,692	2,844
Provisions	81	59
Current income tax payables	154	180
Other liabilities	457	475
Total current liabilities	3,584	4,645
Liabilities associated with assets held for sale	0	4,232
Total equity and liabilities	$ 8,218	$ 15,083

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, 2020				1,749,127,404
Equity at beginning of period at Dec. 31, 2020	$ 1,013		$ 163	$ 2	$ 12,753	$ (1,898)	$ (1,919)		$ (8,775)	$ 850
(Loss) / profit for the period	801	[2]	674				674			127
Transfer from OCI to income statement on disposal of subsidiary	0
Other comprehensive income	(203)		(161)			(1)	(2)		(158)	(42)
Total comprehensive income / (loss)	598		513			(1)	672		(158)	85
Dividends declared	(89)									(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				1,749,127,404
Equity at end of period at Dec. 31, 2021	1,505		586	$ 2	12,753	(1,990)	(1,246)		(8,933)	919
(Loss) / profit for the period	(9)		(162)				(162)			153
Transfer from OCI to income statement on disposal of subsidiary	558		558						558
Other comprehensive (loss)	(453)		(410)			27			(437)	(43)
Other comprehensive income	105
Total comprehensive income / (loss)	96		(14)			27	(162)		121	110
Dividends declared	(14)									(14)
Disposal of subsidiaries with non-controlling interests	(824)									(824)
Changes in ownership interest in a subsidiary	8		1				(3)		4	7
Other (in shares)				4,229,272
Other	(4)		(4)			(4)
Number of shares outstanding at end of period (in shares) at Dec. 31, 2022				1,753,356,676
Equity at end of period at Dec. 31, 2022	767		569	$ 2	12,753	(1,967)	(1,411)		(8,808)	198
Number of shares outstanding at beginning of period (in shares) at Dec. 31, 2022				1,753,356,676
Equity at beginning of period at Dec. 31, 2022	767		569	$ 2	12,753	(1,967)	(1,411)		(8,808)	198
(Loss) / profit for the period	(2,450)		(2,528)				(2,528)			78
Transfer from OCI to income statement on disposal of subsidiary	3,414		3,414						3,414
Other comprehensive (loss)	(617)		(615)			(16)	(3)		(596)	(2)
Other comprehensive income	2,797
Total comprehensive income / (loss)	347		271			(16)	(2,531)		2,818	76
Dividends declared	(45)									(45)
Disposal of subsidiaries with non-controlling interests	(16)									(16)
Other (in shares)				2,608,109
Other	18		18			15	3
Number of shares outstanding at end of period (in shares) at Dec. 31, 2023				1,755,964,785
Equity at end of period at Dec. 31, 2023	$ 1,071		$ 858	$ 2	$ 12,753	$ (1,968)	$ (3,939)		$ (5,990)	$ 213
[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 comparative for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see Note 10

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021	[1]
Operating activities
Profit before tax		$ 559	$ 802		$ 464	[2]
Non-cash adjustments to reconcile profit before tax to net cash flows
Depreciation, amortization and impairment loss / (reversal)		729	671		826
(Gain) / loss on disposal of non-current assets		(46)	1		(9)
(Gain) / loss on disposal of subsidiaries		0	(88)		0
Finance costs		531	583		591
Finance income		(60)	(32)		(13)
Other non-operating (gain) / loss		(20)	(9)		(26)
Net foreign exchange (gain) / loss		(81)	(181)		7	[2]
Changes in trade and other receivables and prepayments		(1)	(154)		(141)
Changes in inventories		(19)	(12)		(4)
Changes in trade and other payables		143	52		63
Changes in provisions, pensions and other		125	48		(14)
Interest paid		(489)	(489)		(521)
Interest received		53	25		12
Income tax paid		(264)	(284)		(274)
Net cash flows from operating activities from continuing operations		1,160	933		961
Net cash flows from operating activities from discontinued operations		951	1,624		1,677
Investing activities
Purchase of property, plant and equipment		(531)	(634)		(699)
Purchase of intangible assets		(235)	(376)		(159)
Payments on deposits		(54)	(54)		(58)
Outflows on loan granted		(66)	0		0
Investment in financial assets		(147)	(14)		(48)
Acquisition of a subsidiary, net of cash acquired		0	(16)		0
Proceeds from sales of share in subsidiaries, net of cash		0	40		0
Other proceeds from investing activities, net		13	(3)		(3)
Net cash flows used in investing activities from continuing operations		(1,020)	(1,057)		(967)
Net cash flows used in investing activities from discontinued operations		(1,217)	(599)		(213)
Financing activities
Proceeds from borrowings, net of fees paid	[3]	194	2,087		2,081
Repayment of debt		(1,098)	(1,619)		(1,977)
Acquisition of non-controlling interest		0	0		(279)
Dividends paid to non-controlling interests		(15)	(12)		(17)
Net cash flows from / (used in) financing activities from continuing operations		(919)	456		(192)
Net cash flows from / (used in) financing activities from discontinued operations		(226)	(340)		(552)
Net increase / (decrease) in cash and cash equivalents		(1,271)	1,017		714
Net foreign exchange difference related to continuing operations		(36)	(95)		(18)
Net foreign exchange difference related to discontinued operations		(44)	(21)		(5)
Cash and cash equivalents classified as discontinued operations/held for sale at the beginning of the period		146	113	[1]	0
Cash and cash equivalents classified as discontinued operations/held for sale at the end of the period		0	(146)		(113)
Cash and cash equivalents at beginning of period		3,107	2,239	[1]	1,661
Cash and cash equivalents at end of period, net of overdraft		$ 1,902	$ 3,107		$ 2,239
[1] * Prior year comparatives for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see N ote 10 ). *Prior year comparative for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see Note 10 ** Fees paid in 2023 for borrowings were US$18 (2022: US$11, 2021: US$32).

CONSOLIDATED STATEMENT OF CAS_2

CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of cash flows [abstract]
Fees paid for borrowings	$ 18	$ 11	$ 32

GENERAL INFORMATION

GENERAL INFORMATION	12 Months Ended
	Dec. 31, 2023
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 currently 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 were authorized by the Board of Directors for issuance on October 17, 2024. The Company has the ability to amend and reissue the consolidated financial statements. The consolidated financial statements prepared for Dutch statutory purposes for the year ended December 31, 2022 were authorized by the Board of Directors for issuance on June 24, 2023 and filed on June 25, 2023. After the issuance of those financial statements, and prior to the filing of VEON Ltd.’s 2022 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 de-recognition of non-controlling interest for the sale of its Algerian operations (refer to Note 10 for further details) which was corrected in the financial statements for the year ended December 31, 2022 in the 2022 Annual Report on Form 20-F. Refer to Note 24 for further details. These consolidated financial statements included in the 2022 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 war 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, 2023 Completion of Sale of Russian operations On October 9, 2023, VEON announced the completion of its exit from Russia with closing of the sale of its Russian operations. On September 13, 2023, VEON and the buyer agreed on certain amendments to the Share Purchase Agreement (“SPA”) which had no material impact on the economic terms of the original transaction announced on November 24, 2022. During the year ended December 31, 2023, VimpelCom independently purchased US$2,140 equivalent of VEON Holdings bonds (based on applicable foreign exchange rates on the relevant purchase dates) in order to satisfy certain Russian regulatory obligations. VEON Holdings redeemed US$406 of these notes from VimpelCom following their maturity in September 2023. Upon the completion of the sale of our Russian Operations, VEON Holdings bonds representing a nominal value of US$1,576 which were acquired by VimpelCom were transferred to Unitel LLC (a wholly owned subsidiary of the Company) and offset against the purchase consideration of RUB 130 billion (approximately US$1,294 on October 9, 2023) on a non cash basis resulting in no impact on our cash flows. The remaining deferred consideration of US$72 as of December 31, 2023 was offset against VEON Holdings bonds acquired by VimpelCom representing a nominal value of US$72, in July 2024, in compliance with applicable regulatory licensing after receiving the relevant regulatory approvals. In addition, there was a US$11 receivable against the sale of towers in Russia recognized in prior periods that was also assigned to the Company as part of the sale transaction. Refer to Note 2 3 for further details. The financial impact of the sale of our Russian operations is a loss of US$3,746 recorded within (Loss) / Profit after Tax from Discontinued Operations” in the Consolidated Income Statement, primarily due to US$3,414 of cumulative currency translation losses which accumulated in equity through other comprehensive income and recycled through the consolidated income statement on the date of the disposal. Overall, the sale of the Russian Operations resulted in significant deleveraging of VEON’s balance sheet. For further details, refer to Note 10 . Agreement between Banglalink and Summit Towers Limited (“Summit”) regarding the sale of its Bangladesh tower assets On November 15, 2023, VEON announced that its wholly owned subsidiary, Banglalink, entered into an Asset Sale and Purchase Agreement (“APA”) and Master Tower Agreement (“MTA”), to sell a portion of its tower portfolio (2012 towers, nearly one-third of Banglalink's infrastructure portfolio) in Bangladesh to the buyer, Summit, for BDT 11 billion (US$97). The closing of the transaction was subject to regulatory approval which was received on December 21, 2023. Subsequently, the deal closed on December 31, 2023. Under the terms of the deal, Banglalink entered into a long-term lease agreement with Summit under which Banglalink will lease space upon the sold towers for a period of 12 years, with up to seven optional renewal periods of 10 years each. The lease agreement became effective upon the closing of the sale. As of November 15, 2023, the Bangladesh towers were classified as assets held for sale. Following the classification as disposal group held-for-sale, the Company did not account for depreciation and amortization expenses of the Bangladesh tower assets. As a result of the closing of the sale on December 31, 2023, control of the towers was transferred to Summit and Banglalink recognized the purchase consideration of BDT 11 billion (US$97) net of cost of disposals containing legal, regulatory and investment bankers costs amounting BDT 855 million (US$8). The consideration was receivable as of December 31, 2023, and payment was subsequently received in January 2024 upon the final completion date under the terms of the APA. As a result of applying sale and leaseback accounting principles to the lease agreement under the terms of the deal, Banglalink recognized a gain on sale of assets of BDT 4 billion (US$34), right-of-use assets of BDT 550 million (US$5) representing the proportional fair value of assets (towers) retained with respect to the book value of assets (towers) sold amounting to BDT 950 million (US$9) and lease liabilities of BDT 6 billion (US$52) based on a 12 year lease term, which are at market rates. Additional right-of-use assets and lease liabilities of BDT 4 billion (US$40) were recognized for total right-of-use assets of BDT 5 billion (US$45) and total lease liabilities of BDT 10 billion (US$92). Refer to Note 9 for further details. Cybersecurity Incident in Ukraine On December 12, 2023, VEON announced that the network of its Ukrainian subsidiary Kyivstar had been the target of a widespread external cyber-attack causing a technical failure. This resulted in a temporary disruption of Kyivstar's network and services, interrupting the provision of voice and data connectivity on mobile and fixed networks, international roaming, and SMS services, amongst others, for Kyivstar customers in Ukraine and abroad. The Company’s technical teams, working relentlessly and in collaboration with the Ukrainian law enforcement and government agencies and the Security Service of Ukraine, restored services in multiple stages starting with voice and data connectivity. On December 19, 2023, VEON announced that Kyivstar had restored services in all categories of its communication services, and that mobile voice and internet, fixed connectivity and SMS services as well as the MyKyivstar self-care application were active and available across Ukraine. After stabilizing the network, although there was no legal obligation to do so, Kyivstar immediately launched offers to thank its customers for their loyalty, initiating a “Free of Charge” program offering one month of free services on certain types of contracts. Furthermore, on December 21, 2023, Kyivstar announced a donation of UAH 100 million (US$3) would be made towards Ukrainian charity initiatives. Largely due to the limited period during which the critical services were down, there was no material financial impact on our consolidated results for the year ended December 31, 2023 due to these service disruptions, or due to costs associated with additional IT capabilities required for restoring services, replacing lost equipment or compensating external consultants and partners in 2023. The incident had a significant impact on consolidated revenue results for the six-months ended June 30, 2024 associated with the revenue loss arising from the customer loyalty measures taken by Kyivstar in order to compensate for the inconvenience caused during the disruptions. The impact of these offers on operating revenue in 2024 was US$46. VEON expects no further impact on its financial results arising from the customer loyalty measures under the retention programs, which ended during the first half of 2024. VEON and Kyivstar conducted a thorough investigation, together with outside cybersecurity firms, to determine the full nature, extent and impact of the incident and to implement additional security measures to protect against any recurrence. The Ukrainian government also conducted an investigation to support the recovery efforts. All investigations were concluded as of June 30, 2024, and has resulted in an in depth analysis into details of how the attack was executed and how this can be prevented in the future. Kyivstar has initiated remediation and mitigation actions to reduce current risks and establish a robust framework to manage evolving cyber threats, protect business continuity and maintain customer trust by investing in immediate response actions, enhanced security infrastructure, proactive threat management, compliance with cybersecurity regulations and standards, employee awareness, and long-term adaptive measures. Further, VEON Group has executed a group-wide assessment of cybersecurity maturity in alignment with the U.S. National Institute of Standards and Technology Cybersecurity Framework 2.0 (NIST2). VEON’s Scheme of arrangement Following the announcement made by VEON on November 24, 2022 to launch a scheme of arrangement to extend the maturity of the 2023 Notes (the 5.95% notes due February 2023 and 7.25% notes due April 2023), the initial proposed scheme was amended on January 11, 2023 and on January 24, 2023, the Scheme Meeting was held and the amended Scheme 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 VEON Holdings’ 2023 Notes (the “Order”). On January 31, 2023, VEON confirmed that the Order had been delivered to the Registrar of Companies. 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 would be amended to October and December 2023, respectively. On April 3, 2023, VEON announced that each of the conditions had 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 were 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 was granted requiring VEON Holdings 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 2023 Put Option. The aggregate put option premium paid was US$9. The 2023 Put Option was settled on April 26, 2023. The remaining October 2023 notes were repaid at maturity including an amendment fee of US$1. The notes maturing in December 2023 were called earlier and repaid on September 27, 2023, including an amendment fee of US$1. For further details, refer to further discussion in Note 16 . VEON US$1,250 multi-currency revolving credit facility agreement On April 20, 2023, and May 30, 2023, the outstanding amounts under our RCF facility were rolled over until October 2023 for US$692 and November 2023 for US$363. These outstanding amounts were further rolled over until January 2024 for US$692 and February 2024 for US$363. We subsequently repaid and canceled our RCF facility in March 2024. 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. VEON announced ratio change under its American Depository 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 Depository Shares (the “ADSs”) to VEON Ltd. 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 byi NASDAQ that VEON had regained compliance with Listing Rule 5550(a)(2). Freezing of corporate rights in Kyivstar On October 6, 2023, the Security Services of Ukraine (SSU) announced that the Ukrainian courts were seizing all “corporate rights” of Mikhail Fridman, Petr Aven and Andriy Kosogov in 20 Ukrainian companies that these individuals beneficially own, while criminal proceedings, unrelated to Kyivstar or VEON, were in progress. This announcement was incorrectly characterized by some Ukrainian media as a “seizure” or “freezing” of “Kyivstar’s assets” as the assets of Kyivstar had not been seized or frozen and the court’s ruling did not impact the assets of Kyivstar directly. On October 9, 2023, Ukrainian media further reported, with a headline which incorrectly targeted Kyivstar, that the Ministry of Justice of Ukraine was separately finalizing a lawsuit in the Ukraine High Anti-Corruption Court to confiscate any Ukrainian assets of M. Fridman. Subsequent clarification by the SSU noted that “The seizure of corporate rights of Ukrainian companies does not affect the protection of the interests of foreign investors and owners of shares of corporate rights, does not hinder their economic activity and the possibility of receiving dividends.” We have received notification from our local custodian that 47.85% of Kyivstar shares have been blocked, which will prevent any transaction involving our Kyivstar shares, including transfer of such shares, from proceeding. On October 30, 2023 VEON announced that VEON Ltd. and VEON Holdings B.V. had filed two appeals with the relevant Kyiv court of appeals, challenging the freezing of the corporate rights in Kyivstar, noting that corporate rights in Kyivstar belong exclusively to VEON and that their full or partial seizure directly violates the rights of VEON and its international debt and equity investors, and requesting the lifting of the freezing of its corporate rights in Kyivstar. In December 2023, the court rejected our appeals. On June 4, 2024, the CEO of VEON, in his capacity as a shareholder of VEON, filed a motion with Shevchenkiv District Court of Kyiv requesting cancellation of the seizure of corporate rights in the VEON group's subsidiary Ukraine Tower Company. On June 26, 2024, the motion was supplemented to request cancellation of the seizure of corporate rights in the VEON group's other Ukrainian subsidiaries: Kyivstar, Kyivstar.Tech and Helsi. VEON is continuing significant government affairs efforts to protect our assets in Ukraine. Restrictions applicable in Ukraine to all foreign-owned companies have already led to restrictions on the upstreaming of dividends from Ukraine to VEON. Additionally, to the extent that VEON and/or Kyivstar are deemed to be controlled by persons sanctioned in Ukraine, potential prohibitions on renting property and land, on participating in public procurement and on the transfer of technology and intellectual property rights to Kyivstar from VEON impacting B2G revenue would also apply. Based on the above development, VEON assessed whether the court order and subsequent motions result in an event that VEON has lost control over its Ukrainian subsidiary (“Kyivstar”) and concluded that, under the requirements of relevant reporting standards (IFRS 10, Consolidated financial Statements ), VEON continues to control Kyivstar and as such, will continue to consolidate Kyivstar in these financial statements. VEON implements new Clawback Policy On November 27, 2023, VEON announced governance enhancements to its executive remuneration structure, in line with its commitment to ethical corporate governance practices and financial integrity. The Board of Directors of VEON introduced a robust Policy for the Recovery of Erroneously Awarded Compensation (the “Clawback Policy”) to align with Section 10D and Rule 10D-1of the Securities Exchange Act of 1934 and the listing standards adopted by NASDAQ. Effective October 2, 2023, the Clawback Policy enables the Company to recover erroneously awarded incentive-based compensation from current and former Executive Officers (as defined in the Clawback Policy) in the event that it is required to prepare an accounting restatement. This step is crucial in maintaining transparency and accountability, particularly in instances requiring accounting restatements. In tandem with the adoption of the Clawback Policy, the Board of Directors has also revised existing incentive-based compensation plans to further align executive remuneration with shareholder interests and corporate objectives. Refer to N ote 22 for further details. Share-based payment awards On February 21, 2023, VEON announced the completion of the transfer of 52,550 shares in the Company to Joop Brakenhoff. A total of 104,047 common shares vested as part of VEON’s 2021 Deferred Share Plan in 2022. Of those vested shares, 51,504 common shares (the equivalent of 2,060 ADSs) were withheld to cover local withholding taxes and the remaining 52,550 shares (the equivalent of 2,102 ADSs) were transferred to Mr. Brakenhoff from shares held by a subsidiary of the Company. In March 2023, equity-settled awards were granted to five members of VEON’s GEC under the Short-Term Incentive Plan (154,876 ADS) and the Long-Term Incentive Plan (“LTIP”) (643,286 ADS). 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 Share Plan. Subsequently, VEON had initiated the transfer of 34,094 ADSs, representing 852,350 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. Subsequently, VEON initiated the transfer of 70,444 ADSs, representing 1,761,100 common shares, to the respective executives and Board members. In July 2023, equity-settled awards were granted to one member of VEON’s GEC under the LTIP (105,573 ADS). On September 1, 2023, 146,490 ADSs, representing 3,662,250 common shares, granted to VEON's Group CEO, Mr. Kaan Terzioglu, vested as part of VEON’s Deferred Share Plan. In November 2023, VEON initiated the transfer of 1,870 ADSs, representing 46,750 common shares to Mr. Brakenhoff for equity-settled awards granted under the 2021 Deferred Share Plan that vested in 2023 as well as 6,535 ADSs, representing 163,375 common shares, to a former Board member in relation to a grant that vested in July 2023 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. For further details on share-based payment awards, refer to Note 22 . Changes in Key Senior Managers On March 15, 2023, VEON announced the appointment of Joop Brakenhoff as Group CFO, effective from May 1, 2023. Mr. Brakenhoff replaced Serkan Okandan whose three years contract as Group CFO expired at the end of April 2023. Mr. Okandan continued to serve VEON as a special advisor to the Group CEO and CFO. On June 16, 2023, VEON announced that Omiyinka Doris had been appointed Group General Counsel in a permanent capacity, effective June 1, 2023, and would 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. VEON’s GEC will comprise three members: Kaan Terzioglu as Group Chief Executive Officer; Joop Brakenhoff as Group Chief Financial Officer; and Omiyinka Doris as Group General Counsel, with a flatter Group leadership team structure. Change in Board of Directors On June 29, 2023, at its Annual General Meeting, VEON Ltd. shareholders approved the Board recommended slate of seven directors, including six directors already serving on the Board at that time – 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. In July 2023, the Board elected Morten Lundal as the Chair in its first meeting following the 2023 AGM. The Board also changed its committee structure, with the current committees established by the Board of directors being the Audit and Risk Committee and the Remuneration and Governance Committee. 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 June 30, 2023. Subsequently, during July 2023 the agreed amount of settlement was paid and settled. Canadian Sanctions On July 20, 2023, Canada imposed sanctions on a number of Russian mobile operators, including VimpelCom. As of October 9, 2023, as a result of the completion of the sale of VEON’s Russian operations, Vimpelcom is no longer part of the VEON Group and as such, these sanctions have no impact on the remaining group. Refer to Note 24 -Basis of Preparation of the Consolidated Financial Statements for further details. 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) which includes BDT 4,307 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. Subsequently, Banglalink had a meeting with BTRC officials and agreed to pay amounts pertaining to 2G matters (already accrued BDT 2,200 million in the financials) in BDT 500 million immediately in July 2023 and 12 equal monthly installments of BDT 146 million (approximately US$1.4), accordingly Banglalink has paid BDT 500 million (approximately US$5) in July 2023 and all installments until December 2023 as agreed. Despite having objections to the audit findings, in compliance with the instruction given by the BTRC on November 5, 2023 to pay the principal amount of the BTRC’s audit demand within 10 working days, Banglalink deposited BDT 1,657 million (US$16 million) to the BTRC on November 19, 2023. The remaining elements of the BTRC’s audit, including the late fee, are not yet resolved. Refer to Note 7 . Ukraine prepayment In 2023, Kyivstar fully prepaid all of its remaining 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). Pakistan Mobile Communication Limited ("PMCL") syndicated credit facility PMCL fully utilized the remaining PKR 10 billion (US$41) under its existing PKR 40 billion (US$164) facility through drawdowns in January and April 2023. Banglalink Digital Communications Ltd. ("BDCL") syndicated credit facility BDCL utilized BDT 5 billion (US$45) out of new syndicated credit facility of BDT 8 billion (US$73) during November 2023. The tenor of the facility is 5 years. KaR-Tel Limited Liability Partnership credit facility KaR-Tel Limited Liability Partnership ("KaR-Tel") utilized KZT 9.8 billion (US$22) from the bilateral credit facility with ForteBank JSC during the period of September to December 2023. Through a deed of amendment signed in February 2024, the maturity of the facility was extended to November 2026 and facility amount enhanced to KZT 15 billion from KZT 10 billion. Repayment of VEON Holdings 5.95% Senior Notes On October 13, 2023 VEON Holdings repaid its outstanding 5.95% Senior Notes amounting to US$39 at their maturity date. Early redemption of VEON Holdings 2023 and 2024 Notes On September 13, 2023, VEON issued two redemption notices for the early repayment of VEON Holdings B.V.’s bonds maturing in December 2023 and June 2024. On September 27, 2023 VEON redeemed US$243 senior notes held by external noteholders and on October 04, 2023 redeemed US$406 senior notes held by VimpelCom. Please refer to Note 16 -Investments, Debt and Derivatives for further details.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2023
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 2023 and 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 were classified as discontinued operations and accounted for as an “Asset held for sale” in line with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations , requirements. The sale of our Russian operations was completed on October 9, 2023. Additionally, 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. The sale of our stake in the Algerian operations was completed on August 5, 2022. Refer to Note 10 for further details on both transactions. 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 in 2022. 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 2023 2022 2021* 2023 2022 2021* 2023 2022 2021* Pakistan** 1,119 1,285 1,408 502 654 643 130 258 318 Ukraine 919 971 1,055 541 575 704 169 177 203 Kazakhstan 774 636 569 421 322 307 165 122 134 Bangladesh 570 576 564 214 210 235 105 199 89 Uzbekistan 268 233 194 112 124 89 65 64 34 Others 55 66 81 22 26 41 10 16 25 HQ and eliminations (7) (12) (21) (200) (164) (179) 5 5 3 Total 3,698 3,755 3,850 1,612 1,747 1,840 649 841 806 *Prior year comparatives for the year ended December 31, 2021 is 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. For further details refer to Note 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: 2023 2022 2021* Profit before tax from continuing operations 559 802 464 Depreciation 527 557 605 Amortization 208 221 194 Impairment loss / (reversal) (6) (107) 27 (Gain) / loss on disposal of non-current assets (46) 1 (9) (Gain) / loss on disposal of subsidiaries — (88) — Finance costs 531 583 591 Finance income (60) (32) (13) Other non-operating (gain) / loss (20) (9) (26) Net foreign exchange (gain) / loss (81) (181) 7 Total Adjusted EBITDA 1,612 1,747 1,840 *Prior year comparative for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see Note 10 ).

OPERATING REVENUE

OPERATING REVENUE	12 Months Ended
	Dec. 31, 2023
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 2023 2022 2021* 2023 2022 2021* 2023 2022 2021* 2023 2022 2021* 2023 2022 2021* Pakistan*** 1,021 1,169 1,285 19 — — 6 14 18 73 102 105 1,119 1,285 1,408 Ukraine 859 906 980 53 59 68 — 1 — 7 5 7 919 971 1,055 Kazakhstan 603 497 459 146 116 91 12 13 17 13 10 2 774 636 569 Bangladesh 561 566 553 — — — — — — 9 10 11 570 576 564 Uzbekistan 267 232 193 — 1 1 — — — 1 — — 268 233 194 Others 55 66 81 — — — — — — — — — 55 66 81 HQ and eliminations (4) (8) (15) (4) (4) (6) 1 — — — — — (7) (12) (21) Total 3,362 3,428 3,536 214 172 154 19 28 35 103 127 125 3,698 3,755 3,850 *Prior year comparative for the year ended December 31, 2021 is 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, 2023 December 31, 2022 Contract balances Receivables (billed) 468 493 Receivables (unbilled) 40 37 Contract liabilities (157) (169) Capitalized costs Customer acquisition costs 98 126 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 that are incurred in acquiring a contract with a customer ( “customer acquisition costs” ) and are considered recoverable 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, 2023
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: 2023 2022 2021* Network and IT costs 506 503 491 Personnel costs 416 411 361 Customer associated costs 386 347 413 Losses on receivables 14 28 14 Taxes, other than income taxes 74 30 50 Other 250 214 197 Total selling, general and administrative expenses 1,646 1,533 1,526 *Prior year comparative for the year ended December 31, 2021 is 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 million) in customer associated costs, relating to the reversal of a provision following a favorable decision from the Islamabad High Court on pending litigation. 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, 2023
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 : 2023 2022 Trade receivables (gross)* 508 530 Expected credit losses (96) (84) Trade receivables (net) 412 446 Other receivables, net of expected credit losses allowance** 130 10 Total trade and other receivables *** 542 456 * Includes contract assets (unbilled receivables), see Note 3 for further details. ** Other receivables as of December 31, 2023, includes consideration receivable for tower sale in Bangladesh , refer Note 9 for further details. *** Total trade and other receivables includes balances of US$259 million (2022: US$254 million) relating to banking operations in Pakistan. The following table summarizes the movement in the allowance for expected credit losses for the years ended December 31: 2023 2022 Balance as of January 1 84 159 Accruals for expected credit losses 35 44 Recoveries (8) (6) Accounts receivable written off (6) (64) Reclassifications — (4) Reclassification as held for sale — (28) Foreign currency translation adjustment (9) (15) Other movements — (2) Balance as of December 31 96 84 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, 2023 Expected loss rate, % 0.0 % 1.9 % 10.6 % 50.0 % 98.5 % Trade receivables 40 317 47 36 68 508 Expected credit losses — (6) (5) (18) (67) (96) Trade receivables, net 40 311 42 18 1 412 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 ACCOUNTING POLICIES Trade and other receivables Trade and other receivables are measured at amortized cost and include invoiced/contractual 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, 2023
Other Assets And Liabilities
OTHER ASSETS AND LIABILITIES	OTHER ASSETS AND LIABILITIES Other assets consisted of the following items as of December 31: 2023 2022 Other non-current assets Customer acquisition costs (see Note 3) 98 126 Tax advances (non-income tax) 6 7 Other non-financial assets 74 24 Total other non-current assets 178 157 Other current assets Advances to suppliers 44 55 Input value added tax 45 49 Prepaid taxes 51 50 Other assets 60 54 Total other current assets 200 208 Other liabilities consisted of the following items as of December 31: 2023 2022 Other non-current liabilities Long-term deferred revenue (see Note 3) 13 10 Other liabilities 16 10 Total other non-current liabilities 29 20 Other current liabilities Taxes payable (non-income tax) 124 135 Short-term deferred revenue (see Note 3) 109 121 Customer advances (see Note 3) 35 38 Other payments to authorities 66 60 Due to employees 84 82 Other liabilities 39 39 Total other current liabilities 457 475

PROVISIONS AND CONTINGENT LIABI

PROVISIONS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2023
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, 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 As of January 1, 2023 49 43 9 5 106 Arising during the year 18 3 — 10 31 Utilized — (1) — — (1) Unused amounts reversed (2) (4) — (3) (9) Reclassification as held for sale — — — — — Transfer and reclassification 7 — — — 7 Discount rate adjustment and imputed interest — 3 — — 3 Translation adjustments and other (7) (4) — (1) (12) As of December 31, 2023 65 40 9 11 125 Non-current 4 40 — — 44 Current 61 — 9 11 81 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, 2023 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 essentially asserted the same claims in connection with the same disclosures. On April 27, 2016, the Court in the Southern District of New York (the “Court”) consolidated the two actions and appointed Westway as lead plaintiff. On December 9, 2016, Westway filed its first amended complaint (“FAC”). On September 19, 2017, the Court granted VEON’s motion to dismiss the FAC in part. On February 9, 2018, VEON filed its Answer and Affirmative Defenses to remaining allegations of the FAC, and all the individual defendants filed motions to dismiss the claim. On April 13, 2018, the plaintiff voluntarily dismissed its claims against one of the individual defendants and, on August 30, 2018, the Court dismissed the claims against all of the remaining individual defendants. On May 17, 2019, VEON filed a motion for judgement on the pleadings, arguing that Westway lacked standing as a result of the September 19, 2017 order because Westway had not purchased any securities on or after the date of the earliest alleged misstatement (the “May-2019 Motion”). On May 21, 2019, the Rosen Law Firm submitted a letter to the Court on behalf of Boris Lvov (“Lvov”) seeking leave to file a motion to intervene and substitute Lvov as lead plaintiff. On 17 June 209, Westway filed its opposition to the May-2019 Motion and on April 17, 2020, the Court denied Westway's motion and ordered the May-2019 Motion to proceed. On March 31, 2020, VEON’s motion for judgement on the pleadings was denied without prejudice. On April 14, 2020, Westway filed its second Amended Complaint (“SAC”). On May 15, 2020, VEON filed a motion to dismiss the SAC, which the Court granted on March 11, 2021, 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 reopened the lead plaintiff selection process and, on April 29, 2022, appointed Lvov as lead plaintiff and granted Lvov leave to file an amended complaint. Lvov filed the third Amended Complaint (“TAC”) on February 22, 2023. On May 10, 2023, the Court denied Lvov's motion for discovery and granted VEON leave to file a motion to dismiss portions of the TAC. On September 30, 2024, the Court granted VEON’s motion to dismiss portions of the TAC in part, dismissing with prejudice the TAC’s newly alleged false statements as time-barred under the statute of repose, and denying the motion without prejudice with respect to the TAC’s newly alleged corrective disclosures. The Court requested further briefing from the parties on whether the new corrective disclosures were linked to the dismissed new false statements or to statements previously held actionable. Lvov’s supplemental briefing was due October 7, 2024, and VEON’s reply was due October 14, 2024. At this stage of the suit, the claim remains unquantified and VEON 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$70) 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” ), BTRC, Association of Mobile Telecom Operators of Bangladesh 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$69). 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$48) 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 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 judgement 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$15) 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 judgement 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, 2023, the Company has recorded a provision, for the cases discussed above of, US$8 (2022: US$8). 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 has recently been subject to an extensive audit conducted by the 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$74) which includes BDT 4,307 million (approximately US$39) for interest. The Company has paid the principal amount and is currently having discussions with government stakeholders, including the BTRC for removal of the interest amount. Should Banglalink and the BTRC not be able to reach a mutually agreed position concerning the removal of the interest amount, 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$205 (2022: US$289). 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, 2023
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: 2023 2022 Current tax payable 61 47 Uncertain tax provisions 93 133 Total income tax payable 154 180 In addition to the 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$355 (2022: US$193). 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 58 million (2022: US$72). 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: 2023 2022 2021 Current income taxes Current year 249 271 273 Adjustments in respect of previous years 13 10 47 Total current income taxes 262 281 320 Deferred income taxes Movement of temporary differences and losses (114) (50) 38 Changes in tax rates (4) (4) — Changes in recognized deferred tax assets* 35 (117) — Adjustments in respect of previous years 1 (5) (21) Other (1) (36) 7 Total deferred tax expense / (benefit) (83) (212) 24 Income tax expense 179 69 344 *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 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: 2023 2022 2021 Explanatory notes Profit / (loss) before tax from continuing operations 559 802 464 Income tax benefit / (expense) at statutory tax rate (25.8%) (144) (207) (116) Difference due to the effects of: Different tax rates in different jurisdictions 66 45 (5) 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). 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 rates (i.e. Pakistan, Bangladesh). Non-deductible expenses (50) (46) (35) The Group incurs certain expenses which are non-deductible in the relevant jurisdictions. In 2023 and 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, the non-deductible 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 30 11 (3) In 2023, the non-taxable income is mainly driven by the non-taxable FOREX gains incurred by Dutch Holdings on sale of subsidiaries of US$25. In 2022, non-taxable income is mainly driven by reversal of previously unrecognized management fees in Uzbekistan. Adjustments in respect of previous years (14) (6) (25) In 2023, the effect of prior year adjustments mainly relates to tax return true-ups and the effects of 6% Super tax in Pakistan introduced in 2023 which had a retrospective impact on 2022. In 2022, the effect of prior year adjustments mainly relates to tax return true-ups and the effects of 4% Super tax in Pakistan introduced in 2022 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 (35) 117 (76) In 2023, the movements in (un)recognized deferred tax assets are primarily caused by tax losses and other credits mainly in the Netherlands and Luxembourg, 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$108. The increase of deferred tax assets in Bangladesh is mainly driven by recognition of previously unrecognized historic losses due to positive outlook and business developments in our Bangladesh operations. Withholding taxes (32) 38 (73) Withholding taxes are recognized to the extent that dividends from foreign operations are expected to be paid in the foreseeable future. In 2023, the net WHT of US$(32) mainly comprised of WHT on interest from Russia of US$(16) and US$(15) of WHT provided for as a deferred tax on outside basis during 2023 on the dividends planned to be paid out in 2024 mainly from Pakistan, Kazakhstan and Uzbekistan. In 2022, the net WHT benefit of US$38 comprising of reversal of WHT provision related to Russia, Ukraine and Pakistan. In 2021, expenses relating to withholding taxes were primarily influenced by the anticipated dividends from Pakistan, Ukraine and Uzbekistan. Uncertain tax positions 2 (25) (7) The tax legislation in the markets in which VEON operates is unpredictable and gives rise to significant uncertainties (see ‘Source of estimation uncertainty’ below). During 2022, provisions were made for a dispute in Italy. The impact of movements in uncertain tax positions is presented net of any corresponding deferred tax assets recognized. Change in income tax rate 4 4 — Changes in tax rates impact the valuation of existing deferred tax assets and liabilities on temporary differences. In 2023, the statutory tax rate in Pakistan increased by 6% resulting in the total tax charge of 39%. In 2022, the statutory tax rate in Pakistan increased by 4% resulting in the total tax charge of 33%. Other (6) — (4) In 2023, others is impacted mainly by a CFC charge for US$(6). In 2021, US$(4) relate to various permanent differences. Income tax benefit / (expense) (179) (69) (344) Effective tax rate 32.0 % 8.6 % 74.1 % Deferred taxes The Group reported the following deferred tax assets and liabilities in the statement of financial position as of December 31: 2023 2022 Deferred tax assets 312 274 Deferred tax liabilities (26) (36) Net deferred tax position 286 238 The following table shows the movements of net deferred tax positions in 2023: Movement in deferred taxes Opening balance Net income statement movement Held for sale Other movements Closing balance Property and equipment (82) 23 — 11 (48) Intangible assets 59 14 — (9) 64 Trade receivables 21 5 — (2) 24 Provisions 15 (2) — (1) 12 Accounts payable 36 25 — (7) 54 Withholding tax on undistributed earnings (29) 8 — 2 (19) Tax losses and other balances carried forwards 2,600 149 — (290) 2,459 Non-recognized deferred tax assets (2,395) (147) — 265 (2,277) Other 13 7 — (3) 17 Net deferred tax positions 238 82 — (34) 286 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 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, 2023 0-5 years 6-10 years More than 10 years Indefinite Total Tax losses expiry Recognized losses — — — (388) (388) Recognized DTA — — — 146 146 Non-recognized losses — — (1,204) (7,764) (8,968) Non-recognized DTA — — 300 1,951 2,251 Other credits carried forwards expiry Recognized credits — (36) — — (36) Recognized DTA — 36 — — 36 Non-recognized credits — — — (97) (97) Non-recognized DTA — — — 26 26 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 Losses mainly relate to our holding entities in Luxembourg (2023: US$6,232; 2022: US$6,776) and the Netherlands (2023: US$2,572; 2022: US$2,352). 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$19 (2022: US$29), 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, 2023, 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$6,241 (2022: US$6,105). 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 judgement 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 judgement 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 judgements due to uncertainty concerning the interpretation of the rules and any transitional rules. Future legislative changes Pillar Two legislation has been substantively enacted in certain jurisdictions the Group operates. The legislation will be effective for the Group’s financial year beginning January 1, 2024. The Group is in scope of the enacted or substantively enacted legislation and has performed an assessment of the Group’s potential exposure to Pillar Two income taxes. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting and financial statements for the constituent entities in the Group. Based on the assessment, the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are above 15%. However, there are a limited number of jurisdictions where the transitional safe harbor relief does not apply and the Pillar Two effective tax rate is close to 15%. The Group does not expect a material exposure to Pillar Two income taxes in those jurisdictions. The Group has applied the temporary mandatory exception to the requirement to recognize deferred tax assets and liabilities related to Pillar Two income taxes. The Group has accumulated US$8,098 of tax losses and US$126 of other tax attributes in various jurisdictions which can be carried-forward and taken into account for Pillar Two purposes.

SIGNIFICANT TRANSACTIONS

SIGNIFICANT TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
Significant Transactions
SIGNIFICANT TRANSACTIONS	SIGNIFICANT TRANSACTIONS SIGNIFICANT TRANSACTIONS IN 2023 Completion of Sale of Russian operations On October 9, 2023, VEON announced the completion of its exit from Russia with closing of the sale of its Russian operations. On September 13, 2023, VEON and the buyer agreed on certain amendments to the Share Purchase Agreement (“SPA”) which had no material impact on the economic terms of the original transaction announced on November 24, 2022. During the year ended December 31, 2023, VimpelCom independently purchased US$2,140 equivalent of VEON Holdings bonds (based on applicable foreign exchange rates on the relevant purchase dates) in order to satisfy certain Russian regulatory obligations. VEON Holdings redeemed US$406 of these notes from VimpelCom following their maturity in September 2023. Upon the completion of the sale of our Russian Operations, VEON Holdings bonds representing a nominal value of US$1,576 which were acquired by VimpelCom were transferred to Unitel LLC (a wholly owned subsidiary of the Company) and offset against the purchase consideration of RUB 130 billion (approximately US$1,294 on October 9, 2023) on a non cash basis resulting in no impact on our cash flows. The remaining deferred consideration of US$72 as of December 31, 2023 was offset against VEON Holdings bonds acquired by VimpelCom representing a nominal value of US$72, in July 2024, in compliance with applicable regulatory licensing after receiving the relevant regulatory approvals. In addition, there was a US$11 receivable against the sale of towers in Russia recognized in prior periods that was also assigned to the Company as part of the sale transaction. Refer to Note 23 for further details. The financial impact of the sale of our Russian operations is a loss of US$3,746 recorded within (Loss) / Profit after Tax from Discontinued Operations” in the Consolidated Income Statement, primarily due to US$3,414 of cumulative currency translation losses which accumulated in equity through other comprehensive income and recycled through the consolidated income statement on the date of the disposal. Overall, the sale of the Russian Operations resulted in significant deleveraging of VEON’s balance sheet. For further details, refer to Note 10 . Agreement between Banglalink and Summit regarding the sale of its Bangladesh tower assets On November 15, 2023, VEON announced that its wholly owned subsidiary, Banglalink, entered into an Asset Sale and Purchase Agreement (“APA”) and Master Tower Agreement (“MTA”), to sell a portion of its tower portfolio (2012 towers, nearly one-third of Banglalink's infrastructure portfolio) in Bangladesh to the buyer, Summit, for BDT 11 billion (US$97). The closing of the transaction was subject to regulatory approval which was received on December 21, 2023. Subsequently, the deal closed on December 31, 2023. Under the terms of the deal, Banglalink entered into a long-term lease agreement with Summit under which Banglalink will lease space upon the sold towers for a period of 12 years, with up to seven optional renewal periods of 10 years each. The lease agreement became effective upon the closing of the sale. As of November 15, 2023, the Bangladesh towers were classified as assets held for sale. Following the classification as disposal group held-for-sale, the Company did not account for depreciation and amortization expenses of the Bangladesh tower assets. As a result of the closing of the sale on December 31, 2023, control of the towers was transferred to Summit and Banglalink recognized the purchase consideration of BDT 11 billion (US$97) net of cost of disposals containing legal, regulatory and investment bankers costs amounting BDT 855 million (US$8). The consideration was receivable as of December 31, 2023, and payment was subsequently received in January 2024 upon the final completion date under the terms of the APA. As a result of applying sale and leaseback accounting principles to the lease agreement under the terms of the deal, Banglalink recognized a gain on sale of assets of BDT 4 billion (US$34), right-of-use assets of BDT 550 million (US$5) representing the proportional fair value of assets (towers) retained with respect to the book value of assets (towers) sold amounting to BDT 950 million (US$9) and lease liabilities of BDT 6 billion (US$52) based on a 12 year lease term, which are at market rates. Additional right-of-use assets and lease liabilities of BDT 4 billion (US$40) were recognized for total right-of-use assets of BDT 5 billion (US$45) and total lease liabilities of BDT 10 billion (US$92). Significant movements in exchange rates An increase in demand for hard currencies, in part due to the ongoing war in Ukraine (refer to Note 15 ) and other macroeconomic conditions, resulted in the devaluation of exchange rates in the countries in which VEON operates, particularly in Pakistan and Russia. While the UAH to USD foreign exchange rate have been relatively stable during 2023 given the ongoing circumstances in Ukraine, there is a continued risk of a significant Ukrainian hryvnia (“UAH”) to USD depreciation. This risk has been partially mitigated by investment of excess cash in USD denominated domestic Ukrainian sovereign bonds. Refer to Note 18 for further details on foreign currency risk and Note 16 for further details on the Ukrainian sovereign bonds. As such, in the twelve-months ended December 31, 2023, the book value of assets and liabilities of our foreign operations, in U.S. dollar terms, decreased significantly, with a corresponding loss of US$598 (2022:US$480) recorded against the foreign currency translation reserve in the consolidated statement of comprehensive income. SIGNIFICANT TRANSACTIONS IN 2022 AND 2021 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 VimpelCom, led by the CEO at the time, Aleksander Torbakhov. Under the agreement, VEON will receive consideration of RUB 130 billion (approximately US$1,294). 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 (the United States, the United Kingdom, the 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 were 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 war 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. 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 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. 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 the 2100MHz band following successful bids at an auction held by the 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 Warid license renewal (merged with Jazz since 2016) 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.

HELD FOR SALE AND DISCONTINUED

HELD FOR SALE AND DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2023
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: Assets held-for-sale Liabilities held-for-sale 2023 2022 2023 2022 Russia — 5,792 — 4,232 Total assets and liabilities held for sale — 5,792 — 4,232 The following table provides the details of loss after tax from discontinued operations and disposals of discontinued operations for the periods ended December 31: 2023 2022 2021 Russia Profit / (loss) after tax for the period 916 (164) 530 Loss on disposal (3,746) — — Algeria Profit / (loss) after tax for the period — 144 151 Loss on disposal — (722) — Total loss after tax from discontinued operations and disposals of discontinued operations (2,830) (742) 681 Sale of Russia operations On November 24, 2022, VEON entered into the Share Purchase Agreement (“SPA”) to sell VEON’s Russian operations to certain senior members of the management team of VimpelCom, led by the CEO at the time, Aleksander Torbakhov. Under the agreement, the purchase price consideration of RUB 130 billion (approximately US$1,294 on October 9, 2023), was expected to be settled primarily by VimpelCom taking on and discharging certain VEON Holdings B.V.’s debt, thus significantly deleveraging VEON’s balance sheet. The SPA contained provisions amongst others that in the event Vimpelcom acquires VEON Holdings B.V.’s debt in excess of the sales consideration, VEON will work with the purchasers to satisfy its obligations to them as a bondholder. The transaction was subject to certain closing conditions including the receipt of requisite regulatory approvals and licenses from relevant government authorities in Russia and Western jurisdictions (the United States, the United Kingdom, the European Union, and Bermuda) for the proposed structure of the sale. On November 24, 2022, the signing date of the SPA, the Company classified its Russian operations as a disposal group held-for-sale and discontinued operations. Following the classification as disposal group held-for-sale, the Company did not account for depreciation and amortization expenses of Russia’s assets. On September 13, 2023, VEON agreed with the buyer, owned by certain senior members of VimpelCom’s management team, amendments to the SPA, which had no material impact on the economic terms of the original transaction announced on November 24, 2022. With the amendments to the sale agreement, the entire consideration for the sale was agreed to be satisfied by transferring the agreed value of VEON Holdings bonds acquired by VimpelCom to a wholly owned subsidiary of VEON Holdings (Unitel LLC) on or prior to the closing of the sale, which will hold such notes until their cancellation or maturity. U.S. and other regulatory approvals were received for the transfer of approximately 95% of such VEON Holdings bonds. During the year ended 31 December 2023, VimpelCom independently purchased US$ 2,140 equivalent of the Issuer’s debt securities in order to satisfy certain Russian regulatory obligations. On October 9, 2023, VEON announced the completion of its exit from Russia with closing of the sale of its Russian operations. Upon completion of the sale, control of VimpelCom was transferred to the buyer, and accordingly, a loss of US$3.7 billion recorded within “Profit / (loss) after Tax from Discontinued Operations” in the Consolidated Income Statement was recognized, primarily due to US$3.4 billion of cumulative currency translation losses which accumulated in equity through other comprehensive income and recycled through the consolidated income statement on the date of the disposal. VEON Holdings redeemed US$406 of these debt securities from VimpelCom following their maturity. Upon the completion of the sale, the agreed amount of the bonds of VEON Holdings B.V., a wholly owned subsidiary of the Company, ("VEON Holdings"), acquired by VimpelCom representing a nominal value of US$1,576 were transferred to Unitel LLC (a wholly owned subsidiary of the Company) and offset against the purchase consideration of RUB 130 billion (approximately US$1,294 on October 9, 2023) on a non cash basis resulting in no impact on the cash flows. The remaining deferred consideration of US$72 as of December 31, 2023 was offset against VEON Holdings bonds acquired by VimpelCom representing a nominal value of US$72, in July 2024 after receiving the relevant regulatory approval. The following table shows the assets and liabilities disposed in 2023 and classified as held-for-sale relating to Russia operations as of: October 9, 2023 December 31, 2022 Property and equipment 3,216 3,941 Intangible assets excl. goodwill 386 356 Goodwill 155 617 Deferred tax assets 72 78 Other non-current assets 1,328 50 Inventories 53 113 Trade and other receivables 287 367 Other current assets 839 270 Total assets disposed / held for sale 6,336 5,792 Non-current liabilities Debt and Derivatives – NCL 3,641 2,888 Other non-current liabilities 26 64 Current liabilities Trade and other payables 494 691 Debt & Derivatives – CL 233 306 Other non-financial liabilities 300 283 Total liabilities disposed / held for sale 4,694 4,232 The following table shows the profit / (loss) and other comprehensive income relating to Russia operations for the periods ended December 31 and as of date of disposal: Income statement and statement of comprehensive income October 9, 2023 2022 2021 Operating revenue 2,780 4,277 3,943 Operating expenses ** (1,865) (3,993) (3,424) Other expenses 42 (424) (76) Profit / (loss) before tax for the period 957 (140) 443 Income tax benefit / (expense) (41) (24) 87 Profit / (loss) after tax for the period 916 (164) 530 Other comprehensive income / (loss)* (421) (29) (10) Total comprehensive income / (loss) 495 (193) 520 *Other comprehensive income relates to the foreign currency translation of discontinued operations. ** In 2023, operating expenses includes an impairment of US$281 (2022:US$446) against the carrying value of goodwill in Russia. There was no impairment of goodwill in 2021. The following table shows the results for the disposal of the Russia operations that are accounted for in these financials as of December 31, 2023: 2023 Sale consideration * 1,294 Carrying amount of net assets at disposal ** (1,642) De-recognition of non-controlling interest 16 Loss on sale before reclassification of foreign currency translation reserve (332) Reclassifications of: foreign currency translation reserve (3,384) net investment hedge reserves (30) (3,414) Net loss on disposal of Russia operations (3,746) *As discussed above, the sale consideration was settled in a non-cash transaction via the transfer of bonds held by Vimpelcom to VEON Holdings’ subsidiary. ** Net assets include US$715 relating to cash and cash equivalents at disposal. Russia impairment losses 2023 As of June 30, 2023, assets and liabilities held-for-sale were assessed for impairment in accordance with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations , and valued at the lower of their carrying value and fair value less costs to sell. VEON recorded an impairment of US$281 against the carrying value of goodwill in Russia, resulting in a reduced carrying value of US$168 at the reporting date of which the VEON share amounts to US$152, excluding non-controlling interest. The recoverable amount of the net assets held for sale of US$152 as of June 30, 2023 was determined based on the fair value less costs of disposal and represents the remaining portion of the sales proceeds as per SPA (Level 2 in the fair value hierarchy). This equates to the value of the VEON bonds remaining to be purchased by VimpelCom to reach the sales consideration of RUB 130 billion. As of September 30, 2023, the carrying value of Russian net assets amounted to US$( 165 ) due to increased external debt. The VEON share of net assets amoun ted to US$(179), excluding non-controlling interest. The sales proceeds as per the SPA of RUB 130 billion was fully settled upon closing against the receivable held by Vimpelcom for the VEON bonds acquired by VimpelCom and subsequently transferred to Unitel LLC. Therefore, the recoverable amount of the net assets, being the remaining portion of the sales proceeds as per SPA (Level 2 in the fair value hierarchy) to be settled against the net assets, amounted to nil. No further impairment or reversal was recorded. Russia impairment losses 2022 The war 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 Key assumptions – Russia CGU Explicit forecast period Terminal Combined average * Explicit forecast period Terminal Combined average * Discount rate — % — % 20.5 % — % — % 9.3 % Average annual revenue growth rate 6.2 % 1.6 % 5.5 % 5.0 % 1.6 % 4.4 % Average operating margin 32.4 % 35.0 % 32.8 % 33.2 % 35.5 % 33.6 % Average CAPEX / revenue ** 20.3 % 18.0 % 19.9 % 25.4 % 21.0 % 24.7 % * Combined average 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 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$1,294 million) 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. 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 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 Operating revenue 378 659 Operating expenses (212) (470) Other expenses (7) (17) Profit / (loss) before tax for the period 159 172 Income tax benefit / (expense) (15) (21) Profit / (loss) after tax for the period 144 151 Other comprehensive income / (loss)* (65) (68) Total comprehensive income / (loss) 79 83 * 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, 2023
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 exists 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 2023 are disclosed in Note 10 , including any current or past impairment charges recorded for these CGUs. Impairment losses / (reversals) in 2023 Property and equipment Total impairment / (reversal) 2023 Ukraine 1 1 Other* (7) (7) (6) (6) * This includes net impairment reversals on telecommunication equipment in Kazakhstan. The Company performed annual impairment testing of goodwill and for non-goodwill CGUs also tested assets for impairment as of September 30, 2023 and subsequently assessed for indicators of impairment or reversal of impairment as of December 31, 2023. CGU Bangladesh has limited headroom following the reversal of impairment in 2022 and is continuously monitored. Our assessment also considered the impact of the cyber-attack in December 2023 on our Ukrainian subsidiary, Kyivstar and the sale of the Bangladesh towers also in December 2023 and concluded that no impairment nor reversal of impairment was identified for any CGU. For further details of the Ukraine cyber-attack, refer to Note 1 and for details of the Bangladesh tower sale, refer to Note 9 . For details regarding the assessment of Russia and impairment of assets held for sale, refer to Note 10 . Impairment losses / (reversals) in 2022 Property and equipment Intangible assets Goodwill Other Total impairment / ( reversal) 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 war 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 / (reversals) in 2021 Property and equipment Intangible assets Goodwill Other Total impairment / ( reversal) 2021* Kyrgyzstan 12 5 — 2 19 Other 8 — — — 8 20 5 — 2 27 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 the applicable country’s risk premium. Discount rate 2023 2022 2021 Pakistan 19.6 % 19.5 % 14.7 % Bangladesh** 13.9 % 14.6 % — % Kazakhstan 12.9 % 13.8 % 9.4 % Kyrgyzstan* 17.0 % 19.0 % — % Uzbekistan 14.7 % 15.8 % 11.8 % Ukraine** 20.8 % 21.7 % — % * In 2021, VEON fully impaired the carrying value of all operating assets of Kyrgyzstan, therefore discount rate was not determined ** In 2021, 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 2023 2022 2021 2023 2022 2021 Pakistan 16.5 % 12.0 % 4.8 % 4.0 % 4.0 % 5.5 % Bangladesh 12.9 % 12.6 % — % 3.5 % 3.5 % — % Kazakhstan 13.2 % 12.3 % 3.6 % 1.0 % 1.0 % 1.0 % Kyrgyzstan 11.8 % 11.4 % — % 3.0 % 3.0 % — % Uzbekistan 22.3 % 19.3 % 3.7 % 2.5 % 2.5 % 3.0 % Ukraine 8.8 % 8.6 % — % 1.0 % 1.0 % — % 1 The forecast period is the explicit forecast period of five years: for 2023 being 2024-2028 with terminal period in 2029; for comparative period 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. 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 2023 2022 2021 2023 2022 2021 Pakistan 43.6 % 40.9 % 43.6 % 40.0 % 40.0 % 42.0 % Bangladesh 30.7 % 32.6 % — % 33.5 % 36.3 % — % Kazakhstan 49.5 % 49.2 % 48.9 % 45.0 % 45.0 % 47.0 % Kyrgyzstan 36.2 % 36.7 % — % 33.5 % 33.7 % — % Uzbekistan 40.0 % 43.6 % 40.9 % 40.0 % 41.0 % 34.0 % Ukraine 51.8 % 51.2 % — % 50.0 % 50.0 % — % 1 The forecast period is the explicit forecast period of five years: for 2023 being 2024-2028 with terminal period in 2029; for comparative period 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. 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 2023 2022 2021 2023 2022 2021 Pakistan 11.3 % 15.8 % 22.0 % 14.0 % 16.0 % 20.0 % Bangladesh 17.6 % 18.0 % — % 17.0 % 17.0 % — % Kazakhstan 16.0 % 18.6 % 20.0 % 17.5 % 18.5 % 20.0 % Kyrgyzstan 17.7 % 20.1 % — % 21.0 % 23.0 % — % Uzbekistan 22.1 % 18.0 % 20.2 % 20.0 % 20.0 % 21.0 % Ukraine 19.1 % 18.9 % — % 20.0 % 20.0 % — % 1 The forecast period is the explicit forecast period of five years: for 2023 being 2024-2028 with terminal period in 2029; for comparative period 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. SENSITIVITY TO CHANGES IN ASSUMPTIONS The following table pertains to the reversals of impairment recognized in 2022 and 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.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2023
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, 2022 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) As of December 31, 2022 1,698 61 97 286 706 2,848 Additions 79 3 31 438 318 869 Disposals (1) — (3) 4 (28) (28) Depreciation charge for the year (349) (6) (26) — (146) (527) Divestment and reclassification as held for sale (12) — (1) — — (13) Impairment (3) — (3) (2) — (8) Impairment reversal 2 — — 10 2 14 Transfers 456 7 12 (492) — (17) Modifications of right-of-use assets — — — — 29 29 Translation adjustment (182) (4) (5) (18) (60) (269) As of December 31, 2023 1,688 61 102 226 821 2,898 Cost 4,585 151 398 240 1,243 6,617 Accumulated depreciation and impairment (2,897) (90) (296) (14) (422) (3,719) ** 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 2023. During 2022, there were 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 war between Russia and Ukraine (refer to Note 11 ). During 2023, VEON acquired property and equipment in the amount of US$291 (2022: US$306), which were not paid for as of year-end. Property and equipment pledged as security for bank borrowings amounts to US$575 as of December 31, 2023 (2022: US$688), 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, 2022 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 Additions 271 32 15 318 Disposals (25) (3) — (28) Depreciation charge for the year (131) (13) (2) (146) Impairment reversal 2 — — 2 Transfers 1 (1) — — Modifications and reassessments 25 5 (1) 29 Translation adjustment (57) (3) — (60) As of December 31, 2023 747 61 13 821 Cost 1,124 101 18 1,243 Accumulated depreciation and impairment (377) (40) (5) (422) COMMITMENTS Capital commitments for the future purchase of equipment are as follows as of December 31: 2023 2022 Less than 1 year 139 272 Total commitments 139 272 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 radiotelephone 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, 2023
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, 2022 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 Additions 4 92 — — 5 — 101 Amortization charge for the year (131) (67) (3) (6) (1) — (208) Transfer (1) 7 — — (1) — 5 Translation adjustment (180) (8) — (6) — (45) (239) As of December 31, 2023 1,026 193 4 42 5 349 1,619 Cost 1,941 645 165 290 15 1,298 4,354 Accumulated amortization and impairment (915) (452) (161) (248) (10) (949) (2,735) During 2023, there were no material changes in estimates related to intangible assets. During 2022 a reversal of impairment as described in Note 11 of US$(77) was recognized. During 2023, VEON acquired intangible assets in the amount of US$33 (2022: US$266), which were not yet paid for as of year-end. GOODWILL During the year, the movement in goodwill for the Group, per CGU , consisted of the following: CGU* December 31, Translation adjustment December 31, Pakistan 179 (44) 223 Kazakhstan 129 2 127 Ukraine 10 — 10 Uzbekistan 31 (3) 34 Total 349 (45) 394 * There is no goodwill allocated to the CGUs of Bangladesh, or Kyrgyzstan. 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 COMMITMENTS Capital commitments for the future purchase of intangible assets are as follows as of December 31: 2023 2022 Less than 1 year 9 13 Total commitments 9 13 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, 2023
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 2023 2022 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 % 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 % 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 % Pakistan Mobile Communications Limited Pakistan Operating 100.0 % 100.0 % Banglalink Digital Communications Limited Bangladesh Operating 100.0 % 100.0 % * Until the date of sale of Russia on October 9, 2023, the Group had concluded that it controls VimpelCom, see ‘Significant accounting judgements’ below for further details. ** Based on the development with respect to the freezing of VEON’s corporate rights in Kyivstar as discussed in Note 1 , VEON assessed whether the court order and subsequent motions result in an event that VEON has lost control over Kyivstar and concluded that, under the requirements of relevant reporting standards, VEON continues to control Kyivstar and as such, will continue to consolidate Kyivstar in these financial statements. 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$254 (2022: US$229). 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 2023 2022 2023 2022 2023 2022 LLP “KaR-Tel” ( “KaR-Tel” ) 25.0 % 25.0 % 94 85 50 31 Omnium Telecom Algérie S.p.A. (“OTA”) — % — % — — — 21 The summarized financial information of these subsidiaries before intercompany eliminations for the years ended December 31 is detailed below. Summarized income statement KaR-Tel 2023 2022 2021 Operating revenue 692 571 529 Operating expenses (423) (403) (370) Other (expenses) / income (11) (12) (9) Profit / (loss) before tax 258 156 150 Income tax expense (57) (33) (32) Profit / (loss) for the year 201 123 118 Total comprehensive income / (loss) 201 123 118 Attributed to NCIs 50 31 29 Summarized statement of financial position KaR-Tel 2023 2022 Property and equipment 455 327 Intangible assets 188 178 Other non-current assets 37 39 Trade and other receivables 39 34 Cash and cash equivalents 68 43 Other current assets 24 27 Debt and derivatives (210) (97) Provisions (10) (9) Other liabilities (216) (204) Total equity 375 338 Attributed to: Equity holders of the parent 281 253 Non-controlling interests 94 85 Summarized statement of cash flows KaR-Tel 2023 2022 2021 Net operating cash flows 308 243 231 Net investing cash flows (117) (127) (106) Net financing cash flows (166) (117) (114) Net foreign exchange difference — (3) (1) Net increase / (decrease) in cash equivalents 25 (4) 10 SIGNIFICANT ACCOUNTING JUDGEMENTS Control over subsidiaries

OTHER NON-OPERATING GAIN _ (LOS

OTHER NON-OPERATING GAIN / (LOSS)	12 Months Ended
	Dec. 31, 2023
Other Non-Operating Gain (Loss)
OTHER NON-OPERATING GAIN / (LOSS)	OTHER NON-OPERATING GAIN / (LOSS), NET Other non-operating gains / (losses), net consisted of the following for the years ended December 31: 2023 2022 2021* Ineffective portion of hedging activities — — 3 Change of fair value of other derivatives (1) 10 (4) Gain from money market funds 75 29 7 Loss from other financial assets (48) — — Other (losses) / gains (6) (30) 20 Other non-operating gain / (loss), net 20 9 26 *Prior year comparative for the year ended December 31, 2021 is 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. The Loss from other financial assets relates to impairment of receivable with respect to repurchase of VEON Holdings debt. Refer to No te 16.

INVESTMENTS, DEBT AND DERIVATIV

INVESTMENTS, DEBT AND DERIVATIVES	12 Months Ended
	Dec. 31, 2023
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 2023 2022 At fair value Other investments 41 58 41 58 At amortized cost Security deposits and cash collateral 103 63 Bank deposits 3 — Other investments 339 70 445 133 Total investments and derivatives 486 191 Non-current 53 71 Current 433 120 Security deposits and cash collateral Security deposits and cash collateral at amortized cost mainly consist of restricted bank deposits of US$39 (2022: US$49) and restricted cash of US$57 (2022: US$7) at our banking operations in Pakistan and our operating company in Ukraine, respectively. Other Investments Other investments at fair value are measured at fair value through other comprehensive income and relate to investments held in Pakistan US$11 (2022: US$21) and Bangladesh US$30 (2022: US$37). Other investments at amortized cost include a US$64 (2022: US$54) loan granted by VIP Kazakhstan Holdings to minority shareholder Crowell Investments Limited, US$150 (2022: Nil) sovereign bonds held by our operating company in Ukraine, US$72 (2022: Nil) deferred receivable from sale of Russia and US$26 (2022: Nil) short term lending at our banking operations in Pakistan. DEBT AND DERIVATIVES The Company holds the following outstanding debt and derivatives liabilities as of December 31: Carrying value 2023 2022 At fair value Derivatives not designated as hedges 1 — 1 — At amortized cost Borrowing, of which 3,708 6,670 i) Principal amount outstanding 3,560 6,670 ii) Other Borrowings 148 — Interest accrued 83 102 Discounts, unamortized fees, hedge basis adjustment (6) (8) Bank loans and bonds 3,785 6,764 Lease liabilities 977 806 Other financial liabilities 393 610 5,155 8,180 Total debt and derivatives 5,156 8,180 Non-current 3,464 5,336 Current 1,692 2,844 Other borrowings includes long-term capex accounts payables US$88 (2022: Nil), deferred consideration of US$72 (2022: Nil) related to the sale of Russian operations and its related foreign currency exchange gain of US$12 (2022: Nil). 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 2023 2022 VEON Holdings B.V. Notes None USD 5.95% 2023 — 529 VEON Holdings B.V. Revolving Credit Facility None USD SOFR + 1.50% 2024 692 692 VEON Holdings B.V. Notes None USD 7.25% 2023 — 700 VEON Holdings B.V. Revolving Credit Facility None USD SOFR + 1.50% 2024 363 363 VEON Holdings B.V. Notes None USD 4.95% 2024 — 533 VEON Holdings B.V. Notes None USD 4.00% 2025 556 1,000 VEON Holdings B.V. Notes None RUB 6.30% 2025 102 284 VEON Holdings B.V. Notes None RUB 6.50% 2025 37 143 VEON Holdings B.V. Notes None RUB 8.13% 2026 15 284 VEON Holdings B.V. Notes None USD 3.38% 2027 1,093 1,250 PMCL Loan None PKR 6M KIBOR + 0.55% 2026 128 212 PMCL Loan None PKR 6M KIBOR + 0.55% 2028 53 66 PMCL Loan None PKR 3M KIBOR + 0.60% 2031 178 221 PMCL Loan None PKR 6M KIBOR +0.60% 2032 142 132 PJSC Kyivstar Loan None UAH 10.15% to 11.00% 2023-2025 — 59 Banglalink Loan None BDT Average bank deposit rate + 4.25% 2027 81 110 Banglalink Loan None BDT 7.00% to 12.00% 2028 46 — KaR-Tel Loan None KZT 17.75% - 18.50% 2026 22 — Unitel LLC Loan None UZS 20% 2025 12 — Other bank loans and bonds 187 92 Total bank loans and bonds 3,707 6,670 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, 2022 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 (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 Cash flows Proceeds from borrowings, net of fees paid 194 — 194 Repayment of debt (964) (147) (1,111) Interest paid (370) (119) (489) Non-cash movements Interest and fee accruals 355 112 467 Lease additions, disposals, impairment and modifications 171 430 601 Foreign currency translation (276) (77) (353) Reclassification related to bank loans and bonds * (2,064) — (2,064) Other non-cash movements (25) (28) (53) Balance as of December 31, 2023 3,785 977 4,762 *This primarily relates to the purchase of VEON group debt, refer to discussion below. FINANCING ACTIVITIES 2023 VEON’s Scheme of arrangement Following the announcement made by VEON on November 24, 2022 to launch a scheme of arrangement to extend the maturity of the 2023 Notes (the 5.95% notes due February 2023 and 7.25% notes due April 2023), the initial proposed scheme was amended on January 11, 2023 and on January 24, 2023, the Scheme Meeting was held and the amended Scheme 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 VEON Holdings’ 2023 Notes (the “Order”). On January 31, 2023, VEON confirmed that the Order had been delivered to the Registrar of Companies. 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 would be amended to October and December 2023, respectively. On April 3, 2023, VEON announced that each of the conditions had 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 were 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 was granted requiring VEON Holdings 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 2023 Put Option. The aggregate put option premium paid was US$9. The 2023 Put Option was settled on April 26, 2023. The remaining October 2023 notes were repaid at maturity including an amendment fee of US$1. The notes maturing in December 2023 were called earlier and repaid on September 27, 2023, including an amendment fee of US$1. For further details, refer to further discussion in Note 16 . Purchase of VEON Group Debt During the year ended December 31, 2023, VimpelCom independently purchased US$2,140 equivalent of VEON Holdings B.V. Notes in order to satisfy certain Russian regulatory obligations. Upon such purchase by VimpelCom, these Notes were reclassified to intercompany debt with an equivalent reduction in gross debt for VEON Group. Out of these Notes, US$1,576 equivalent Notes were offset against the purchase price and any notes outstanding at closing were transferred to a wholly owned subsidiary of VEON Holdings B.V. and US$406 equivalent Notes were settled at maturity, while US$72 equivalent of VEON Holding B.V. Notes were held by VimpelCom as deferred consideration pending the receipt of an amended OFAC license. Upon receipt of the license, these remaining US$72 equivalent Notes were transferred to the wholly owned subsidiary of VEON Holdings B.V. to offset the remaining deferred purchase price for VimpelCom. This was complet ed early July 2024. As of December 31, 2023, US$ 1,005 of the notes transferred to Unitel LLC (wholly owned subsidiary) remained outstanding. VEON US$1,250 multi-currency revolving credit facility agreement On April 20, 2023, and May 30, 2023, the outstanding amounts under our RCF facility were rolled over until October 2023 for US$692 and November 2023 for US$363. These outstanding amounts were further rolled over until January 2024 for US$692 and February 2024 for US$363. We subsequently repaid and canceled our RCF facility in March 2024. Ukraine prepayment In 2023, Kyivstar fully prepaid all of its remaining 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). Pakistan Mobile Communication Limited ("PMCL") syndicated credit facility PMCL fully utilized the remaining PKR 10 billion (US$41) under its existing PKR 40 billion (US$164) facility through drawdowns in January and April 2023. Banglalink Digital Communications Ltd. ("BDCL") syndicated credit facility BDCL utilized BDT 5 billion (US$45) out of new syndicated credit facility of BDT 8 billion (US$73) during November 2023. The tenor of the facility is five KaR-Tel Limited Liability Partnership credit facility KaR-Tel Limited Liability Partnership ("KaR-Tel") utilized KZT 9.8 billion (US$22) from the bilateral credit facility with ForteBank JSC during the period of September to December 2023. Through a deed of amendment signed in February 2024, the maturity of the facility was extended to November 2026 and facility amount enhanced to KZT 15 billion from KZT 10 billion. Repayment of VEON Holdings 5.95% Senior Notes On October 13, 2023 VEON Holdings repaid its outstanding 5.95% Senior Notes amounting to US$39 at their maturity date. Early redemption of VEON Holdings 2023 and 2024 Notes On September 13, 2023, VEON issued two redemption notices for the early repayment of VEON Holdings B.V.’s bonds maturing in December 2023 and June 2024. On September 27, 2023 VEON redeemed US$243 senior notes held by external noteholders and on October 04, 2023 redeemed US$406 senior notes held by VimpelCom. FINANCING ACTIVITIES 2022 VEON US$ 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 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 canceled. 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 canceled 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, 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 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 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 a 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 I n March 2021, VEON successfully amended and restated its existing RUB 30 billion (US$396) bilateral term loan agreement with Alfa Bank and increased the total facility size to RUB 45 billion (US$594), by adding a new floating rate tranche of RUB 15 billion (US$198). The new tranche had a five years term. In April 2021, the proceeds from Alfa Bank’s 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 Program 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 Program with a Program 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 VimpelCom. 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 VimpelCom. 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. FAIR VALUES As of December 31, 2023, 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 16 , with the exception of: • 'Bank loans and bonds, including interest accrued', for which the fair value is equal to US$3,333 (2022: US$5,847); and • 'Lease liabilities', for which fair value has not been determined. As of December 31, 2023 and December 31, 2022, 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, 2023 and 2022 relate to changes in fair value, which are unrealized, and are recorded in “Other non-operating gain / (loss), net” 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, 2023 and 2022, there were no transfers between Level 1, Level 2 and Level 3 fair value measurements with the exception in 2022 of our RUB denominated bonds for which quoted market prices were not available due to the ongoing war between Russia and Ukraine. 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 As of January 1, 2022 (8,933) Foreign currency revaluation of the foreign operations 125 As of December 31, 2022 (8,808) Transfer from OCI to income statement on disposal of subsidiary 3,384 Reclassification of net investment hedge 30 Other comprehensive (loss) (596) As of December 31, 2023 (5,990) 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 when necessary and available. 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. There have been no derivatives in hedge accounting relationships during 2023. 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 16 . 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 judgement is required in establishing fair values. The judgements 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, 2023
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: 2023 2022 Cash and cash equivalents at banks and on hand 448 928 Cash equivalents with original maturity of less than three months 1,454 2,179 Cash and cash equivalents, as presented in the consolidated statement of cash flows* 1,902 3,107 * Cash and cash equivalents include an amount of US$165 relating to banking operations in Pakistan, which does not include customer deposits that are part of ‘Trade and other payables’ of US$426 . Cash at banks earns interest 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, 2023, US$151(2022: US$ 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$1,175 (2022: US$1,950), which are carried at fair value through profit or loss with gains presented within ‘Other non-operating gain / (loss)’ within the consolidated income statement. The overdrawn accounts are presented as debt and derivatives within the statement of financial position. At the same time, because the overdrawn accounts are 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, 2023
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, 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, 2023, approximately 54% of the Company’s borrowings are at a fixed rate of interest (2022: 72%). 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). The Company’s exposure to foreign currency changes for all other currencies is not material. Effect on profit / (loss) before tax Change in foreign exchange rate against US$ 10% depreciation 10% appreciation 2023 Russian Ruble 14 (16) Bangladeshi Taka (30) 33 Pakistani Rupee (13) 15 Ukrainian Hryvnia (2) 2 Other currencies (net) (3) 3 2022 Russian Ruble (5) 6 Bangladeshi Taka (34) 37 Pakistani Rupee (15) 17 Ukrainian Hryvnia (1) 1 Other currencies (net) (1) 1 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, 2023 and 2022, 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, 2023 and 2022 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, 2023, 32% of the Company’s debt (2022: 37%) 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 2023 KaR-Tel LLP - Term Facility Nov 2026 KZT 15,000 KZT 9,800 KZT 5,200 33 22 11 Banglalink Digital Communications Ltd - Term Facility May 2024 BDT 8,000 BDT 5,000 BDT 3,000 73 46 27 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 *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, 2023 and 2022, 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, 2023 Bank loans and bonds 1,433 1,391 1,416 237 4,477 Lease liabilities 150 497 356 514 1,517 Derivative financial liabilities Gross cash inflows (14) — — — (14) Gross cash outflows 16 — — — 16 Trade and other payables 1,200 — — — 1,200 Other financial liabilities 137 203 87 66 493 Total financial liabilities 2,922 2,091 1,859 817 7,689 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 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 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, 2023, 2022 and 2021, we did not pay a dividend. There were no changes made in the Company’s objectives, policies or processes for managing capital during 2023, 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 its major markets, and due to other geopolitical and foreign exchange pressures effecting emerging markets more generally. Furthermore, the ongoing war 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 sold its Russian Operations and implemented the Scheme to manage certain of its indebtedness and to help address the unprecedented challenges the Group faced.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 twelve 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 certain credit facilities of the Company. Under these credit facilities, the Company is required to maintain the Net Debt to Adjusted EBITDA ratio at or below the level agreed in such facility. The Company has not breached any financial or non-financial covenants during the period covered by these financial statements.

ISSUED CAPITAL AND RESERVES

ISSUED CAPITAL AND RESERVES	12 Months Ended
	Dec. 31, 2023
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: 2023 2022 Authorized common shares (nominal value of US$0.001 per share) 1,849,190,667 1,849,190,667 Issued shares, including 766,350 (2022: 3,374,459) 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 bye-laws and Bermuda law, generally entitled to enjoy all the rights attaching to common shares. All issued shares are fully paid-up. Subsequent to December 31, 2023, the VEON Ltd. Board of Directors approved the issuance of 92,459,532 of its authorized but unissued ordinary shares. As a result of the issuance, VEON will have 1,849,190,667 issued and outstanding ordinary shares. Refer to Note 23 for further details. As of December 31, 2023, 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 % Lingotto Investment Management LLP 131,068,288 7.5 % Shah Capital Management Inc. 124,831,975 7.1 % Free Float, including 766,350 shares held by a subsidiary of the Company 514,258,309 29.2 % 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 common shares 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, 2023
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 2023 2022 2021 (In millions of U.S. dollars, except per share amounts) Numerator: Profit for the period attributable to the owners of the parent 307 656 75 Denominator: Weighted average common shares outstanding for basic earnings per share (in millions) 1,756 1,756 1,756 Denominator for diluted earnings per share (in millions) 1,782 1,782 1,782 Basic earnings per share $0.17 $0.37 $0.04 Diluted earnings per share $0.17 $0.37 $0.04 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 2023 2022 2021 (In millions of U.S. dollars, except per share amounts) Numerator: (Loss) / profit for the period attributable to the owners of the parent (2,835) (818) 599 Denominator: Weighted average common shares outstanding for basic earnings per share (in millions) 1,756 1,756 1,756 Denominator for diluted earnings per share (in millions) 1,782 1,782 1,782 Basic (loss) / earnings per share ($1.61) ($0.46) $0.34 Diluted (loss) / earnings per share ($1.61) ($0.46) $0.34

DIVIDENDS PAID AND PROPOSED

DIVIDENDS PAID AND PROPOSED	12 Months Ended
	Dec. 31, 2023
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 2023, 2022 and 2021. DIVIDENDS DECLARED TO NON-CONTROLLING INTERESTS During 2023, 2022 and 2021, 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 2023 2022 2021 Omnium Telecom Algeria S.p.A — — 44 VIP Kazakhstan Holding AG 30 — 27 TNS Plus LLP 15 11 8 Other — 3 10 Total dividends declared to non-controlling interests 45 14 89

RELATED PARTIES

RELATED PARTIES	12 Months Ended
	Dec. 31, 2023
Disclosure of transactions between related parties [abstract]
RELATED PARTIES	RELATED PARTIES As of December 31, 2023, 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 : 2023 2022 2021 Short-term employee benefits 11 21 39 Share-based payment* 11 9 9 Termination benefits — — 7 Total compensation to the Board of Directors and senior management** 22 30 55 *Share-based payment represents the expense under the Deferred Share Plan, Short-Term Incentive Plan and Long Term Incentive Plans, 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 in 2022, a determination that the chief executive officers of our operating companies should no longer be classified as senior managers and in 2023 the reduction in the Group Executive Committee. As a result, for 2023 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 2023, 2022 and 2021. Under the Company’s bye-laws, the Board of Directors of the Company established a Remuneration and Governance 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 Joop Brakenhoff Omiyinka Doris Victor Biryukov Michael Schulz Dmitry Shvets Matthieu Galvani Alex Bolis Group CEO Group CFO* Group Chief Internal Audit & Compliance Officer*** Group General Counsel** Group Head of Corporate Development** Former Group Chief People Officer**** Former Group Head of Portfolio Management**** Former Chief Corporate Affairs Officer**** Former Group Head of Corporate Development, Communications and Investor Relations**** 2023 Short-term employee benefits Base salary 1,323,000 432,000 684,000 606,667 — — — — — Annual incentive 1,082,977 489,995 393,867 368,318 — — — — — Other 205,350 406,458 211,263 105,885 — — — — — Long-term employee benefits — — — — — — — — — Share-based payments 4,644,506 1,440,358 1,282,110 662,974 — — — — — Termination benefits — — — — — — — — — Total remuneration expense 7,255,833 2,768,811 2,571,240 1,743,844 — — — — — 2022 Short-term employee benefits Base salary 1,323,000 1,296,000 540,000 77,583 645,865 565,000 647,070 150,000 187,500 Annual incentive 1,035,891 712,800 297,000 52,644 343,556 310,750 350,585 83,178 204,555 Other 205,350 1,806,342 542,362 11,550 814,770 500,205 693,232 — 366,168 Long-term employee benefits — — — — — — — — — Share-based payments 3,392,793 981,490 654,502 — 105,710 482,768 436,981 36,434 187,704 Termination benefits — — — — — — — — — Total remuneration expense 5,957,034 4,796,632 2,033,864 141,777 1,909,901 1,858,723 2,127,868 269,612 945,927 * Mr. Okandan remained a GEC member until April 30, 2023. ** Ms. Doris was appointed as Group General Counsel on June 1, 2023. *** Mr. Brakenhoff was appointed as Group Chief Financial Officer on May 1, 2023. **** Refer to Changes to Group Executive Committee for further details. In whole US dollars Kaan Terzioglu Serkan Okandan Joop Brakenhoff Omiyinka Doris Victor Biryukov Michael Schulz Dmitry Shvets Matthieu Galvani Alex Bolis Group CEO Group CFO* Group Chief Internal Audit & Compliance Officer*** Group General Counsel** Group Head of Corporate Development** Former Group Chief People Officer**** Former Group Head of Portfolio Management**** Former Chief Corporate Affairs Officer**** Former Group Head of Corporate Development, Communications and Investor Relations**** 2023 Short-term employee benefits Base salary 1,430,580 467,128 739,619 655,998 — — — — — Annual incentive 1,171,039 529,839 425,894 398,268 — — — — — Other 222,048 439,509 228,442 114,495 — — — — — Long-term employee benefits — — — — — — — — — Share-based payments 5,022,173 1,557,481 1,386,365 716,884 — — — — — Termination benefits — — — — — — — — — Total remuneration expense 7,845,840 2,993,957 2,780,320 1,885,645 — — — — — 2022 Short-term employee benefits Base salary 1,390,582 1,362,203 567,585 81,546 678,869 593,862 680,135 157,662 197,078 Annual incentive 1,088,807 749,212 312,172 55,333 361,112 326,624 368,500 87,427 215,004 Other 215,840 1,898,615 570,067 12,140 856,404 525,757 728,656 — 384,873 Long-term employee benefits — — — — — — — — — Share-based payments 3,566,105 1,031,627 687,936 — 111,111 507,429 459,310 38,296 197,292 Termination benefits — — — — — — — — — Total remuneration expense 6,261,334 5,041,657 2,137,760 149,019 2,007,496 1,953,672 2,236,601 283,385 994,247 * Mr. Okandan remained a GEC member until April 30, 2023. ** Ms. Doris was appointed as Group General Counsel on June 1, 2023. *** Mr. Brakenhoff was appointed as Group Chief Financial Officer on May 1, 2023. **** Refer to Changes to Group Executive Committee for further details. . 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 plan, long-term incentive plan and the deferred share plan, see below for further details. Changes in Group Executive Committee 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. On March 15, 2023, VEON announced the appointment of Joop Brakenhoff as Group Chief Financial Officer (CFO), effective from May 1, 2023. Mr. Brakenhoff replaced Serkan Okandan whose three-year contract as Group CFO expired at the end of April 2023. Mr. Okandan continued 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. VEON’s GEC will comprise 3 members: Kaan Terzioglu as Group Chief Executive Officer; Joop Brakenhoff as Group Chief Financial Officer; and A. Omiyinka Doris as Group General Counsel, with a flatter Group leadership team structure. 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 2023 2022 2023 2022 2023 2022 2023 2022 Hans-Holger Albrecht 175,000 483,078 95,000 190,558 177,194 1,184,142 447,194 1,857,778 Yaroslav Glazunov 350,000 281,250 47,500 80,000 177,194 — 574,694 361,250 Andrei Gusev 350,000 281,250 30,000 52,500 177,194 500,000 557,194 833,750 Gunnar Holt 450,000 625,000 — 68,750 577,194 — 1,027,194 693,750 Irene Shvakman 175,000 350,000 35,000 55,000 177,194 — 387,194 405,000 Vasily Sidorov 175,000 350,000 35,000 123,750 177,194 — 387,194 473,750 Michiel Soeting 350,000 277,083 79,138 57,083 177,194 — 606,332 334,166 Karen Linehan 350,000 342,289 35,000 53,899 — — 385,000 396,188 Augie Fabela 350,000 175,000 52,500 57,500 177,194 — 579,694 232,500 Morten Lundal 525,000 175,000 41,638 42,500 177,194 — 743,832 217,500 Stan Miller 175,000 175,000 35,000 30,000 177,194 — 387,194 205,000 Mikhail Fridman — 12,500 — — — — — 12,500 Leonid Boguslavsky — 175,000 — 12,500 — — — 187,500 Gennady Gazin — 387,500 — 62,500 — 1,566,303 — 2,016,303 Sergi Herrero — 175,000 — 12,500 — — — 187,500 Robert Jan van de Kraats — 65,860 — 23,522 — — — 89,382 Total compensation 3,425,000 4,330,810 485,776 922,562 2,171,940 3,250,445 6,082,716 8,503,817 Retainer Committees Other compensation Total In whole US dollars 2023 2022 2023 2022 2023 2022 2023 2022 Hans-Holger Albrecht 189,228 507,763 102,723 200,296 191,600 1,244,652 483,551 1,952,711 Yaroslav Glazunov 378,455 295,622 51,362 84,088 191,600 — 621,417 379,710 Andrei Gusev 378,455 295,622 32,439 55,183 191,600 525,550 602,494 876,355 Gunnar Holt 486,585 656,938 — 72,263 624,120 — 1,110,705 729,201 Irene Shvakman 189,228 367,885 37,846 57,810 191,600 — 418,674 425,695 Vasily Sidorov 189,228 367,885 37,846 130,074 191,600 — 418,674 497,959 Michiel Soeting 378,455 291,242 85,572 60,000 191,600 — 655,627 351,242 Karen Linehan 378,455 359,780 37,846 56,653 — — 416,301 416,433 Augie Fabela 378,455 183,943 56,768 60,438 191,600 — 626,823 244,381 Morten Lundal 567,683 183,943 45,023 44,672 191,600 — 804,306 228,615 Stan Miller 189,228 183,943 37,846 31,533 191,600 — 418,674 215,476 Mikhail Fridman — 13,139 — — — — — 13,139 Leonid Boguslavsky — 183,943 — 13,139 — — — 197,082 Gennady Gazin — 407,301 — 65,694 — 1,646,342 — 2,119,337 Sergi Herrero — 183,943 — 13,139 — — — 197,082 Robert Jan van de Kraats — 69,226 — 24,723 — — — 93,949 Total compensation 3,703,455 4,552,118 525,271 969,705 2,348,520 3,416,544 6,577,246 8,938,367 Explanatory notes In 2023, a one-off discretionary equity based award was awarded to the members of the Board of Directors of VEON Ltd. This grant aims to align the interests of the Board members with the long-term success and growth of the company, encouraging their active participation in driving shareholder value and recognizing their extraordinary efforts in supporting the VEON success during a challenging year. Changes in 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. 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. 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. In July 2023, the Board elected Morten Lundal as the Chair in its first meeting following the 2023 AGM. The Board also changed its committee structure, with the current committees established by the Board of directors being the Audit and Risk Committee and the Remuneration and Governance Committee. SHARE-BASED PAYMENT The following table sets forth the total share-based payment expense for the year-ended December 31 in relation to all directors and employees of the Company which represents a broader scope of disclosure than the senior management of the company, whose compensation was detailed above): 2023 2022 2021 Equity-settled share-based payment expense 18 8 9 Liability-settled share-based payment expense 3 — — Total share-based compensation expense 21 8 9 Long-Term Incentive Plan (“LTIP”) The LTIP is designed to align the material interests of the Company’s senior management with those of the shareholders. LTIP is an equity and cash-settled share-based payment scheme containing a three years vesting period from the date of the grant. The vesting of the share grant is also dependent on the Company’s target shareholder return. The target shareholder return is associated with return on equity taking account of the dividends paid and performance of the Company’s share price against a specified peer group. The determination of whether the targets have been achieved is determined by VEON’s Remuneration and Governance Committee. The following awards were granted during the year ended December 31, 2023: Fair value is determined using the appropriate pricing model, see below. Awards* Weighted Average Fair Value Weighted Average Remaining Contractual Life As of January 01, 2023 23,453,111 $ 0.52 1.64 Granted 28,348,375 $ 0.62 Forfeited (8,893,335) Vested and settled — As of December 31, 2023 42,908,151 $ 0.65 1.20 * To ensure data consistency, all awards were converted to VEON common share price equivalents. The fair value of the awards was determined using the Black-Scholes Option Pricing Model with a Monte Carlo simulation to determine the likelihood of the performance condition being satisfied. An expense of US$8 was incurred as of December 31, 2023 (2022: US$1) related to equity-settled awards under this plan. The liability was US$3 (2022: US$Nil) at the end of the reporting period and an expense of US$3 was incurred as of December 31, 2023 (2022: US$Nil) for liability-settled awards under this plan. The following table sets forth the range of principal assumptions applied by VEON in determining the fair value of share-based payment instruments granted during the year-ended December 31: Assumptions affecting inputs to fair value models for equity-settled awards and for liability-settled awards for remeasurement as of December 31, 2023 2023 Range Annual risk-free rates of return and discount rates (%) 2.15% - 2.42% Long-term dividend yield (%) — % Expected life of options (years) 2.00 - 2.76 Volatility of share price (%) 43.68% - 93.92% Share price (p)* $0.71 - $0.79 * To ensure data consistency, all awards were converted to VEON common share price equivalents. Short-Term Incentive Plan (“STI”) The Company’s 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 active employment condition as the cash payout as well as a two years service vesting periods. Both the cash pay-out of the STI award as well as any share awards granted are dependent upon final approval by the Remuneration and Governance 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 and shared-based compensation expenses are disclosed in the tables above for the GEC, while further information for the share-based portion of STI compensation expense is disclosed below. Awards* Weighted Average Fair Value Weighted Average Remaining Contractual Life As of January 01, 2023 — $ — 0 Granted 5,486,625 $ 0.72 Forfeited — Vested and settled — As of December 31, 2023 5,486,625 $ 0.72 0.85 * To ensure data consistency, all awards were converted to VEON common share price equivalents. The fair value of the awards was determined using the Black-Scholes Option Pricing Model. An expense of US$5 was incurred as of December 31, 2023 (2022: US$1) related to equity-settled awards under this plan. The following table sets forth the range of principal assumptions applied by VEON in determining the fair value of share-based payment instruments granted during the year-ended December 31: Assumptions affecting inputs to fair value models for equity-settled awards and for liability-settled awards for remeasurment as of December 31, 2023 2023 Range Annual risk-free rates of return and discount rates (%) 2.11% - 2.37% Long-term dividend yield (%) —% Expected life of options (years) 1.21 - 2.96 Volatility of share price (%) 61.42% - 94.32% Share price (p)* $0.71 - $0.79 * To ensure data consistency, all awards were converted to VEON common share price equivalents. Deferred Share Plan (“DSP”) The DSP is an equity-settled scheme established in 2021, which enables the Board to award share awards to the selected staff (participants) on a discretionary basis at a no cost to the participants. The awards are conditional on the ongoing employment for a specified period, typically a two-year vesting period. The following awards were granted during the year ended December 31, 2023: Awards* Weighted Average Fair Value Weighted Average Remaining Contractual Life As of January 01, 2023 7,835,235 $ 0.52 0.20 Granted 3,421,919 $ 0.78 Forfeited — Vested and settled (2,608,118) As of December 31, 2023 8,649,036 $ 0.78 0 * To ensure data consistency, all awards were converted to VEON common share price equivalents. The fair value of the awards was determined using the Black-Scholes Option Pricing Model. An expense of US$5 was incurred as of December 31, 2023 (2022: US$6) related to equity-settled awards under this plan. The following table sets forth the range of principal assumptions applied by VEON in determining the fair value of share-based payment instruments granted during the year-ended December 31: Assumptions affecting inputs to fair value models for equity-settled awards and for liability-settled awards for remeasurement as of December 31, 2023 2023 Range Annual risk-free rates of return and discount rates (%) 0.00%–2.56% Long-term dividend yield (%) —% Expected life of awards (years) 0.00–2.00 Volatility of share price (%) 38.12%–115.31% Share price (p)* $0.44–$2.03 * To ensure data consistency, all awards were converted to VEON common share price equivalents. ACCOUNTING POLICIES Equity-settled share-based payments are measured at the grant date fair value, which includes the impact of any market performance conditions. The grant date fair value is expensed over the vesting period, taking into account expected forfeitures and non-market performance conditions, if any, with a corresponding increase in equity. This is based upon the Company’s estimate of the shares or share options that will eventually vest which takes account of all service and non-market performance conditions, if applicable, with adjustments being made where new information indicate the number of shares or share options expected to vest differs from previous estimates. 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 as selling, general and administrative expenses within the income statement. The approach used to account for vesting conditions when measuring equity-settled transactions also applies to cash-settled transaction. 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, 2023
Disclosure of non-adjusting events after reporting period [abstract]
EVENTS AFTER THE REPORTING PERIOD	EVENTS AFTER THE REPORTING PERIOD VEON and Summit complete US$100 deal for Bangladesh towers portfolio On January 31, 2024, VEON announced that, further to the announcement dated November 15, 2023, and the legal transfer of towers in December 2023 following the receipt of all regulatory approvals, its wholly owned subsidiary, Banglalink has obtained the cash consideration for the sale of approximately BDT 11 billion (approximately US$96). Repayment of the RCF In February 2024, we repaid US$250 of drawn commitments maturing in March 2024 under our US$1,055 RCF, and in March 2024, we repaid the remaining amounts outstanding of US$805 under our RCF, originally due in March 2025, and canceled the RCF. Issuance of PKR bond by PMCL In April 2024, PMCL issued a short term PKR bond of PKR 15 billion (US$52) with a maturity of six months. The coupon rate is three-month Karachi Interbank Offered Rate (KIBOR) plus 25bps per annum. BDCL syndicated credit facility BDCL utilized the remaining BDT 3 billion (US$27) under its existing syndicated credit facility of BDT 8 billion (US$73) during January 2024 and February 2024. Announcement of issuance of new shares On March 1, 2024, VEON announced the issuance of 92,459,532 ordinary shares, after approval from the Board, to fund its existing and future equity incentive-based compensation plans. As a result of the issuance, VEON now has 1,849,190,667 issued and outstanding ordinary shares. The issuance of the ordinary shares represents approximately 4.99% of VEON's authorized ordinary shares. The shares are expected to be allocated to the company's existing and future equity incentive-based compensation plans, which are designed to align the interests of VEON's senior managers and employees with those of its shareholders and to support the company's long-term growth and performance, as well as compensation arrangements for strategic consultants. The shares were initially issued to VEON Holdings and then subsequently allocated to satisfy awards under the company's existing incentive plans and will also be allocated to future equity incentive-based compensation plans, and such other compensation arrangements, as and when needed, as well as to meet certain employee, consultant and other compensation requirements. As a result, the initial share issuance will have an immediate dilutive impact on existing shareholders. The ordinary shares will be issued at a price of US$0.001 per share, which is equal to the nominal value of VEON's ordinary shares. Appointment of PricewaterhouseCoopers N.V. ("PwC Netherlands") as 2023 auditor On March 14, 2024, VEON announced that it appointed PricewaterhouseCoopers Accountants N.V. as the independent external auditor for the audit of the Group’s consolidated financial statements for the year ended December 31, 2023 in accordance with International Standards on Auditing (the “ISA Audit”). The delay in appointment was due to difficulties the Company faced in identifying a suitable auditor due to the material changes in the Group’s portfolio of assets which resulted in a delay in filing this Annual Report on Form 20-F with the SEC and filing its annual report with the AFM. VEON announces sale of stake in Beeline Kyrgyzstan On March 26, 2024, VEON announced that it signed a share purchase agreement ("SPA") for the sale of its 50.1% indirect stake in Beeline Kyrgyzstan to CG Cell Technologies, which is wholly owned by CG Corp Global for cash consideration of US$32. Completion of the sale of VEON’s stake in Beeline Kyrgyzstan, which is held by VIP Kyrgyzstan Holding AG (an indirect subsidiary of the Company), is subject to customary regulatory approvals and preemption right of the Government of Kyrgyzstan in relation to acquisition of the stake. VEON is currently liaising with Kyrgyzstan public authorities regarding the regulatory approvals and the Government’s preemption right. As a result of this anticipated transaction and assessment that control of the Kyrgyzstan operations will be transferred, as from the date of the SPA signing, the Company classified its Kyrgyzstan operations as held for sale. Following the classification as held for sale, the Company no longer accounts for depreciation and amortization for Kyrgyzstan operations. VEON increases management's and directors' ownership On April 12, 2024, VEON announced an increase in management’s and directors' ownership in VEON shares through awards under its existing equity-based compensation plans. VEON is utilizing certain of the 92,459,532 common shares issued to VEON Holdings B.V. as disclosed in Note 1 -General Information , announced on March 1, 2024, to satisfy the awards made. VEON’s Group Executive Committee ("GEC") received a total of 2,853,375 VEON common shares (equal to 114,135 VEON ADSs) within the scope of the VEON’s Deferred Share Plans, and a total of 1,839,895 VEON common shares (equal to 73,596 ADSs) within the scope of the VEON’s STIP. The members of the VEON Board of Directors received a total of 1,648,225 VEON common shares (equal to 65,929 ADSs) within the scope of their compensation. Share-based awards to VEON’s GEC and Board of Directors In January 2024, Mr. Kaan Terzioglu was granted 3,201,250 common shares (equal to 128,050 ADSs) under the Company's 2021 LTIP. In July 2024, these shares vested after meeting the required performance objectives whereby a portion was settled in cash and the remaining shares are expected to be transferred in 2025. In April 2024, Mr. Terzioglu vested 1,431,220 equity-settled common shares (equal to 57,249 ADSs) under the 2021 Deferred Share Plan ("2021 DSP") for Short-Term Incentive ("STI") 2023, which were transferred in June 2024. In June 2024, Mr. Terzioglu also received 2,393,275 common shares (equal to 95,731 ADSs) related to 3,662,240 common shares (equal to 146,490 ADSs) that had vested in September 2023 under the 2021 DSP. The remaining 1,268,965 common shares (equal to 50,759 ADSs) were withheld for tax purposes. In April 2024, 10,457,359 equity-settled awards in common shares in the Company (equal to 418,294 ADSs) were granted to the GEC under the LTIP. The vesting of these shares is linked to the VEON shares’ relative TSR performance against VEON’s peer group which will be assessed at the end of the three years performance period, on December 31, 2026. In April 2024, Mr. Joop Brakenhoff was granted and immediately vested in 434,549 equity settled common shares (equal to 17,382 ADSs) under the 2021 DSP for successfully completing key projects. Additionally, 520,519 equity-settled common shares in the Company (equal to 20,821 ADSs) were granted and vested immediately under the same plan for STI 2023. In June 2024, Mr. Brakenhoff received 482,325 common shares (equal to 19,293 ADSs), while 472,743 common shares (equal to 18,910 ADSs) were withheld for tax purposes related to the April 2024 grants. Also, in June 2024, Mr. Brakenhoff received 52,550 common shares (equal to 2,102 ADSs) related to 104,047 common shares (equal to 4,162 ADSs) that vested in December 2023 under the 2021 DSP. The remaining 51,497 common shares (equal to 2,060 ADSs) were withheld for tax purposes. In April 2024, Ms. Omiyinka Doris was granted and immediately vested in 372,470 equity-settled awards in common shares (equal to 14,899 ADSs) under the 2021 DSP for successfully completing key projects. Additionally, 288,703 equity-settled awards in common shares (equal to 11,548 ADSs) were granted and vested immediately under the 2021 DSP in April 2024 for STI 2023. In June 2024, 333,900 common shares (equal to 13,356 ADSs) of the vested awards were transferred to Ms. Omiyinka Doris while 327,273 common shares (equal to 13,091 ADSs) were withheld for tax purposes. In April 2024, VEON granted a total of 3,369,125 equity-settled awards and 1,547,650 cash-settled awards in common shares (equal to 134,765 and 61,906 ADSs, respectively) under the 2021 DSP to its current and former Board of Directors. By June 2024, 1,648,225 of the equity-settled common shares (equal to 65,929 ADSs) were vested and transferred to the Board members and 173,250 common shares (equal to 6,930 ADSs) were withheld for tax purposes. VEON Holdings consent solicitations to noteholders In April 2024, VEON Holdings launched a consent solicitation process to its noteholders, seeking their consent for certain proposals regarding its notes. The most notable proposals were to extend the deadline for the provision of audited consolidated financial statements of VEON Holdings for the years ended December 31, 2023 and December 31, 2024 on a reasonable best efforts basis by December 31, 2024 and December 31, 2025, respectively, and to halt further payments of principal or interest on the notes of the relevant series that remain outstanding and were not exchanged. Consent was achieved on the April 2025, June 2025, and November 2027 notes and VEON Holdings subsequently issued new notes with identical maturities to the April 2025, June 2025, and November 2027 notes (any such new notes, the “New Notes”) to the noteholders who participated in the consent process and tendered the original notes (the “Old Notes”), which were exchanged for the New Notes subsequently (economically) canceled. For the September 2025 and September 2026 notes VEON Holdings was unable to achieve consent; however, VEON Holdings subsequently redeemed these notes in June 2024. VEON Holdings has continued and will need to continue to provide the remaining holders of Old Notes maturing in April 2025, June 2025 and November 2027 further opportunities to exchange their Old Notes into corresponding New Notes maturing in April 2025, June 2025 and November 2027, respectively. As of June 30, 2024, US$1,550 of New Notes due April 2025, June 2025 and November 2027 were outstanding and there were US$134 of remaining Old Notes subject to potential conversion to New Notes. Following further conversions in July and August 2024, US$20 equivalent of April 2025, June 2025 and November 2027 Old Notes were exchanged for New Notes. As of August 28, 2024, the equivalent amount of New Notes outstanding is US$1,565 and the remaining Old Notes that are subject to potential conversion to New Notes is US$113. VEON Holdings is not required to make any further principal or coupon payments under the Old Notes. Make-whole call In June 2024, VEON Holdings executed an early redemption of its September 2025 and September 2026 notes. These notes were fully repaid on June 18, 2024. Aggregate cash outflow including premium was RUB 5 billion (US$53). VEON Receives Extension from NASDAQ for 20-F Filing On May 22, 2024, VEON confirmed that on May 20, 2024 it received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market (“NASDAQ”) indicating that, as a result of the Company’s delay in filing its Annual Report on Form 20-F for the year ended December 31, 2023 (the “2023 20-F”), the Company was not in compliance with the timely filing requirements for continued listing under Nasdaq Listing Rule 5250(c)(1) (the “Listing Rules”). The Company had previously shared the expected delay in its 2023 20-F filing with a press release dated March 14, 2024, and subsequently filed its notification of late filing on Form 12b-25 with the SEC on May 1, 2024. As described in these disclosures, the delay in the Company’s 2023 20-F filing is due to the continued impact of challenges faced by the Company in connection with the timely appointment of an independent auditor that meets the requirements for a Public Company Accounting Oversight Board (“PCAOB”) audit following VEON’s exit from Russia. The Company submitted a plan to regain compliance under Nasdaq Listing Rules and requested an exception of up to 180 calendar days, or until November 11, 2024, to regain compliance. On July 9, 2024, the Company announced that NASDAQ granted the Company an exception, enabling it to regain compliance with the Listing Rules by filing its 2023 annual report on 20-F on or before November 11, 2024. Sale of TNS+ in Kazakhstan On May 28, 2024, VEON announced that it signed share purchase agreement ("SPA") for the sale of its 49% in Kazakh wholesale telecommunications infrastructure services provider, TNS Plus LLP (TNS+), included within the Kazakhstan operating segment, to its joint venture partner, the DAR group of companies for total consideration (including deferred consideration) of US$137.5. The closing of the transaction was subject to customary regulatory approvals in Kazakhstan which were subsequently obtained. Accordingly, the sale was completed on September 30, 2024. As a result of this anticipated transaction and assessment that control of TNS+ will be transferred, as from the date of the SPA signing, the Company classified its TNS+ operations as held for sale. Following the classification as held for sale, the Company no longer accounts for depreciation and amortization for TNS+ operations. Appointment of UHY LLP as auditors On May 29, 2024, VEON announced the appointment of UHY LLP (UHY) as the independent registered public accounting firm for the audit of the Group’s consolidated financial statements for the year ended December 31, 2023 in accordance with the standards established by the Public Company Accounting Oversight Board (United States) (the “PCAOB Audit”). VEON Announces New Board On May 31, 2024, VEON held its Annual General Meeting (AGM), during which the Company’s shareholders approved the recommended slate of seven directors as VEON’s new Board. The new members consist of former U.S. Secretary of State Michael R. Pompeo, Sir Brandon Lewis and Duncan Perry, who will serve alongside the incumbent directors Augie K. Fabela II, Andrei Gusev, Michiel Soeting and VEON Group CEO Kaan Terzioglu. Following the AGM, the new Board held its inaugural meeting, and elected VEON’s Founder and Chairman Emeritus Augie K Fabela II as the Chairman. PMCL syndicated credit facility In May 2024, PMCL secured a syndicated credit facility of up to PKR 75 billion (US$270) including green shoe option of PKR 15 billion with a tenor of 10 years. PMCL utilized PKR 43 billion (US$154) from this facility through drawdowns in May and June 2024 with a further PKR 22 billion (US$78) drawn in July 2024. PMCL bilateral credit facilities In May 2024, PMCL utilized PKR 15 billion (US$54) from three bilateral credit facilities of PKR 5 billion (US$18) each from different banks. The tenor of each facility is 10 years. Sale of Russian operations deferred consideration settlement In July 2024, the remaining US$72 equivalent bonds were transferred to Unitel LLC, a wholly owned subsidiary of VEON Holdings, upon receipt of the OFAC license in June 2024, to offset the remaining deferred purchase price for the sale of VimpelCom completed in October 2023. VEON Announces Intention to Delist from Euronext Amsterdam and Share buyback program On August 1, 2024, the Company announced its intention to voluntarily delist from Euronext Amsterdam (the “Delisting”). VEON expects the Delisting process to take place in the fourth quarter of 2024, following and subject to the filing of this Annual Report on Form 20-F. The Company also informed its shareholders that it intends to initiate a buyback program for up to US$100 of its American ADS following the Delisting. The timing and specifics of the ADS buybacks will be determined by the Company's management and Board of Directors in due course, and will be subject to liquidity considerations, market conditions, applicable legal requirements, and other factors. Agreement with Impact Investments LLC for Strategic Support and Board Advisory Services On June 7, 2024, the Company entered into a letter agreement as amended on August 1, 2024 (the “2024 Agreement”) with Impact Investments which will provide strategic support and board advisory services to the Company and JSC Kyivstar (a wholly owned indirect subsidiary of the Company). Michael Pompeo, who was appointed to the Board of Directors of the Company on May 31, 2024, serves as Executive Chairman of Impact Investments. In exchange for the services provided, the Company will pay Impact Investments US$0.5 in cash per month on or about the 7th day of each month during the term of the 2024 Agreement. Further, the Company has granted to Impact Investments three common share warrants (hereby “Warrant A”, “Warrant B”, and “Warrant C”), with a value of $12, $2, and $2 worth of common shares in the capital of the Company, respectively. Warrant A vest ratably semi-annually over a period of three years subject to achievement of vesting conditions. One half of Warrant B will vest on the date that is six months after the three years anniversary of the 2024 Agreement, subject to Impact Investments’ initial term being extended for a fourth year and the satisfaction of the other vesting conditions. The remainder of Warrant B will vest on the four years’ anniversary of the 2024 Agreement, subject to the achievement of the vesting conditions. One half of Warrant C will vest on the date that is six months after the four years’ anniversary of the 2024 Agreement, subject to Impact Investments’ initial term being extended for a fourth year and the satisfaction of the other vesting conditions. The remainder of Warrant C will vest on the five years’ anniversary of the 2024 Agreement, subject to the achievement of the vesting conditions. The number of common shares to be transferred will be determined on the vesting date based on the 90-day average trading price. Finally, the Company, in its sole discretion, may pay Impact Investments an additional fee up to $3 subject to completion of certain strategic objectives. On June 7, 2024, the Company and Impact Investments also entered into a termination letter in connection with a letter agreement between the Company and Impact Investments dated November 16, 2023. Under the terms of the termination letter, the Company paid Impact Investments $2 in common shares or 2,066,954 shares (equal to 82,678 ADS), which common shares were determined on the basis of the 90-day average trading price of the VEON common shares as of the date of the termination letter. These common shares were transferred to Impact Investments in August 2024, for strategic support and board advisory services to JSC Kyivstar performed by Impact Investments under the letter agreement between the Company, JSC Kyivstar and Impact Investments dated November 16, 2023. VEON Announces Plan to Move its Headquarters to Dubai On October 14, 2024, VEON announced its plan to move the Group Headquarters from Amsterdam to the DIFC in the United Arab Emirates. The Company also plans to update its corporate entity structure to reflect the relocation of the headquarters from move from the Netherlands to the DIFC, subject to tax and structuring analyses. KaR-Tel Limited Liability Partnership credit facilities On September 25, 2024 KaR-Tel Limited Liability Partnership ("KaR-Tel") signed a new bilateral credit facility with JSC Nurbank of KZT 18 billion (US$37) with a maturity of five years carrying fixed interest rate of 15.5%. On October 8, 2024, KaR-Tel utilized KZT 4.5 billion (US$10) from this facility. 2024 Annual Impairment Analysis During July and August 2024 there was increased political uncertainty in Bangladesh culminating in network outages and blockages experienced by our Bangladesh subsidiary in connection with mass protests, civil unrest and riots that resulted in the fall of the government of Prime Minister Shiekh Hasina and the establishment of an interim government. These events and the political unrest have negatively impacted the populations’ disposable income and influenced telecom spending patterns, while increased operation costs for the business unit identified indicators of an impairment event with respect to our Bangladesh CGU in the third quarter of 2024. Management has not yet finalized the quantitative and qualitative assessments and valuation tests required to determine the estimated financial impact of such triggers in Bangladesh during the third quarter of 2024. Preliminary analysis suggests that we may incur a substantial impairment charge to the carrying value of the Bangladesh CGU for the period ended September 30, 2024. As of the date of October 17, 2024, we do not have enough certainty to provide an estimate of the charge or range of potential outcomes, but initial results of quantitative and qualitative assessments and valuation tests indicate that an impairment charge is likely to be material. We, however, cannot rule out the possibility that the final results of our impairment analysis may deviate significantly from our preliminary assessment. Final results of the analysis will be published in our interim unaudited consolidated condensed financial statement for the period ended September 30, 2024. Following the annual impairment goodwill test as at September 30, 2023 and the subsequent triggering event analysis as at December 31, 2023, no impairments were found at our Bangladesh CGU as, amongst other factors, it was operating in a revenue growth period (which period lasted through our second quarter of 2024), however, the Bangladesh CGU did have limited headroom in its carrying value; as a result, the impairment charge is expected to have a direct impact on our operating profit. See Note 11 for further detail. The circumstances in Bangladesh could also impact our assessment relating to the recognition and recoverability of our deferred tax assets in Bangladesh.

BASIS OF PREPARATION OF THE CON

BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS	12 Months Ended
	Dec. 31, 2023
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. 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 de-recognition of non-controlling interest for the sale of its Algerian operations (refer to Note 10 for further details) which was corrected in the financial statements for the year ended December 31, 2022 included in the 2022 Annual Report on Form 20-F as well as 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 judgement 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 has corrected and disclosed the error retrospectively in its statutory accounts in its half-yearly financial statements and in the full year 2023 Dutch annual report. As a result, the Company did 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 de-recognized in other comprehensive income (OCI), a component within equity, while it should have been de-recognized 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 the 2022 Annual Report. Refer to the impact on the consolidated statement of comprehensive income below. Thus, the error correction resulted 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 GOING CONCERN As of October 17, 2024, hostilities continue in Ukraine. Currently, we have 24 million subscribers in Ukraine, where they are supported by 4,000 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 October 17, 2024, most of our Ukraine subsidiary’s employees remain in the country. As of October 17, 2024, millions of people have fled Ukraine and the country has sustained significant damage to infrastructure and assets. As the war 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 war. On December 12, 2023, VEON announced that the network of its Ukrainian subsidiary Kyivstar had been the target of a widespread external cyber-attack, causing a technical failure. This resulted in a temporary disruption of Kyivstar's network and services, interrupting the provision of voice and data connectivity on mobile and fixed networks, international roaming, and SMS services, amongst others, for Kyivstar customers in Ukraine and abroad. The Company’s technical teams, working relentlessly and in collaboration with the Ukrainian law enforcement agencies, the Security Service of Ukraine and government agencies, restored services in multiple stages starting with voice and data connectivity. On December 19, 2023, VEON announced that Kyivstar had restored services in all categories of its communication services, with mobile voice and internet, fixed connectivity, SMS and MyKyivstar self-care application active and available across Ukraine. Refer to Note 1 for further details. 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 war, 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. Effective October 9, 2023, VimpelCom was deconsolidated from the VEON Group and, as such, the VEON Group no longer has operations in Russia. The risks related to sanctions, trade restrictions, and export bans targeting the Russian Federation and VimpelCom itself as well as risks related to counter-sanctions imposed by Russia, including the potential risk of imposing administration over Russian assets, have been sufficiently mitigated. As a result of the VimpelCom disposal, cybersecurity risk has been significantly reduced. Ukraine has also implemented and may implement further sanctions or measures on individuals or entities with close ties to Russia, which may negatively impact Kyivstar if VEON is considered by local Ukrainian authorities as being a company controlled by sanctioned persons. 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 beneficial owners of LetterOne, which, in turn, is one of VEON's shareholders. 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 engage in transactions involving the Company. 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. On October 6, 2023, the Security Services of Ukraine (SSU) announced that the Ukrainian courts froze all “corporate rights” of Mikhail Fridman in 20 Ukrainian companies in which he holds a beneficial interest, while criminal proceedings against Mikhail Fridman and which are unrelated to VEON or any of our subsidiaries are in progress. This announcement was incorrectly characterized by some Ukrainian media as a “seizure” or “freezing” of “Kyivstar’s assets”. On October 9, 2023, Ukrainian media further reported, with a headline which incorrectly identified Kyivstar, that the Ministry of Justice of Ukraine was separately finalizing a lawsuit in the Ukraine High Anti-Corruption Court to confiscate any Ukrainian assets of Mikhail Fridman. We have received notification from our local custodian that the following percentages of the corporate rights in our Ukrainian subsidiaries have been frozen: (i) 47.85% of Kyivstar, (ii) 100% of Ukraine Tower Company, (iii) 100% of Kyivstar.Tech, and (iv) 69.99% of Helsi Ukraine. The freezing of these corporate rights prevents any transactions involving our shares in such subsidiaries from proceeding. On October 30, 2023 VEON announced that two appeals were filed with the relevant Kyiv courts, challenging the freezing of the corporate rights in Kyivstar and Ukraine Tower Company, noting that corporate rights in Kyivstar and Ukraine Tower Company belong exclusively to VEON, and that their full or partial freezing or seizure directly violates the rights of VEON and its international debt and equity investors, and requesting the lifting of the freezing of its corporate rights in Kyivstar and Ukraine Tower Company. In December 2023, the court rejected the Company’s appeals. On June 4, 2024, the CEO of VEON, in his capacity as a shareholder of VEON, filed a motion with Shevchenkivskiy District Court of Kyiv requesting cancellation of the freezing of corporate rights in Ukraine Tower Company. On June 26, 2024, the motion was supplemented to request ca ncellation of the freezing of corporate rights in the VEON group's other Ukrainian subsidiaries: Kyivstar, Kyivstar.Tech and Helsi Ukraine. V EON is continuing significant government affairs efforts to protect our assets in Ukraine. Restrictions applicable in Ukraine to all foreign-owned companies have already led to restrictions on the upstreaming of dividends from Ukraine to VEON. Additionally, to the extent that VEON and/or Kyivstar are deemed to be controlled by persons sanctioned in Ukraine, potential prohibitions on (i) the transfer of technology and intellectual rights to Kyivstar from VEON, renting of state property and land, and (iii) prohibitions on participation in public procurement impacting B2G revenue would apply. The ongoing war in 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 war, sanctions and such responses continue or escalate, will continue to negatively impact aspects of our operations and results in Ukraine, and may affect aspects of our operations and results in the other countries in which we operate. The war has directly and indirectly resulted in the following events and conditions that may cast significant doubt on the Company’s ability to continue as a going concern: • The current events in the regions where we operate in Ukraine and where we derive a significant amount of our business may pose security risks to our people, our facilities, our operations, and infrastructure, such as utilities and network services, and the disruption of any or all of them could significantly affect our business, financial conditions and results of operations in Ukraine, and cause volatility in the value of our securities. The war has also had a marked impact on the economy of Ukraine. However, since the beginning of the war, a significant majority of Ukraine’s network infrastructure has been operating effectively and disruptions in service have been limited to specific areas where the war is most intense. As mentioned above, in December 2023, Kyivstar was the target of a widespread external cyber-attack, causing a technical failure. This resulted in a temporary disruption of Kyivstar's network and services, interrupting the provision of voice and data connectivity on mobile and fixed networks, international roaming, and SMS services, amongst others, for Kyivstar customers in Ukraine and abroad, which were subsequently restored. It cannot be ruled out that the war and related damage could escalate within Ukraine. • We may need to record future impairment charges in Ukraine or CGUs, which could be material, if the war continues or escalates and/or due to macroeconomic conditions. • As of October 17, 2024, 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. 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. • Based on the current state of affairs, the Company currently has sufficient liquidity to satisfy our current obligations at least over the next twelve months from the issuance of the financial statements without the need of additional financing assuming no early repayments of our long-term debt. In addition, cash on hand was US$963 as of September 30, 2024 after the full repayment of the RCF (refer to details in Note 1 ). As a result of the full repayment and cancellation of the RCF, the Company no longer has any financial covenants. However, these continue to be uncertain times and it is not possible to predict with certainty how certain developments will impact our liquidity position, 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. 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. If the assumptions behind our liquidity forecast are not correct, we may not have sufficient liquidity to continue to operate as outlined above. If we are unable to raise additional capital in the markets in which we seek to raise it, or at all, or if the cost of raising additional capital significantly increases, which has been the case since the onset of the ongoing war due to monetary policy in response 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 war in 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 war in Ukraine, and particularly its effects on our liquidity and financial profile, becomes more certain. • In response to the geopolitical and economic situation in Ukraine, there is a risk of the country imposing external administration over foreign companies or assets or nationalizing them. For example, as part of the measures that the Ukrainian government has adopted in response to the ongoing war with Russia, several Nationalization Laws Amendments have been passed by the Ukrainian Parliament and, as of June 26, 2024, are awaiting signature by the President of Ukraine. Among other things, the Nationalization Laws Amendments extend the definition of “residents” whose property in Ukraine (whether owned directly or indirectly) can be seized under the Nationalization Laws to include property owned by the Russian state, Russian citizens, other nationals with close relationships 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. Pursuant to the Nationalization Laws, in May 2023, President Zelensky signed an initial package of restrictive measures relating to 41 entities, including against Zaporizhstal, one of Ukraine’s largest metallurgical companies, due to Russian ownership in the company’s structure. In April 2023, the Ukrainian Parliament voted for similar measures to allow for the nationalization of Sense Bank, one of Ukraine’s largest commercial banks. • Furthermore, in November 2022, the Ukrainian government invoked martial law, which allows the Ukrainian 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. • As noted above, on October 6, 2023, the Security Service of Ukraine (SSU) announced that the Ukrainian courts froze all “corporate rights” of Mikhail Fridman in 20 Ukrainian companies in which he holds a beneficial interest, while criminal proceedings against Mikhail Fridman and, which are unrelated to Kyivstar or VEON, are in progress. This announcement was incorrectly characterized by some Ukrainian media as a “seizure” or “freezing” of “Kyivstar’s assets”. On October 9, 2023, Ukrainian media further reported, with a headline which incorrectly identified Kyivstar, that the Ministry of Justice of Ukraine is separately finalizing a lawsuit in the Ukraine High Anti-Corruption Court to confiscate any Ukrainian assets of Mikhail Fridman. We have received notification from our local custodian that the following percentages of the corporate rights in our Ukrainian subsidiaries have been frozen: (i) 47.85% of Kyivstar, (ii) 100% of Ukraine Tower Company, (iii) 100% of Kyivstar.Tech, and (iv) 69.99% of Helsi Ukraine. The freezing of these corporate rights prevents any transactions involving our shares in such subsidiaries from proceeding. • If further measures are adopted and applied in relation to our Ukrainian subsidiary, this could lead to the involuntary deconsolidation of our Ukrainian 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. Management’s actions to address these events and conditions are as follows: • As mentioned above, on October 9, 2023, the sale of our Russian operations was completed and VimpelCom was deconsolidated from the VEON Group. The sale of VimpelCom has sufficiently mitigated risks related to sanctions, trade restrictions, and export bans imposed against Russia as well as risks related to counter-sanctions imposed by Russia including Decree 302 and Decree 430. The sale of VimpelCom has also significantly reduced the VEON Group’s exposure to cybersecurity attacks. • 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. • The Company has performed sensitivity analyses on the volatility of the Pakistani Rupee as well as other currencies in our operating markets with respect to the impact on our financial results and does not expect currency 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 continue to be in compliance and to evaluate any potential impact on the Company’s financial performance, operations, and governance. Management has actively engaged with sanctions authorities where appropriate. Management is engaging with authorities in Ukraine to address any concerns they have about the ownership and management of Kyivstar and to provide all necessary assurances to confirm that Russian nationals, including any beneficial owners of LetterOne, do not participate in the management of Kyivstar nor are they able to derive any benefits from VEON’s assets in Ukraine. • On October 30, 2023, we announced that two appeals were filed with the relevant Kyiv courts, challenging the freezing of the corporate rights in Kyivstar and our subsidiary Ukraine Tower. Noting that corporate rights in Kyivstar and Ukraine Tower Company belong exclusively to VEON, and that their full or partial freezing or seizure directly violates the rights of VEON and its international debt and equity investors, VEON requested the lifting of the freezing of its corporate rights in Kyivstar and Ukraine Tower Company. In its filings, the Company also reiterated that any action aimed at the rights, benefits or funds of sanctioned individuals - the alleged reason for freezing of corporate rights as per the SSU statement - cannot legitimately be directed toward VEON or its subsidiaries. Sanctioned individuals do not own any shares in VEON or its subsidiaries; they cannot exercise any rights regarding VEON or any of its subsidiaries; are not a part of any VEON group company governance mechanisms, including boards; do not have the ability to control or influence decisions made by VEON or any of its subsidiaries; and do not derive any economic benefits from VEON or any of its operating companies. In December 2023, the Court of Appeals rejected VEON’s appeals. On June 4, 2024, the CEO of VEON, in his capacity as a shareholder of VEON, filed a motion with Shevchenkivskiy District Court of Kyiv requesting cancellation of the freeze of corporate rights in the VEON group's subsidiary Ukraine Tower Company. On June 26, 2024, the motion was supplemented to request cancellation of the freezing of corporate rights in the VEON group's other Ukrainian subsidiaries: Kyivstar, Kyivstar.Tech and Helsi Ukraine. VEON is continuing significant government affairs efforts to protest our assets in Ukraine. Based on the above development, VEON assessed whether the court order and subsequent motions result in an event that VEON has lost control over its Ukrainian subsidiary (“Kyivstar”) and concluded that, under the requirements of relevant reporting standards (IFRS 10, Consolidated financial Statements), VEON continues to control Kyivstar and as such, will continue to consolidate Kyivstar in these financial statements. • Management actively monitors the Company’s liquidity position, our 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 non-financial provisions in our debt agreements are met. • On March 28, 2024, VEON announced that it repaid in full the outstanding balance of US$805 (principal, excluding accrued interest) and canceled its RCF, after paying the matured portion of US$250 in February 2024. • As of March 14, 2024 and May 29, 2024, the Company appointed PwC Netherlands and UHY, respectively, for the audits of the Group’s consolidated financial statements for the year ended December 31, 2023 for the ISA Audit and PCAOB Audit, respectively. As a result of the delay in appointing an external auditor, the Company is delayed in producing its audited consolidated financial statements for the year ended December 31, 2023, filing its annual report on Form 20-F with the SEC and filing its annual report with the Dutch Authority for the Financial Markets (“AFM”) in connection with its Euronext listing. As a result of these expected delayed filings, the Company is not in compliance with its listing requirements after the applicable deadlines passed. The Company submitted a plan to regain compliance under the Listing Rules and on July 9, 2024, the Company announced that NASDAQ granted the Company an exception, enabling it to regain compliance with the Listing Rules by filing its 2023 annual report on Form 20-F on or before November 11, 2024. The Company confirms that it continues to work diligently, together with UHY and PwC Netherlands, in order to complete and file its 2023 Form 20-F and AFM Annual Report in the fourth quarter of 2024, respectively. Further, as a result of the consent solicitation, consent was obtained to extend the deadline for the provision of audited financial statements for the years ended 2023 and 2024 for both the Company and its subsidiary, VEON Holdings B.V., to the holders of the outstanding notes of VEON Holdings B.V. As such, the Company. Refer to Note 23 for further developments and details. The accompanying consolidated financial statements have been prepared on a going concern basis. In accordance with International Accounting Standards (“IAS”) 1, Presentation of Financial Statements, the Company has determined that the aforementioned conditions and events, considered in the aggregate, may cast significant doubt about the Company’s ability to continue as a going concern for at least 12 months after the date these interim consolidated financial statements were authorized for issuance. Management expects the actions it has taken or will take will mitigate the risk associated with the identified events and conditions. However, given the uncertainty and exogenous nature of the ongoing war and potential future imposed sanctions as well as potential new counter-sanctions, and given the possible future imposition of external administration over our Ukrainian operations in particular, management concluded that a material uncertainty remains related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern, such that it may be unable to realize its assets and discharge its liabilities in the normal course of business. As a U.S. SEC registrant, the Company is required to have its financial statements audited in accordance with Public Company Accounting Oversight Board (“PCAOB”) standards. References in these IFRS financial statements to matters that may cast significant doubt about the Company’s ability to continue as a going concern also raise substantial doubt as contemplated by the PCAOB standards.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Significant Accounting Policies That Relate To The Consolidated Financial Statements As A Whole
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of these consolidated financial statements has required management to apply accounting policies and methodologies based on complex and subjective judgements, 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 judgements, 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 judgement / 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 2023 A number of amended standards became effective as of January 1, 2023, 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, 2023
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% 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, 2023. As of December 31, 2023, VEON Ltd. had restricted net assets of 105%, compared to 303% in 2022, of total net assets. The Company was subject to restrictions on the up-streaming of dividend from Ukraine and Russia during 2022 owing to the ongoing war between Russia and Ukraine (refer Note 24 for further details). The decline in percentage when compared with 2022 is mainly associated with the completion of sale of the Russian operations during 2023 (Refer Note 10 for further details) that resulted in the decline of its restricted net asset for 2023. The main restriction for 2023 related to Ukraine operations owing to regulatory restriction as explained above and in Note 2 4 , which includes the freezing of Kyivstar’s corporate rights applied from October 6, 2023 by the Security Services of Ukraine. In addition, the devaluation of exchange rates in the countries in which VEON operates also lowered the book value of the consolidated net assets of the Company relative to its 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 2023 2022 2021 Non-current assets Intangible assets 3 5 6 Tangible fixed assets 2 2 3 Financial fixed assets 1,157 760 690 Total non-current assets 1,162 767 699 Total current assets 116 78 119 Total assets 1,278 845 818 Equity 865 569 586 Total liabilities 413 276 232 Total equity and liabilities 1,278 845 818 Condensed income statement: for the years ended December 31 2023 2022 2021 Selling, general and administrative expenses (134) (103) (86) Other operating gains — — — Recharged expenses to group companies 23 10 (11) Operating (loss) (111) (93) (97) Finance income and (costs) (6) (1) 2 Share in result of subsidiaries after tax (2,410) (68) 773 Income tax (1) — (4) Total non-operating income and expenses (2,417) (69) 771 Profit / (loss) for the year (2,528) (162) 674 Condensed statements of comprehensive income: for the years ended December 31 2023 2022 2021 Total comprehensive (loss) / profit for the year, net of tax — — — Condensed statement of cash flows: for the years ended December 31 2023 2022 2021 Net cash flows from operating activities (104) (108) (27) Investing activities Receipt of capital surplus from a subsidiary — — (1) Other cash flows from investing activities 2 — 3 Net cash flows used in investing activities 2 — 2 Financing activities Proceeds from borrowings net of fees paid 100 60 — Net cash flows generated from/(used in) financing activities 100 60 — Net increase (decrease) in cash and cash equivalents (2) (48) (25) Cash and cash equivalents at beginning of period 6 54 79 Cash and cash equivalents at end of period 4 6 54 As of December 31, 2023, 2022 and 2021 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, October 17, 2024

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
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 that are incurred in acquiring a contract with a customer ( “customer acquisition costs” ) and are considered recoverable 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 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
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 UNCERTAINTY
Income taxes	Income taxes
Uncertain tax positions	Uncertain tax positions
Deferred taxation	Deferred taxation
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 Key assumptions – Russia CGU Explicit forecast period Terminal Combined average * Explicit forecast period Terminal Combined average * Discount rate — % — % 20.5 % — % — % 9.3 % Average annual revenue growth rate 6.2 % 1.6 % 5.5 % 5.0 % 1.6 % 4.4 % Average operating margin 32.4 % 35.0 % 32.8 % 33.2 % 35.5 % 33.6 % Average CAPEX / revenue ** 20.3 % 18.0 % 19.9 % 25.4 % 21.0 % 24.7 % * Combined average 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.
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
Put options over non-controlling interest	Put options over non-controlling interest
Derivative contracts	Derivative contracts
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 16 .
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.
Share-based payment transactions	ACCOUNTING POLICIES Equity-settled share-based payments are measured at the grant date fair value, which includes the impact of any market performance conditions. The grant date fair value is expensed over the vesting period, taking into account expected forfeitures and non-market performance conditions, if any, with a corresponding increase in equity. This is based upon the Company’s estimate of the shares or share options that will eventually vest which takes account of all service and non-market performance conditions, if applicable, with adjustments being made where new information indicate the number of shares or share options expected to vest differs from previous estimates. 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 as selling, general and administrative expenses within the income statement. The approach used to account for vesting conditions when measuring equity-settled transactions also applies to cash-settled transaction. Other short-term benefits not related to share-based payments are expensed in the period when services are received.
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 2023 A number of amended standards became effective as of January 1, 2023, 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, 2023
Disclosure of operating segments [abstract]
Summary of reportable segments financial information	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 2023 2022 2021* 2023 2022 2021* 2023 2022 2021* Pakistan** 1,119 1,285 1,408 502 654 643 130 258 318 Ukraine 919 971 1,055 541 575 704 169 177 203 Kazakhstan 774 636 569 421 322 307 165 122 134 Bangladesh 570 576 564 214 210 235 105 199 89 Uzbekistan 268 233 194 112 124 89 65 64 34 Others 55 66 81 22 26 41 10 16 25 HQ and eliminations (7) (12) (21) (200) (164) (179) 5 5 3 Total 3,698 3,755 3,850 1,612 1,747 1,840 649 841 806 *Prior year comparatives for the year ended December 31, 2021 is 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. For further details refer to Note 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: 2023 2022 2021* Profit before tax from continuing operations 559 802 464 Depreciation 527 557 605 Amortization 208 221 194 Impairment loss / (reversal) (6) (107) 27 (Gain) / loss on disposal of non-current assets (46) 1 (9) (Gain) / loss on disposal of subsidiaries — (88) — Finance costs 531 583 591 Finance income (60) (32) (13) Other non-operating (gain) / loss (20) (9) (26) Net foreign exchange (gain) / loss (81) (181) 7 Total Adjusted EBITDA 1,612 1,747 1,840 *Prior year comparative for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see Note 10 ).

OPERATING REVENUE (Tables)

OPERATING REVENUE (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023 2022 2021* 2023 2022 2021* 2023 2022 2021* 2023 2022 2021* 2023 2022 2021* Pakistan*** 1,021 1,169 1,285 19 — — 6 14 18 73 102 105 1,119 1,285 1,408 Ukraine 859 906 980 53 59 68 — 1 — 7 5 7 919 971 1,055 Kazakhstan 603 497 459 146 116 91 12 13 17 13 10 2 774 636 569 Bangladesh 561 566 553 — — — — — — 9 10 11 570 576 564 Uzbekistan 267 232 193 — 1 1 — — — 1 — — 268 233 194 Others 55 66 81 — — — — — — — — — 55 66 81 HQ and eliminations (4) (8) (15) (4) (4) (6) 1 — — — — — (7) (12) (21) Total 3,362 3,428 3,536 214 172 154 19 28 35 103 127 125 3,698 3,755 3,850 *Prior year comparative for the year ended December 31, 2021 is 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, 2023 December 31, 2022 Contract balances Receivables (billed) 468 493 Receivables (unbilled) 40 37 Contract liabilities (157) (169) Capitalized costs Customer acquisition costs 98 126
Summary of capitalized customer acquisition costs	The following table provides a breakdown of contract balances and capitalized customer acquisition costs. December 31, 2023 December 31, 2022 Contract balances Receivables (billed) 468 493 Receivables (unbilled) 40 37 Contract liabilities (157) (169) Capitalized costs Customer acquisition costs 98 126

SELLING, GENERAL AND ADMINIST_2

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2023
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: 2023 2022 2021* Network and IT costs 506 503 491 Personnel costs 416 411 361 Customer associated costs 386 347 413 Losses on receivables 14 28 14 Taxes, other than income taxes 74 30 50 Other 250 214 197 Total selling, general and administrative expenses 1,646 1,533 1,526 *Prior year comparative for the year ended December 31, 2021 is 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, 2023
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 : 2023 2022 Trade receivables (gross)* 508 530 Expected credit losses (96) (84) Trade receivables (net) 412 446 Other receivables, net of expected credit losses allowance** 130 10 Total trade and other receivables *** 542 456 * Includes contract assets (unbilled receivables), see Note 3 for further details. ** Other receivables as of December 31, 2023, includes consideration receivable for tower sale in Bangladesh , refer Note 9 for further details. *** Total trade and other receivables includes balances of US$259 million (2022: US$254 million) relating to banking operations in Pakistan.
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: 2023 2022 Balance as of January 1 84 159 Accruals for expected credit losses 35 44 Recoveries (8) (6) Accounts receivable written off (6) (64) Reclassifications — (4) Reclassification as held for sale — (28) Foreign currency translation adjustment (9) (15) Other movements — (2) Balance as of December 31 96 84
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, 2023 Expected loss rate, % 0.0 % 1.9 % 10.6 % 50.0 % 98.5 % Trade receivables 40 317 47 36 68 508 Expected credit losses — (6) (5) (18) (67) (96) Trade receivables, net 40 311 42 18 1 412 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

OTHER ASSETS AND LIABILITIES (T

OTHER ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
Other Assets And Liabilities
Schedule of other non-current assets	Other assets consisted of the following items as of December 31: 2023 2022 Other non-current assets Customer acquisition costs (see Note 3) 98 126 Tax advances (non-income tax) 6 7 Other non-financial assets 74 24 Total other non-current assets 178 157 Other current assets Advances to suppliers 44 55 Input value added tax 45 49 Prepaid taxes 51 50 Other assets 60 54 Total other current assets 200 208
Schedule of other current assets	Other assets consisted of the following items as of December 31: 2023 2022 Other non-current assets Customer acquisition costs (see Note 3) 98 126 Tax advances (non-income tax) 6 7 Other non-financial assets 74 24 Total other non-current assets 178 157 Other current assets Advances to suppliers 44 55 Input value added tax 45 49 Prepaid taxes 51 50 Other assets 60 54 Total other current assets 200 208
Schedule of other non-current liabilities	Other liabilities consisted of the following items as of December 31: 2023 2022 Other non-current liabilities Long-term deferred revenue (see Note 3) 13 10 Other liabilities 16 10 Total other non-current liabilities 29 20 Other current liabilities Taxes payable (non-income tax) 124 135 Short-term deferred revenue (see Note 3) 109 121 Customer advances (see Note 3) 35 38 Other payments to authorities 66 60 Due to employees 84 82 Other liabilities 39 39 Total other current liabilities 457 475
Schedule of other current liabilities	Other liabilities consisted of the following items as of December 31: 2023 2022 Other non-current liabilities Long-term deferred revenue (see Note 3) 13 10 Other liabilities 16 10 Total other non-current liabilities 29 20 Other current liabilities Taxes payable (non-income tax) 124 135 Short-term deferred revenue (see Note 3) 109 121 Customer advances (see Note 3) 35 38 Other payments to authorities 66 60 Due to employees 84 82 Other liabilities 39 39 Total other current liabilities 457 475

PROVISIONS AND CONTINGENT LIA_2

PROVISIONS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
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, 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 As of January 1, 2023 49 43 9 5 106 Arising during the year 18 3 — 10 31 Utilized — (1) — — (1) Unused amounts reversed (2) (4) — (3) (9) Reclassification as held for sale — — — — — Transfer and reclassification 7 — — — 7 Discount rate adjustment and imputed interest — 3 — — 3 Translation adjustments and other (7) (4) — (1) (12) As of December 31, 2023 65 40 9 11 125 Non-current 4 40 — — 44 Current 61 — 9 11 81

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
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: 2023 2022 Current tax payable 61 47 Uncertain tax provisions 93 133 Total income tax payable 154 180
Summary of income tax expense	Income tax expense consisted of the following for the years ended December 31: 2023 2022 2021 Current income taxes Current year 249 271 273 Adjustments in respect of previous years 13 10 47 Total current income taxes 262 281 320 Deferred income taxes Movement of temporary differences and losses (114) (50) 38 Changes in tax rates (4) (4) — Changes in recognized deferred tax assets* 35 (117) — Adjustments in respect of previous years 1 (5) (21) Other (1) (36) 7 Total deferred tax expense / (benefit) (83) (212) 24 Income tax expense 179 69 344 *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 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: 2023 2022 2021 Explanatory notes Profit / (loss) before tax from continuing operations 559 802 464 Income tax benefit / (expense) at statutory tax rate (25.8%) (144) (207) (116) Difference due to the effects of: Different tax rates in different jurisdictions 66 45 (5) 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). 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 rates (i.e. Pakistan, Bangladesh). Non-deductible expenses (50) (46) (35) The Group incurs certain expenses which are non-deductible in the relevant jurisdictions. In 2023 and 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, the non-deductible 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 30 11 (3) In 2023, the non-taxable income is mainly driven by the non-taxable FOREX gains incurred by Dutch Holdings on sale of subsidiaries of US$25. In 2022, non-taxable income is mainly driven by reversal of previously unrecognized management fees in Uzbekistan. Adjustments in respect of previous years (14) (6) (25) In 2023, the effect of prior year adjustments mainly relates to tax return true-ups and the effects of 6% Super tax in Pakistan introduced in 2023 which had a retrospective impact on 2022. In 2022, the effect of prior year adjustments mainly relates to tax return true-ups and the effects of 4% Super tax in Pakistan introduced in 2022 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 (35) 117 (76) In 2023, the movements in (un)recognized deferred tax assets are primarily caused by tax losses and other credits mainly in the Netherlands and Luxembourg, 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$108. The increase of deferred tax assets in Bangladesh is mainly driven by recognition of previously unrecognized historic losses due to positive outlook and business developments in our Bangladesh operations. Withholding taxes (32) 38 (73) Withholding taxes are recognized to the extent that dividends from foreign operations are expected to be paid in the foreseeable future. In 2023, the net WHT of US$(32) mainly comprised of WHT on interest from Russia of US$(16) and US$(15) of WHT provided for as a deferred tax on outside basis during 2023 on the dividends planned to be paid out in 2024 mainly from Pakistan, Kazakhstan and Uzbekistan. In 2022, the net WHT benefit of US$38 comprising of reversal of WHT provision related to Russia, Ukraine and Pakistan. In 2021, expenses relating to withholding taxes were primarily influenced by the anticipated dividends from Pakistan, Ukraine and Uzbekistan. Uncertain tax positions 2 (25) (7) The tax legislation in the markets in which VEON operates is unpredictable and gives rise to significant uncertainties (see ‘Source of estimation uncertainty’ below). During 2022, provisions were made for a dispute in Italy. The impact of movements in uncertain tax positions is presented net of any corresponding deferred tax assets recognized. Change in income tax rate 4 4 — Changes in tax rates impact the valuation of existing deferred tax assets and liabilities on temporary differences. In 2023, the statutory tax rate in Pakistan increased by 6% resulting in the total tax charge of 39%. In 2022, the statutory tax rate in Pakistan increased by 4% resulting in the total tax charge of 33%. Other (6) — (4) In 2023, others is impacted mainly by a CFC charge for US$(6). In 2021, US$(4) relate to various permanent differences. Income tax benefit / (expense) (179) (69) (344) Effective tax rate 32.0 % 8.6 % 74.1 %
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: 2023 2022 Deferred tax assets 312 274 Deferred tax liabilities (26) (36) Net deferred tax position 286 238
Summary of movements of deferred tax assets and liabilities	The following table shows the movements of net deferred tax positions in 2023: Movement in deferred taxes Opening balance Net income statement movement Held for sale Other movements Closing balance Property and equipment (82) 23 — 11 (48) Intangible assets 59 14 — (9) 64 Trade receivables 21 5 — (2) 24 Provisions 15 (2) — (1) 12 Accounts payable 36 25 — (7) 54 Withholding tax on undistributed earnings (29) 8 — 2 (19) Tax losses and other balances carried forwards 2,600 149 — (290) 2,459 Non-recognized deferred tax assets (2,395) (147) — 265 (2,277) Other 13 7 — (3) 17 Net deferred tax positions 238 82 — (34) 286 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
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, 2023 0-5 years 6-10 years More than 10 years Indefinite Total Tax losses expiry Recognized losses — — — (388) (388) Recognized DTA — — — 146 146 Non-recognized losses — — (1,204) (7,764) (8,968) Non-recognized DTA — — 300 1,951 2,251 Other credits carried forwards expiry Recognized credits — (36) — — (36) Recognized DTA — 36 — — 36 Non-recognized credits — — — (97) (97) Non-recognized DTA — — — 26 26 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

SIGNIFICANT TRANSACTIONS (Table

SIGNIFICANT TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023
Held For Sale and Discontinued Operations [Abstract]
Schedule of assets and liabilities classified as held for sale	The following table provides the details of assets and liabilities classified as held-for-sale as of December 31: Assets held-for-sale Liabilities held-for-sale 2023 2022 2023 2022 Russia — 5,792 — 4,232 Total assets and liabilities held for sale — 5,792 — 4,232 The following table shows the assets and liabilities disposed in 2023 and classified as held-for-sale relating to Russia operations as of: October 9, 2023 December 31, 2022 Property and equipment 3,216 3,941 Intangible assets excl. goodwill 386 356 Goodwill 155 617 Deferred tax assets 72 78 Other non-current assets 1,328 50 Inventories 53 113 Trade and other receivables 287 367 Other current assets 839 270 Total assets disposed / held for sale 6,336 5,792 Non-current liabilities Debt and Derivatives – NCL 3,641 2,888 Other non-current liabilities 26 64 Current liabilities Trade and other payables 494 691 Debt & Derivatives – CL 233 306 Other non-financial liabilities 300 283 Total liabilities disposed / held for sale 4,694 4,232 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
Schedule of profit/ (loss) and other comprehensive income of discontinued operations	The following table provides the details of loss after tax from discontinued operations and disposals of discontinued operations for the periods ended December 31: 2023 2022 2021 Russia Profit / (loss) after tax for the period 916 (164) 530 Loss on disposal (3,746) — — Algeria Profit / (loss) after tax for the period — 144 151 Loss on disposal — (722) — Total loss after tax from discontinued operations and disposals of discontinued operations (2,830) (742) 681 The following table shows the profit / (loss) and other comprehensive income relating to Russia operations for the periods ended December 31 and as of date of disposal: Income statement and statement of comprehensive income October 9, 2023 2022 2021 Operating revenue 2,780 4,277 3,943 Operating expenses ** (1,865) (3,993) (3,424) Other expenses 42 (424) (76) Profit / (loss) before tax for the period 957 (140) 443 Income tax benefit / (expense) (41) (24) 87 Profit / (loss) after tax for the period 916 (164) 530 Other comprehensive income / (loss)* (421) (29) (10) Total comprehensive income / (loss) 495 (193) 520 *Other comprehensive income relates to the foreign currency translation of discontinued operations. ** In 2023, operating expenses includes an impairment of US$281 (2022:US$446) against the carrying value of goodwill in Russia. There was no impairment of goodwill in 2021. The following table shows the profit 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 Operating revenue 378 659 Operating expenses (212) (470) Other expenses (7) (17) Profit / (loss) before tax for the period 159 172 Income tax benefit / (expense) (15) (21) Profit / (loss) after tax for the period 144 151 Other comprehensive income / (loss)* (65) (68) Total comprehensive income / (loss) 79 83 * Other comprehensive income is relating to the foreign currency translation of discontinued operations .
Schedule of results of disposal of operations	The following table shows the results for the disposal of the Russia operations that are accounted for in these financials as of December 31, 2023: 2023 Sale consideration * 1,294 Carrying amount of net assets at disposal ** (1,642) De-recognition of non-controlling interest 16 Loss on sale before reclassification of foreign currency translation reserve (332) Reclassifications of: foreign currency translation reserve (3,384) net investment hedge reserves (30) (3,414) Net loss on disposal of Russia operations (3,746) *As discussed above, the sale consideration was settled in a non-cash transaction via the transfer of bonds held by Vimpelcom to VEON Holdings’ subsidiary. ** Net assets include US$715 relating to cash and cash equivalents at disposal. 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 information for cash-generating units	March 31, 2022 *** September 30, 2021 Key assumptions – Russia CGU Explicit forecast period Terminal Combined average * Explicit forecast period Terminal Combined average * Discount rate — % — % 20.5 % — % — % 9.3 % Average annual revenue growth rate 6.2 % 1.6 % 5.5 % 5.0 % 1.6 % 4.4 % Average operating margin 32.4 % 35.0 % 32.8 % 33.2 % 35.5 % 33.6 % Average CAPEX / revenue ** 20.3 % 18.0 % 19.9 % 25.4 % 21.0 % 24.7 % * Combined average 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.

IMPAIRMENT OF ASSETS (Tables)

IMPAIRMENT OF ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
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	Impairment losses / (reversals) in 2023 Property and equipment Total impairment / (reversal) 2023 Ukraine 1 1 Other* (7) (7) (6) (6) * This includes net impairment reversals on telecommunication equipment in Kazakhstan. Impairment losses / (reversals) in 2022 Property and equipment Intangible assets Goodwill Other Total impairment / ( reversal) 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 war between Russia and Ukraine. Impairment losses / (reversals) in 2021 Property and equipment Intangible assets Goodwill Other Total impairment / ( reversal) 2021* Kyrgyzstan 12 5 — 2 19 Other 8 — — — 8 20 5 — 2 27
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 the applicable country’s risk premium. Discount rate 2023 2022 2021 Pakistan 19.6 % 19.5 % 14.7 % Bangladesh** 13.9 % 14.6 % — % Kazakhstan 12.9 % 13.8 % 9.4 % Kyrgyzstan* 17.0 % 19.0 % — % Uzbekistan 14.7 % 15.8 % 11.8 % Ukraine** 20.8 % 21.7 % — % * In 2021, VEON fully impaired the carrying value of all operating assets of Kyrgyzstan, therefore discount rate was not determined ** In 2021, 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 2023 2022 2021 2023 2022 2021 Pakistan 16.5 % 12.0 % 4.8 % 4.0 % 4.0 % 5.5 % Bangladesh 12.9 % 12.6 % — % 3.5 % 3.5 % — % Kazakhstan 13.2 % 12.3 % 3.6 % 1.0 % 1.0 % 1.0 % Kyrgyzstan 11.8 % 11.4 % — % 3.0 % 3.0 % — % Uzbekistan 22.3 % 19.3 % 3.7 % 2.5 % 2.5 % 3.0 % Ukraine 8.8 % 8.6 % — % 1.0 % 1.0 % — % 1 The forecast period is the explicit forecast period of five years: for 2023 being 2024-2028 with terminal period in 2029; for comparative period 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. 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 2023 2022 2021 2023 2022 2021 Pakistan 43.6 % 40.9 % 43.6 % 40.0 % 40.0 % 42.0 % Bangladesh 30.7 % 32.6 % — % 33.5 % 36.3 % — % Kazakhstan 49.5 % 49.2 % 48.9 % 45.0 % 45.0 % 47.0 % Kyrgyzstan 36.2 % 36.7 % — % 33.5 % 33.7 % — % Uzbekistan 40.0 % 43.6 % 40.9 % 40.0 % 41.0 % 34.0 % Ukraine 51.8 % 51.2 % — % 50.0 % 50.0 % — % 1 The forecast period is the explicit forecast period of five years: for 2023 being 2024-2028 with terminal period in 2029; for comparative period 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. 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 2023 2022 2021 2023 2022 2021 Pakistan 11.3 % 15.8 % 22.0 % 14.0 % 16.0 % 20.0 % Bangladesh 17.6 % 18.0 % — % 17.0 % 17.0 % — % Kazakhstan 16.0 % 18.6 % 20.0 % 17.5 % 18.5 % 20.0 % Kyrgyzstan 17.7 % 20.1 % — % 21.0 % 23.0 % — % Uzbekistan 22.1 % 18.0 % 20.2 % 20.0 % 20.0 % 21.0 % Ukraine 19.1 % 18.9 % — % 20.0 % 20.0 % — % 1 The forecast period is the explicit forecast period of five years: for 2023 being 2024-2028 with terminal period in 2029; for comparative period 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.
Schedule of sensitivity to change in assumptions	The following table pertains to the reversals of impairment recognized in 2022 and 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, 2023
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, 2022 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) As of December 31, 2022 1,698 61 97 286 706 2,848 Additions 79 3 31 438 318 869 Disposals (1) — (3) 4 (28) (28) Depreciation charge for the year (349) (6) (26) — (146) (527) Divestment and reclassification as held for sale (12) — (1) — — (13) Impairment (3) — (3) (2) — (8) Impairment reversal 2 — — 10 2 14 Transfers 456 7 12 (492) — (17) Modifications of right-of-use assets — — — — 29 29 Translation adjustment (182) (4) (5) (18) (60) (269) As of December 31, 2023 1,688 61 102 226 821 2,898 Cost 4,585 151 398 240 1,243 6,617 Accumulated depreciation and impairment (2,897) (90) (296) (14) (422) (3,719) ** 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, 2022 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 Additions 271 32 15 318 Disposals (25) (3) — (28) Depreciation charge for the year (131) (13) (2) (146) Impairment reversal 2 — — 2 Transfers 1 (1) — — Modifications and reassessments 25 5 (1) 29 Translation adjustment (57) (3) — (60) As of December 31, 2023 747 61 13 821 Cost 1,124 101 18 1,243 Accumulated depreciation and impairment (377) (40) (5) (422)
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: 2023 2022 Less than 1 year 139 272 Total commitments 139 272 Capital commitments for the future purchase of intangible assets are as follows as of December 31: 2023 2022 Less than 1 year 9 13 Total commitments 9 13
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, 2023
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, 2022 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 Additions 4 92 — — 5 — 101 Amortization charge for the year (131) (67) (3) (6) (1) — (208) Transfer (1) 7 — — (1) — 5 Translation adjustment (180) (8) — (6) — (45) (239) As of December 31, 2023 1,026 193 4 42 5 349 1,619 Cost 1,941 645 165 290 15 1,298 4,354 Accumulated amortization and impairment (915) (452) (161) (248) (10) (949) (2,735)
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 December 31, Pakistan 179 (44) 223 Kazakhstan 129 2 127 Ukraine 10 — 10 Uzbekistan 31 (3) 34 Total 349 (45) 394 * There is no goodwill allocated to the CGUs of Bangladesh, or Kyrgyzstan. 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
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: 2023 2022 Less than 1 year 139 272 Total commitments 139 272 Capital commitments for the future purchase of intangible assets are as follows as of December 31: 2023 2022 Less than 1 year 9 13 Total commitments 9 13
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, 2023
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 2023 2022 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 % 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 % 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 % Pakistan Mobile Communications Limited Pakistan Operating 100.0 % 100.0 % Banglalink Digital Communications Limited Bangladesh Operating 100.0 % 100.0 % * Until the date of sale of Russia on October 9, 2023, the Group had concluded that it controls VimpelCom, see ‘Significant accounting judgements’ below for further details. ** Based on the development with respect to the freezing of VEON’s corporate rights in Kyivstar as discussed in Note 1 , VEON assessed whether the court order and subsequent motions result in an event that VEON has lost control over Kyivstar and concluded that, under the requirements of relevant reporting standards, VEON continues to control Kyivstar and as such, will continue to consolidate Kyivstar in these financial statements.
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 2023 2022 2023 2022 2023 2022 LLP “KaR-Tel” ( “KaR-Tel” ) 25.0 % 25.0 % 94 85 50 31 Omnium Telecom Algérie S.p.A. (“OTA”) — % — % — — — 21
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 is detailed below. Summarized income statement KaR-Tel 2023 2022 2021 Operating revenue 692 571 529 Operating expenses (423) (403) (370) Other (expenses) / income (11) (12) (9) Profit / (loss) before tax 258 156 150 Income tax expense (57) (33) (32) Profit / (loss) for the year 201 123 118 Total comprehensive income / (loss) 201 123 118 Attributed to NCIs 50 31 29
Schedule of summarized financial position of subsidiaries before inter-company eliminations	Summarized statement of financial position KaR-Tel 2023 2022 Property and equipment 455 327 Intangible assets 188 178 Other non-current assets 37 39 Trade and other receivables 39 34 Cash and cash equivalents 68 43 Other current assets 24 27 Debt and derivatives (210) (97) Provisions (10) (9) Other liabilities (216) (204) Total equity 375 338 Attributed to: Equity holders of the parent 281 253 Non-controlling interests 94 85
Schedule of summarized cash flow statement of subsidiaries before inter-company eliminations	Summarized statement of cash flows KaR-Tel 2023 2022 2021 Net operating cash flows 308 243 231 Net investing cash flows (117) (127) (106) Net financing cash flows (166) (117) (114) Net foreign exchange difference — (3) (1) Net increase / (decrease) in cash equivalents 25 (4) 10

OTHER NON-OPERATING GAIN _ (L_2

OTHER NON-OPERATING GAIN / (LOSS) (Tables)	12 Months Ended
	Dec. 31, 2023
Other Non-Operating Gain (Loss)
Schedule of other non-operating gains / (losses)	Other non-operating gains / (losses), net consisted of the following for the years ended December 31: 2023 2022 2021* Ineffective portion of hedging activities — — 3 Change of fair value of other derivatives (1) 10 (4) Gain from money market funds 75 29 7 Loss from other financial assets (48) — — Other (losses) / gains (6) (30) 20 Other non-operating gain / (loss), net 20 9 26 *Prior year comparative for the year ended December 31, 2021 is 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, 2023
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 2023 2022 At fair value Other investments 41 58 41 58 At amortized cost Security deposits and cash collateral 103 63 Bank deposits 3 — Other investments 339 70 445 133 Total investments and derivatives 486 191 Non-current 53 71 Current 433 120
Schedule of financial liabilities	The Company holds the following outstanding debt and derivatives liabilities as of December 31: Carrying value 2023 2022 At fair value Derivatives not designated as hedges 1 — 1 — At amortized cost Borrowing, of which 3,708 6,670 i) Principal amount outstanding 3,560 6,670 ii) Other Borrowings 148 — Interest accrued 83 102 Discounts, unamortized fees, hedge basis adjustment (6) (8) Bank loans and bonds 3,785 6,764 Lease liabilities 977 806 Other financial liabilities 393 610 5,155 8,180 Total debt and derivatives 5,156 8,180 Non-current 3,464 5,336 Current 1,692 2,844
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 2023 2022 VEON Holdings B.V. Notes None USD 5.95% 2023 — 529 VEON Holdings B.V. Revolving Credit Facility None USD SOFR + 1.50% 2024 692 692 VEON Holdings B.V. Notes None USD 7.25% 2023 — 700 VEON Holdings B.V. Revolving Credit Facility None USD SOFR + 1.50% 2024 363 363 VEON Holdings B.V. Notes None USD 4.95% 2024 — 533 VEON Holdings B.V. Notes None USD 4.00% 2025 556 1,000 VEON Holdings B.V. Notes None RUB 6.30% 2025 102 284 VEON Holdings B.V. Notes None RUB 6.50% 2025 37 143 VEON Holdings B.V. Notes None RUB 8.13% 2026 15 284 VEON Holdings B.V. Notes None USD 3.38% 2027 1,093 1,250 PMCL Loan None PKR 6M KIBOR + 0.55% 2026 128 212 PMCL Loan None PKR 6M KIBOR + 0.55% 2028 53 66 PMCL Loan None PKR 3M KIBOR + 0.60% 2031 178 221 PMCL Loan None PKR 6M KIBOR +0.60% 2032 142 132 PJSC Kyivstar Loan None UAH 10.15% to 11.00% 2023-2025 — 59 Banglalink Loan None BDT Average bank deposit rate + 4.25% 2027 81 110 Banglalink Loan None BDT 7.00% to 12.00% 2028 46 — KaR-Tel Loan None KZT 17.75% - 18.50% 2026 22 — Unitel LLC Loan None UZS 20% 2025 12 — Other bank loans and bonds 187 92 Total bank loans and bonds 3,707 6,670
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, 2022 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 (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 Cash flows Proceeds from borrowings, net of fees paid 194 — 194 Repayment of debt (964) (147) (1,111) Interest paid (370) (119) (489) Non-cash movements Interest and fee accruals 355 112 467 Lease additions, disposals, impairment and modifications 171 430 601 Foreign currency translation (276) (77) (353) Reclassification related to bank loans and bonds * (2,064) — (2,064) Other non-cash movements (25) (28) (53) Balance as of December 31, 2023 3,785 977 4,762 *This primarily relates to the purchase of VEON group debt, refer to discussion below.
Schedule of hedge accounting with derivatives as hedging items	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 As of January 1, 2022 (8,933) Foreign currency revaluation of the foreign operations 125 As of December 31, 2022 (8,808) Transfer from OCI to income statement on disposal of subsidiary 3,384 Reclassification of net investment hedge 30 Other comprehensive (loss) (596) As of December 31, 2023 (5,990)

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Cash and cash equivalents [abstract]
Schedule of cash and cash equivalents	Cash and cash equivalents consisted of the following items as of December 31: 2023 2022 Cash and cash equivalents at banks and on hand 448 928 Cash equivalents with original maturity of less than three months 1,454 2,179 Cash and cash equivalents, as presented in the consolidated statement of cash flows* 1,902 3,107 * Cash and cash equivalents include an amount of US$165 relating to banking operations in Pakistan, which does not include customer deposits that are part of ‘Trade and other payables’ of US$426 .

FINANCIAL RISK MANAGEMENT (Tabl

FINANCIAL RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2023
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). The Company’s exposure to foreign currency changes for all other currencies is not material. Effect on profit / (loss) before tax Change in foreign exchange rate against US$ 10% depreciation 10% appreciation 2023 Russian Ruble 14 (16) Bangladeshi Taka (30) 33 Pakistani Rupee (13) 15 Ukrainian Hryvnia (2) 2 Other currencies (net) (3) 3 2022 Russian Ruble (5) 6 Bangladeshi Taka (34) 37 Pakistani Rupee (15) 17 Ukrainian Hryvnia (1) 1 Other currencies (net) (1) 1
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 2023 KaR-Tel LLP - Term Facility Nov 2026 KZT 15,000 KZT 9,800 KZT 5,200 33 22 11 Banglalink Digital Communications Ltd - Term Facility May 2024 BDT 8,000 BDT 5,000 BDT 3,000 73 46 27 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 *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, 2023 and 2022, 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, 2023 Bank loans and bonds 1,433 1,391 1,416 237 4,477 Lease liabilities 150 497 356 514 1,517 Derivative financial liabilities Gross cash inflows (14) — — — (14) Gross cash outflows 16 — — — 16 Trade and other payables 1,200 — — — 1,200 Other financial liabilities 137 203 87 66 493 Total financial liabilities 2,922 2,091 1,859 817 7,689 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 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

ISSUED CAPITAL AND RESERVES (Ta

ISSUED CAPITAL AND RESERVES (Tables)	12 Months Ended
	Dec. 31, 2023
ISSUED CAPITAL AND RESERVES
Summary of common shares	The following table details the common shares of the Company as of December 31: 2023 2022 Authorized common shares (nominal value of US$0.001 per share) 1,849,190,667 1,849,190,667 Issued shares, including 766,350 (2022: 3,374,459) 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, 2023, 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 % Lingotto Investment Management LLP 131,068,288 7.5 % Shah Capital Management Inc. 124,831,975 7.1 % Free Float, including 766,350 shares held by a subsidiary of the Company 514,258,309 29.2 % 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 common shares 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, 2023
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 2023 2022 2021 (In millions of U.S. dollars, except per share amounts) Numerator: Profit for the period attributable to the owners of the parent 307 656 75 Denominator: Weighted average common shares outstanding for basic earnings per share (in millions) 1,756 1,756 1,756 Denominator for diluted earnings per share (in millions) 1,782 1,782 1,782 Basic earnings per share $0.17 $0.37 $0.04 Diluted earnings per share $0.17 $0.37 $0.04
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 2023 2022 2021 (In millions of U.S. dollars, except per share amounts) Numerator: (Loss) / profit for the period attributable to the owners of the parent (2,835) (818) 599 Denominator: Weighted average common shares outstanding for basic earnings per share (in millions) 1,756 1,756 1,756 Denominator for diluted earnings per share (in millions) 1,782 1,782 1,782 Basic (loss) / earnings per share ($1.61) ($0.46) $0.34 Diluted (loss) / earnings per share ($1.61) ($0.46) $0.34

DIVIDENDS PAID AND PROPOSED (Ta

DIVIDENDS PAID AND PROPOSED (Tables)	12 Months Ended
	Dec. 31, 2023
Dividends Paid And Proposed
Schedule of declared dividends paid or payable to non-controlling interests	During 2023, 2022 and 2021, 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 2023 2022 2021 Omnium Telecom Algeria S.p.A — — 44 VIP Kazakhstan Holding AG 30 — 27 TNS Plus LLP 15 11 8 Other — 3 10 Total dividends declared to non-controlling interests 45 14 89

RELATED PARTIES (Tables)

RELATED PARTIES (Tables)	12 Months Ended
	Dec. 31, 2023
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 : 2023 2022 2021 Short-term employee benefits 11 21 39 Share-based payment* 11 9 9 Termination benefits — — 7 Total compensation to the Board of Directors and senior management** 22 30 55 *Share-based payment represents the expense under the Deferred Share Plan, Short-Term Incentive Plan and Long Term Incentive Plans, 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 in 2022, a determination that the chief executive officers of our operating companies should no longer be classified as senior managers and in 2023 the reduction in the Group Executive Committee. As a result, for 2023 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 2023, 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 Joop Brakenhoff Omiyinka Doris Victor Biryukov Michael Schulz Dmitry Shvets Matthieu Galvani Alex Bolis Group CEO Group CFO* Group Chief Internal Audit & Compliance Officer*** Group General Counsel** Group Head of Corporate Development** Former Group Chief People Officer**** Former Group Head of Portfolio Management**** Former Chief Corporate Affairs Officer**** Former Group Head of Corporate Development, Communications and Investor Relations**** 2023 Short-term employee benefits Base salary 1,323,000 432,000 684,000 606,667 — — — — — Annual incentive 1,082,977 489,995 393,867 368,318 — — — — — Other 205,350 406,458 211,263 105,885 — — — — — Long-term employee benefits — — — — — — — — — Share-based payments 4,644,506 1,440,358 1,282,110 662,974 — — — — — Termination benefits — — — — — — — — — Total remuneration expense 7,255,833 2,768,811 2,571,240 1,743,844 — — — — — 2022 Short-term employee benefits Base salary 1,323,000 1,296,000 540,000 77,583 645,865 565,000 647,070 150,000 187,500 Annual incentive 1,035,891 712,800 297,000 52,644 343,556 310,750 350,585 83,178 204,555 Other 205,350 1,806,342 542,362 11,550 814,770 500,205 693,232 — 366,168 Long-term employee benefits — — — — — — — — — Share-based payments 3,392,793 981,490 654,502 — 105,710 482,768 436,981 36,434 187,704 Termination benefits — — — — — — — — — Total remuneration expense 5,957,034 4,796,632 2,033,864 141,777 1,909,901 1,858,723 2,127,868 269,612 945,927 * Mr. Okandan remained a GEC member until April 30, 2023. ** Ms. Doris was appointed as Group General Counsel on June 1, 2023. *** Mr. Brakenhoff was appointed as Group Chief Financial Officer on May 1, 2023. **** Refer to Changes to Group Executive Committee for further details. In whole US dollars Kaan Terzioglu Serkan Okandan Joop Brakenhoff Omiyinka Doris Victor Biryukov Michael Schulz Dmitry Shvets Matthieu Galvani Alex Bolis Group CEO Group CFO* Group Chief Internal Audit & Compliance Officer*** Group General Counsel** Group Head of Corporate Development** Former Group Chief People Officer**** Former Group Head of Portfolio Management**** Former Chief Corporate Affairs Officer**** Former Group Head of Corporate Development, Communications and Investor Relations**** 2023 Short-term employee benefits Base salary 1,430,580 467,128 739,619 655,998 — — — — — Annual incentive 1,171,039 529,839 425,894 398,268 — — — — — Other 222,048 439,509 228,442 114,495 — — — — — Long-term employee benefits — — — — — — — — — Share-based payments 5,022,173 1,557,481 1,386,365 716,884 — — — — — Termination benefits — — — — — — — — — Total remuneration expense 7,845,840 2,993,957 2,780,320 1,885,645 — — — — — 2022 Short-term employee benefits Base salary 1,390,582 1,362,203 567,585 81,546 678,869 593,862 680,135 157,662 197,078 Annual incentive 1,088,807 749,212 312,172 55,333 361,112 326,624 368,500 87,427 215,004 Other 215,840 1,898,615 570,067 12,140 856,404 525,757 728,656 — 384,873 Long-term employee benefits — — — — — — — — — Share-based payments 3,566,105 1,031,627 687,936 — 111,111 507,429 459,310 38,296 197,292 Termination benefits — — — — — — — — — Total remuneration expense 6,261,334 5,041,657 2,137,760 149,019 2,007,496 1,953,672 2,236,601 283,385 994,247 * Mr. Okandan remained a GEC member until April 30, 2023. ** Ms. Doris was appointed as Group General Counsel on June 1, 2023. *** Mr. Brakenhoff was appointed as Group Chief Financial Officer on May 1, 2023.
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 2023 2022 2023 2022 2023 2022 2023 2022 Hans-Holger Albrecht 175,000 483,078 95,000 190,558 177,194 1,184,142 447,194 1,857,778 Yaroslav Glazunov 350,000 281,250 47,500 80,000 177,194 — 574,694 361,250 Andrei Gusev 350,000 281,250 30,000 52,500 177,194 500,000 557,194 833,750 Gunnar Holt 450,000 625,000 — 68,750 577,194 — 1,027,194 693,750 Irene Shvakman 175,000 350,000 35,000 55,000 177,194 — 387,194 405,000 Vasily Sidorov 175,000 350,000 35,000 123,750 177,194 — 387,194 473,750 Michiel Soeting 350,000 277,083 79,138 57,083 177,194 — 606,332 334,166 Karen Linehan 350,000 342,289 35,000 53,899 — — 385,000 396,188 Augie Fabela 350,000 175,000 52,500 57,500 177,194 — 579,694 232,500 Morten Lundal 525,000 175,000 41,638 42,500 177,194 — 743,832 217,500 Stan Miller 175,000 175,000 35,000 30,000 177,194 — 387,194 205,000 Mikhail Fridman — 12,500 — — — — — 12,500 Leonid Boguslavsky — 175,000 — 12,500 — — — 187,500 Gennady Gazin — 387,500 — 62,500 — 1,566,303 — 2,016,303 Sergi Herrero — 175,000 — 12,500 — — — 187,500 Robert Jan van de Kraats — 65,860 — 23,522 — — — 89,382 Total compensation 3,425,000 4,330,810 485,776 922,562 2,171,940 3,250,445 6,082,716 8,503,817 Retainer Committees Other compensation Total In whole US dollars 2023 2022 2023 2022 2023 2022 2023 2022 Hans-Holger Albrecht 189,228 507,763 102,723 200,296 191,600 1,244,652 483,551 1,952,711 Yaroslav Glazunov 378,455 295,622 51,362 84,088 191,600 — 621,417 379,710 Andrei Gusev 378,455 295,622 32,439 55,183 191,600 525,550 602,494 876,355 Gunnar Holt 486,585 656,938 — 72,263 624,120 — 1,110,705 729,201 Irene Shvakman 189,228 367,885 37,846 57,810 191,600 — 418,674 425,695 Vasily Sidorov 189,228 367,885 37,846 130,074 191,600 — 418,674 497,959 Michiel Soeting 378,455 291,242 85,572 60,000 191,600 — 655,627 351,242 Karen Linehan 378,455 359,780 37,846 56,653 — — 416,301 416,433 Augie Fabela 378,455 183,943 56,768 60,438 191,600 — 626,823 244,381 Morten Lundal 567,683 183,943 45,023 44,672 191,600 — 804,306 228,615 Stan Miller 189,228 183,943 37,846 31,533 191,600 — 418,674 215,476 Mikhail Fridman — 13,139 — — — — — 13,139 Leonid Boguslavsky — 183,943 — 13,139 — — — 197,082 Gennady Gazin — 407,301 — 65,694 — 1,646,342 — 2,119,337 Sergi Herrero — 183,943 — 13,139 — — — 197,082 Robert Jan van de Kraats — 69,226 — 24,723 — — — 93,949 Total compensation 3,703,455 4,552,118 525,271 969,705 2,348,520 3,416,544 6,577,246 8,938,367
Disclosure of share-based payment arrangements	The following table sets forth the total share-based payment expense for the year-ended December 31 in relation to all directors and employees of the Company which represents a broader scope of disclosure than the senior management of the company, whose compensation was detailed above): 2023 2022 2021 Equity-settled share-based payment expense 18 8 9 Liability-settled share-based payment expense 3 — — Total share-based compensation expense 21 8 9
Roll-forward of shared-based payments	Fair value is determined using the appropriate pricing model, see below. Awards* Weighted Average Fair Value Weighted Average Remaining Contractual Life As of January 01, 2023 23,453,111 $ 0.52 1.64 Granted 28,348,375 $ 0.62 Forfeited (8,893,335) Vested and settled — As of December 31, 2023 42,908,151 $ 0.65 1.20 Awards* Weighted Average Fair Value Weighted Average Remaining Contractual Life As of January 01, 2023 — $ — 0 Granted 5,486,625 $ 0.72 Forfeited — Vested and settled — As of December 31, 2023 5,486,625 $ 0.72 0.85 * To ensure data consistency, all awards were converted to VEON common share price equivalents. Awards* Weighted Average Fair Value Weighted Average Remaining Contractual Life As of January 01, 2023 7,835,235 $ 0.52 0.20 Granted 3,421,919 $ 0.78 Forfeited — Vested and settled (2,608,118) As of December 31, 2023 8,649,036 $ 0.78 0 * To ensure data consistency, all awards were converted to VEON common share price equivalents.
Fair value assumptions share-based payments	The following table sets forth the range of principal assumptions applied by VEON in determining the fair value of share-based payment instruments granted during the year-ended December 31: Assumptions affecting inputs to fair value models for equity-settled awards and for liability-settled awards for remeasurement as of December 31, 2023 2023 Range Annual risk-free rates of return and discount rates (%) 2.15% - 2.42% Long-term dividend yield (%) — % Expected life of options (years) 2.00 - 2.76 Volatility of share price (%) 43.68% - 93.92% Share price (p)* $0.71 - $0.79 * To ensure data consistency, all awards were converted to VEON common share price equivalents. The following table sets forth the range of principal assumptions applied by VEON in determining the fair value of share-based payment instruments granted during the year-ended December 31: Assumptions affecting inputs to fair value models for equity-settled awards and for liability-settled awards for remeasurment as of December 31, 2023 2023 Range Annual risk-free rates of return and discount rates (%) 2.11% - 2.37% Long-term dividend yield (%) —% Expected life of options (years) 1.21 - 2.96 Volatility of share price (%) 61.42% - 94.32% Share price (p)* $0.71 - $0.79 * To ensure data consistency, all awards were converted to VEON common share price equivalents. The following table sets forth the range of principal assumptions applied by VEON in determining the fair value of share-based payment instruments granted during the year-ended December 31: Assumptions affecting inputs to fair value models for equity-settled awards and for liability-settled awards for remeasurement as of December 31, 2023 2023 Range Annual risk-free rates of return and discount rates (%) 0.00%–2.56% Long-term dividend yield (%) —% Expected life of awards (years) 0.00–2.00 Volatility of share price (%) 38.12%–115.31% Share price (p)* $0.44–$2.03

BASIS OF PREPARATION OF THE C_2

BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023
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 judgement / 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, 2023
Condensed Financial Information Disclosure [Abstract]
Condensed statement of financial position	Condensed statement of financial position: As of December 31 2023 2022 2021 Non-current assets Intangible assets 3 5 6 Tangible fixed assets 2 2 3 Financial fixed assets 1,157 760 690 Total non-current assets 1,162 767 699 Total current assets 116 78 119 Total assets 1,278 845 818 Equity 865 569 586 Total liabilities 413 276 232 Total equity and liabilities 1,278 845 818
Condensed income statement	Condensed income statement: for the years ended December 31 2023 2022 2021 Selling, general and administrative expenses (134) (103) (86) Other operating gains — — — Recharged expenses to group companies 23 10 (11) Operating (loss) (111) (93) (97) Finance income and (costs) (6) (1) 2 Share in result of subsidiaries after tax (2,410) (68) 773 Income tax (1) — (4) Total non-operating income and expenses (2,417) (69) 771 Profit / (loss) for the year (2,528) (162) 674
Condensed statements of comprehensive income	Condensed statements of comprehensive income: for the years ended December 31 2023 2022 2021 Total comprehensive (loss) / profit for the year, net of tax — — —
Condensed statement of cash flows	Condensed statement of cash flows: for the years ended December 31 2023 2022 2021 Net cash flows from operating activities (104) (108) (27) Investing activities Receipt of capital surplus from a subsidiary — — (1) Other cash flows from investing activities 2 — 3 Net cash flows used in investing activities 2 — 2 Financing activities Proceeds from borrowings net of fees paid 100 60 — Net cash flows generated from/(used in) financing activities 100 60 — Net increase (decrease) in cash and cash equivalents (2) (48) (25) Cash and cash equivalents at beginning of period 6 54 79 Cash and cash equivalents at end of period 4 6 54

GENERAL INFORMATION - From comp

GENERAL INFORMATION - From completion of sale of Russian operations (Details) $ in Millions, ₽ in Billions				1 Months Ended	12 Months Ended
	Oct. 09, 2023 USD ($)	Nov. 24, 2022 USD ($)	Nov. 24, 2022 RUB (₽)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
General information
Reclassification of accumulated foreign currency translation reserve and net investment hedge reserve to profit or loss upon disposal of foreign operation					$ (3,414)	$ (558)	$ 0
Russia
General information
Loss on disposal					3,746	$ 0	$ 0
Russia | Assets and liabilities classified as held for sale | Discontinued operations
General information
Consideration received in cash					1,294
Loss on disposal					3,746
Reclassification of accumulated foreign currency translation reserve and net investment hedge reserve to profit or loss upon disposal of foreign operation					3,414
Russia
General information
Consideration received in cash	$ 1,294	$ 1,294	₽ 130
Deferred consideration, receivable reassigned					11
Unitel LLC | Russia
General information
Deferred consideration					72
Notional amount	$ 1,576
Unitel LLC | Russia | Issue of notes
General information
Notional amount					1,005
PJSC Vimpelcom | Russia | Issue of notes
General information
Notional amount					72
PJSC Vimpelcom | VEON Holdings B.V.
General information
Proceeds					$ 2,140
Debt repayment				$ 406

GENERAL INFORMATION - Sale of t

GENERAL INFORMATION - Sale of tower assets Bangladesh (Details) ৳ in Millions, $ in Millions				12 Months Ended
	Dec. 31, 2023 BDT (৳) renewalPeriod	Dec. 31, 2023 USD ($) renewalPeriod	Nov. 15, 2023 BDT (৳) tower	Dec. 31, 2023 BDT (৳)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)
General information
Right-of-use assets						$ 706	$ 821	$ 1,833
Additions					$ 318	$ 526
Tower portfolio in Bangladesh
General information
Right-of-use assets	৳ 5,000			৳ 5,000			45
Lease liabilities	10,000			10,000			92
Banglalink Digital Communications Limited | Tower portfolio in Bangladesh
General information
Number of towers | tower			2,012
Towers sold as a percentage of total infrastructure portfolio			0.3333
Consideration received for PPE	৳ 11,000	$ 97	৳ 11,000
Lease period	12 years	12 years
Number of optional agreement renewals | renewalPeriod	7	7
Renewal period	10 years	10 years
Legal and regulatory costs	৳ 855	$ 8
Gains from sale and leaseback	4,000	34
Right-of-use assets	550			550			5
Disposals, property, plant and equipment	950	$ 9
Lease liabilities	৳ 6,000			6,000			$ 52
Additions				4,000	40
Additional lease liabilities recognized				৳ 4,000	$ 40

GENERAL INFORMATION - Cybersecu

GENERAL INFORMATION - Cybersecurity and VEON's scheme of arrangement (Details) ₴ in Millions, $ in Millions, ₽ in Billions

Dec. 21, 2023 UAH (₴)

Dec. 21, 2023 USD ($)

Sep. 27, 2023 USD ($)

Apr. 26, 2023 USD ($)

Apr. 19, 2023 USD ($)

Feb. 29, 2024 USD ($)

Jan. 31, 2024 USD ($)

Dec. 31, 2023 USD ($)

Nov. 30, 2023 USD ($)

Oct. 31, 2023 USD ($)

Oct. 30, 2023 appeal

Feb. 26, 2023 Rate

Jan. 30, 2023

Jan. 24, 2023

Dec. 31, 2022 USD ($) Rate

Nov. 11, 2022

Apr. 30, 2022 USD ($)

Apr. 30, 2022 RUB (₽)

Mar. 31, 2021 USD ($)

General information

Donations and subsidies expense

₴ 100

$ 3

Utilized

$ 3,707

$ 6,670

Depository receipt ratio | Rate

2,500%

100%

Number of appeals filed | appeal

2

Ukraine

General information

Number of appeals filed | appeal

2

Ukraine | Kyivstar

General information

Percentage of corporate rights frozen

47.85%

2023 Notes

General information

Amendment fee (in basis points)

2%

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

102%

Payment of put option premium, notes

$ 9

October 2023 Notes

General information

Notes and debentures issued

$ 165

Amendment fee

1

December 2023 notes

General information

Notes and debentures issued

$ 294

Amendment fee

$ 1

2023 Notes At 5.95 percent

General information

Borrowings, interest rate (in percent)

5.95%

2023 Notes At 7.25 percent

General information

Borrowings, interest rate (in percent)

7.25%

Alfa Bank RUB 45 million loan

General information

Notional amount

$ 556

₽ 45

Alfa Bank RUB 45 million loan | VEON Finance Ireland Designated Activity Company

General information

Scheme creditors percentage voting

97.59%

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

General information

Notional amount

$ 1,250

$ 1,250

Revolving credit facility

General information

Utilized

$ 363

$ 692

$ 1,055

Revolving credit facility | Revolving credit facility, balance rolled over

General information

Utilized

$ 363

$ 692

GENERAL INFORMATION - Share-Bas

GENERAL INFORMATION - Share-Based Payment Awards (Details)

1 Months Ended

12 Months Ended

Jul. 19, 2023 shares director

Jul. 01, 2023 shares

Jun. 29, 2023 member

Jun. 29, 2023 director

Feb. 21, 2023 shares

Jun. 29, 2022 member

May 25, 2022 member

Nov. 30, 2023 shares

Sep. 30, 2023 shares

Jul. 31, 2023 shares

Mar. 30, 2023 shares member

Dec. 31, 2022 shares

Dec. 31, 2021 shares

Apr. 30, 2023

Disclosure of terms and conditions of share-based payment arrangement [line items]

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

1,761,100

Number of new members elected

3

3

3

Number of members recommended

7

7

11

Number of previously serving directors

6

6

8

8

ADR1

Disclosure of terms and conditions of share-based payment arrangement [line items]

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

70,444

Short term incentive scheme

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of new members with granted equity-settled awards | member

5

Short term incentive scheme | ADR1

Disclosure of terms and conditions of share-based payment arrangement [line items]

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

154,876

Long-term incentive plan | ADR1

Disclosure of terms and conditions of share-based payment arrangement [line items]

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

105,573

643,286

Joop Brakenhoff | Deferred share plan

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

52,550

46,750

104,047

Number of shares withheld for taxes (in shares)

51,504

Joop Brakenhoff | Deferred share plan | ADR1

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

2,102

1,870

Number of shares withheld for taxes (in shares)

2,060

Group Executive Committee

Disclosure of terms and conditions of share-based payment arrangement [line items]

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

261,100

Group Executive Committee | ADR1

Disclosure of terms and conditions of share-based payment arrangement [line items]

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

10,444

Group Executive Committee | Deferred share plan

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

852,350

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

1,395,358

Group Executive Committee | Deferred share plan | ADR1

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

34,094

Current And Former Board Memembers

Disclosure of terms and conditions of share-based payment arrangement [line items]

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

1,750,000

Current And Former Board Memembers | ADR1

Disclosure of terms and conditions of share-based payment arrangement [line items]

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

70,000

Mr Kaan Terzioglu | Deferred share plan

Disclosure of terms and conditions of share-based payment arrangement [line items]

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

3,662,250

Mr Kaan Terzioglu | Deferred share plan | ADR1

Disclosure of terms and conditions of share-based payment arrangement [line items]

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

146,490

Former Board Members | Deferred share plan

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

163,375

Former Board Members | Deferred share plan | ADR1

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

6,535

Serkan Okandan

Disclosure of terms and conditions of share-based payment arrangement [line items]

Length of Contract

3 years

GENERAL INFORMATION - From BTRC

GENERAL INFORMATION - From BTRC regulatory audit report (Details) ₸ in Millions, ₴ in Millions, ৳ in Millions, $ in Millions, ₨ in Billions

1 Months Ended

4 Months Ended

6 Months Ended

12 Months Ended

Nov. 19, 2023 USD ($)

Nov. 19, 2023 BDT (৳)

Oct. 13, 2023 USD ($)

Oct. 04, 2023 USD ($)

Sep. 27, 2023 USD ($)

Nov. 30, 2023 USD ($)

Nov. 30, 2023 BDT (৳)

Jul. 31, 2023 USD ($)

Jul. 31, 2023 BDT (৳)

Apr. 30, 2023 USD ($)

Apr. 30, 2023 UAH (₴)

Apr. 30, 2023 PKR (₨)

Jun. 30, 2022 USD ($)

Jun. 30, 2022 UAH (₴)

May 31, 2022 USD ($)

May 31, 2022 UAH (₴)

Apr. 30, 2022 USD ($)

Apr. 30, 2022 UAH (₴)

Mar. 31, 2022 USD ($)

Mar. 31, 2022 UAH (₴)

Mar. 31, 2022 PKR (₨)

Dec. 31, 2023 USD ($)

Dec. 31, 2023 KZT (₸)

Dec. 31, 2023 BDT (৳)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

[1]

Dec. 31, 2023 BDT (৳)

Dec. 31, 2023 KZT (₸)

Nov. 30, 2023 BDT (৳)

Sep. 30, 2023 KZT (₸)

Jun. 26, 2023 USD ($)

Jun. 26, 2023 BDT (৳)

Apr. 30, 2023 PKR (₨)

Nov. 11, 2022

Apr. 30, 2022 UAH (₴)

Apr. 30, 2022 PKR (₨)

General information

Repayments of borrowings, classified as financing activities

$ 1,098

$ 1,619

$ 1,977

KaR-Tel LLP - Term Facility

General information

Proceeds from non-current borrowings

$ 22

₸ 9,800

Facility amount

$ 33

33

₸ 15,000

₸ 10,000

2023 Notes At 5.95 percent

General information

Borrowings, interest rate (in percent)

5.95%

Debt repayment

$ 39

December 2023 notes

General information

Repayments of borrowings, classified as financing activities

$ 243

June 2024 notes

General information

Repayments of borrowings, classified as financing activities

$ 406

Kyivstar | Raiffeisen Bank Aval

General information

Repayments of borrowings, classified as financing activities

$ 38

₴ 1,400

Kyivstar | OTP Bank UAH 490 million loan

General information

Repayments of borrowings, classified as financing activities

21

₴ 760

$ 17

₴ 490

$ 17

₴ 490

$ 17

₴ 490

$ 17

₴ 490

Notional amount | ₴

₴ 1,250

₴ 1,250

₴ 1,250

₴ 1,250

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

General information

Proceeds from non-current borrowings

41

₨ 10

$ 222

₨ 40

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

General information

Notional amount

$ 164

$ 217

₨ 40

₨ 40

Borrowings term

10 years

10 years

BDCL (Bangalink Digital Communications Ltd) | Syndicated loan with a 5 year maturity

General information

Proceeds from non-current borrowings

$ 45

৳ 5,000

Borrowings term

5 years

5 years

Facility amount

$ 73

৳ 8,000

Bangladesh Telecommunication Regulatory Commission (“BTRC”) regulatory audit report

General information

Regulatory claim

$ 76

৳ 8,231

Accruals | ৳

৳ 2,200

Regulatory claim, initial payment

$ 16

৳ 1,657

$ 5

৳ 500

Regulatory claim, monthly installment

৳ 146

$ 1.4

Bangladesh Telecommunication Regulatory Commission (“BTRC”) regulatory audit report | Interest

General information

Regulatory claim

$ 40

৳ 4,307

[1] * Prior year comparatives for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see N ote 10 ).

SEGMENT INFORMATION - Reportabl

SEGMENT INFORMATION - Reportable segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments [line items]
Total revenue	$ 3,698	$ 3,755	$ 3,850
Adjusted EBITDA	1,612	1,747	1,840
CAPEX excl licenses and ROU	649	841	806
Operating segments | Pakistan
Disclosure of operating segments [line items]
Total revenue	1,119	1,285	1,408
Adjusted EBITDA	502	654	643
CAPEX excl licenses and ROU	130	258	318
Operating segments | Ukraine
Disclosure of operating segments [line items]
Total revenue	919	971	1,055
Adjusted EBITDA	541	575	704
CAPEX excl licenses and ROU	169	177	203
Operating segments | Kazakhstan
Disclosure of operating segments [line items]
Total revenue	774	636	569
Adjusted EBITDA	421	322	307
CAPEX excl licenses and ROU	165	122	134
Operating segments | Bangladesh
Disclosure of operating segments [line items]
Total revenue	570	576	564
Adjusted EBITDA	214	210	235
CAPEX excl licenses and ROU	105	199	89
Operating segments | Uzbekistan
Disclosure of operating segments [line items]
Total revenue	268	233	194
Adjusted EBITDA	112	124	89
CAPEX excl licenses and ROU	65	64	34
Operating segments | Others
Disclosure of operating segments [line items]
Total revenue	55	66	81
Adjusted EBITDA	22	26	41
CAPEX excl licenses and ROU	10	16	25
HQ and eliminations
Disclosure of operating segments [line items]
Total revenue	(7)	(12)	(21)
Adjusted EBITDA	(200)	(164)	(179)
CAPEX excl licenses and ROU	$ 5	$ 5	$ 3

SEGMENT INFORMATION - Segments

SEGMENT INFORMATION - Segments adjusted EBITDA (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments [abstract]
Profit before tax from continuing operations	$ 559	$ 802	$ 464	[1],[2]
Depreciation	527	557	605	[2]
Amortization	208	221	194	[2]
Impairment loss / (reversal)	(6)	(107)	27	[2]
(Gain) / loss on disposal of non-current assets	(46)	1	(9)	[2]
Gain on disposal of subsidiaries	0	(88)	0	[2]
Finance costs	531	583	591	[2]
Finance income	(60)	(32)	(13)	[2]
Other non-operating (gain) / loss	(20)	(9)	(26)	[2]
Net foreign exchange (gain) / loss	(81)	(181)	7	[1],[2]
Total Adjusted EBITDA	$ 1,612	$ 1,747	$ 1,840
[1] * Prior year comparatives for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see N ote 10 ). *Prior year comparative for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see Note 10

OPERATING REVENUE - Disaggregat

OPERATING REVENUE - Disaggregation of revenue from contracts with customers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments [line items]
Service revenues	$ 3,576	$ 3,600	$ 3,690	[1]
Sale of equipment and accessories	19	28	35	[1]
Other revenues	103	127	125	[1]
Total operating revenues	3,698	3,755	3,850	[1]
Unused provision reversed, other provisions	9	28
Legal provision
Disclosure of operating segments [line items]
Unused provision reversed, other provisions	0	0
Pakistan | Legal provision
Disclosure of operating segments [line items]
Unused provision reversed, other provisions		29
Operating segments | Pakistan
Disclosure of operating segments [line items]
Sale of equipment and accessories	6	14	18
Other revenues	73	102	105
Total operating revenues	1,119	1,285	1,408
Operating segments | Ukraine
Disclosure of operating segments [line items]
Sale of equipment and accessories	0	1	0
Other revenues	7	5	7
Total operating revenues	919	971	1,055
Operating segments | Kazakhstan
Disclosure of operating segments [line items]
Sale of equipment and accessories	12	13	17
Other revenues	13	10	2
Total operating revenues	774	636	569
Operating segments | Bangladesh
Disclosure of operating segments [line items]
Sale of equipment and accessories	0	0	0
Other revenues	9	10	11
Total operating revenues	570	576	564
Operating segments | Uzbekistan
Disclosure of operating segments [line items]
Sale of equipment and accessories	0	0	0
Other revenues	1	0	0
Total operating revenues	268	233	194
Operating segments | Others
Disclosure of operating segments [line items]
Sale of equipment and accessories	0	0	0
Other revenues	0	0	0
Total operating revenues	55	66	81
HQ and eliminations
Disclosure of operating segments [line items]
Sale of equipment and accessories	1	0	0
Other revenues	0	0	0
Total operating revenues	(7)	(12)	(21)
Mobile
Disclosure of operating segments [line items]
Service revenues	3,362	3,428	3,536
Mobile | Operating segments | Pakistan
Disclosure of operating segments [line items]
Service revenues	1,021	1,169	1,285
Mobile | Operating segments | Ukraine
Disclosure of operating segments [line items]
Service revenues	859	906	980
Mobile | Operating segments | Kazakhstan
Disclosure of operating segments [line items]
Service revenues	603	497	459
Mobile | Operating segments | Bangladesh
Disclosure of operating segments [line items]
Service revenues	561	566	553
Mobile | Operating segments | Uzbekistan
Disclosure of operating segments [line items]
Service revenues	267	232	193
Mobile | Operating segments | Others
Disclosure of operating segments [line items]
Service revenues	55	66	81
Mobile | HQ and eliminations
Disclosure of operating segments [line items]
Service revenues	(4)	(8)	(15)
Fixed
Disclosure of operating segments [line items]
Service revenues	214	172	154
Fixed | Operating segments | Pakistan
Disclosure of operating segments [line items]
Service revenues	19	0	0
Fixed | Operating segments | Ukraine
Disclosure of operating segments [line items]
Service revenues	53	59	68
Fixed | Operating segments | Kazakhstan
Disclosure of operating segments [line items]
Service revenues	146	116	91
Fixed | Operating segments | Bangladesh
Disclosure of operating segments [line items]
Service revenues	0	0	0
Fixed | Operating segments | Uzbekistan
Disclosure of operating segments [line items]
Service revenues	0	1	1
Fixed | Operating segments | Others
Disclosure of operating segments [line items]
Service revenues	0	0	0
Fixed | HQ and eliminations
Disclosure of operating segments [line items]
Service revenues	$ (4)	$ (4)	$ (6)
[1] *Prior year comparative for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see Note 10

OPERATING REVENUE - Assets and

OPERATING REVENUE - Assets and liabilities arising from contracts with customers (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Contract balances
Receivables (billed)	$ 468	$ 493
Receivables (unbilled)	40	37
Contract liabilities	(157)	(169)
Capitalized costs
Customer acquisition costs	$ 98	$ 126

SELLING, GENERAL AND ADMINIST_3

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Selling, general and administrative expense [abstract]
Network and IT costs	$ 506	$ 503	$ 491
Personnel costs	416	411	361
Customer associated costs	386	347	413
Losses on receivables	14	28	14
Taxes, other than income taxes	74	30	50
Other	250	214	197
Total selling, general and administrative expenses	$ 1,646	$ 1,533	$ 1,526	[1]
[1] *Prior year comparative for the year ended December 31, 2021 is 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, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 PKR (₨)	Dec. 31, 2021 USD ($)
Investments in subsidiaries
Customer associated costs	$ 386	$ 347		$ 413
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, 2023	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	$ 412	$ 446
Other receivables, net of expected credit losses allowance	130	10
Total trade and other current receivables	542	456
Pakistan
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Total trade and other current receivables	259	254
Gross
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Trade receivables	508	530
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	$ (96)	$ (84)	$ (159)

TRADE AND OTHER RECEIVABLES - M

TRADE AND OTHER RECEIVABLES - Movements in the allowance for expected credit losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	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]
Expected credit losses beginning balance	$ (446)
Accruals for expected credit losses	48	$ 0	$ 0
Expected credit losses ending balance	(412)	(446)
Expected credit losses
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Expected credit losses beginning balance	84	159
Expected credit losses ending balance	96	84	$ 159
Trade receivables | Expected credit losses
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Accruals for expected credit losses	35	44
Impairment reversal	(8)	(6)
Accounts receivable written off	(6)	(64)
Reclassifications	0	(4)
Reclassification as held for sale	0	(28)
Foreign currency translation adjustment	(9)	(15)
Other movements	$ 0	$ (2)

TRADE AND OTHER RECEIVABLES - A

TRADE AND OTHER RECEIVABLES - Aging of trade receivables (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Aging of trade receivables
Trade receivables	$ 412	$ 446
Unbilled Receivables
Aging of trade receivables
Expected loss rate, %	0%	0%
Trade receivables	$ 40	$ 37
Current
Aging of trade receivables
Expected loss rate, %	1.90%	0.60%
Trade receivables	$ 311	$ 354
Trade receivables
Aging of trade receivables
Expected loss rate, %	10.60%	15.40%
Trade receivables	$ 42	$ 33
Between 31 and 120 days
Aging of trade receivables
Expected loss rate, %	50%	31%
Trade receivables	$ 18	$ 20
Greater than 120 days
Aging of trade receivables
Expected loss rate, %	98.50%	97.10%
Trade receivables		$ 2
Greater than 120 days netting
Aging of trade receivables
Trade receivables	$ 1
Cost
Aging of trade receivables
Trade receivables	508	530
Cost | Unbilled Receivables
Aging of trade receivables
Trade receivables	40	37
Cost | Current
Aging of trade receivables
Trade receivables	317	356
Cost | Trade receivables
Aging of trade receivables
Trade receivables	47	39
Cost | Between 31 and 120 days
Aging of trade receivables
Trade receivables	36	29
Cost | Greater than 120 days
Aging of trade receivables
Trade receivables	68	69
Expected credit losses
Aging of trade receivables
Trade receivables	(96)	(84)	$ (159)
Expected credit losses | Unbilled Receivables
Aging of trade receivables
Trade receivables	0	0
Expected credit losses | Current
Aging of trade receivables
Trade receivables	(6)	(2)
Expected credit losses | Trade receivables
Aging of trade receivables
Trade receivables	(5)	(6)
Expected credit losses | Between 31 and 120 days
Aging of trade receivables
Trade receivables	(18)	(9)
Expected credit losses | Greater than 120 days
Aging of trade receivables
Trade receivables	$ (67)	$ (67)

OTHER ASSETS AND LIABILITIES -

OTHER ASSETS AND LIABILITIES - Other assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Other non-current assets
Customer acquisition costs (see Note 3)	$ 98	$ 126
Tax advances (non-income tax)	6	7
Other non-financial assets	74	24
Total other non-current assets	178	157
Other current assets
Advances to suppliers	44	55
Input value added tax	45	49
Prepaid taxes	51	50
Other assets	60	54
Total other current assets	$ 200	$ 208

OTHER ASSETS AND LIABILITIES _2

OTHER ASSETS AND LIABILITIES - Other liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Other non-current liabilities
Long-term deferred revenue (see Note 3)	$ 13	$ 10
Other liabilities	16	10
Total other non-current liabilities	29	20
Other current liabilities
Taxes payable (non-income tax)	124	135
Short-term deferred revenue (see Note 3)	109	121
Customer advances (see Note 3)	35	38
Other payments to authorities	66	60
Due to employees	84	82
Other liabilities	39	39
Total other current liabilities	$ 457	$ 475

PROVISIONS AND CONTINGENT LIA_3

PROVISIONS AND CONTINGENT LIABILITIES - Movement in provisions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of other provisions [line items]
Balance at beginning of the year	$ 106	$ 196
Arising during the year	31	6
Utilized	(1)	(2)
Unused amounts reversed	(9)	(28)
Reclassification as held for sale	0	(45)
Transfer and reclassification	7	(5)
Discount rate adjustment and imputed interest	3	4
Translation adjustments and other	(12)	(20)
Balance at end of the year	125	106
Non-current	44	47
Current	81	59
Non-income tax provisions
Disclosure of other provisions [line items]
Balance at beginning of the year	49	88
Arising during the year	18	5
Utilized	0	0
Unused amounts reversed	(2)	(20)
Reclassification as held for sale	0	(11)
Transfer and reclassification	7	(4)
Discount rate adjustment and imputed interest	0	0
Translation adjustments and other	(7)	(9)
Balance at end of the year	65	49
Non-current	4	4
Current	61	45
Decommi-ssioning provision
Disclosure of other provisions [line items]
Balance at beginning of the year	43	87
Arising during the year	3	0
Utilized	(1)	(2)
Unused amounts reversed	(4)	(6)
Reclassification as held for sale	0	(30)
Transfer and reclassification	0	0
Discount rate adjustment and imputed interest	3	4
Translation adjustments and other	(4)	(10)
Balance at end of the year	40	43
Non-current	40	43
Current	0	0
Legal provision
Disclosure of other provisions [line items]
Balance at beginning of the year	9	14
Arising during the year	0	0
Utilized	0	0
Unused amounts reversed	0	0
Reclassification as held for sale	0	(4)
Transfer and reclassification	0	0
Discount rate adjustment and imputed interest	0	0
Translation adjustments and other	0	(1)
Balance at end of the year	9	9
Non-current	0	0
Current	9	9
Other provisions
Disclosure of other provisions [line items]
Balance at beginning of the year	5	7
Arising during the year	10	1
Utilized	0	0
Unused amounts reversed	(3)	(2)
Reclassification as held for sale	0	0
Transfer and reclassification	0	(1)
Discount rate adjustment and imputed interest	0	0
Translation adjustments and other	(1)	0
Balance at end of the year	11	5
Non-current	0	0
Current	$ 11	$ 5

PROVISIONS AND CONTINGENT LIA_4

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

Mar. 02, 2021

Feb. 20, 2018

Apr. 27, 2016 action

Aug. 13, 2015

May 18, 2015 BDT (৳) sim_card

Apr. 01, 2012 BDT (৳) sim_card operator

Dec. 31, 2023 USD ($)

Jun. 26, 2023 BDT (৳)

Jun. 26, 2023 USD ($)

Dec. 31, 2022 USD ($)

Nov. 20, 2017 BDT (৳)

Nov. 20, 2017 USD ($)

May 18, 2015 USD ($)

Apr. 01, 2012 USD ($)

Disclosure of other provisions [line items]

Tax and interest claim amount

৳ 8,231,000

$ 74

Interest claim

৳ 4,307,000

$ 39

Threshold value of other individual contingencies for disclosure | $

$ 5

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

205

$ 289

VEON - Securities Class Action

Disclosure of other provisions [line items]

Number of class action lawsuits filed against the company | action

2

VAT on Replacement SIMs | Banglalink Digital Communications Limited

Disclosure of other provisions [line items]

Legal provisions | $

$ 8

$ 8

NBR | VAT on Replacement SIMs | Banglalink Digital Communications Limited

Disclosure of other provisions [line items]

Unpaid SIM tax

৳ 7,740

$ 70

Number of random SIM cards purchased by NBR

5

Total number of SIM cards issued

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

$ 69

LTU | VAT on Replacement SIMs | Banglalink Digital Communications Limited

Disclosure of other provisions [line items]

Unpaid SIM tax

৳ 1,690

$ 15

Number of random SIM cards purchased by Review Committee

1,200

Percentage of incorrectly registered SIM cards

4.83%

Number of SIM cards incorrectly issued

6,887,633

SIM tax payable on incorrectly issued SIM cards

৳ 5,320

$ 48

Percentage of SIM tax deposited

10%

10%

10%

INCOME TAXES - Income tax payab

INCOME TAXES - Income tax payable (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Major components of tax expense (income) [abstract]
Current tax payable	$ 61	$ 47
Uncertain tax provisions	93	133
Total income tax payable	$ 154	$ 180

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income taxes
Current and non-current income tax assets	$ 58	$ 72
Non-recognized losses	8,968	9,381
Deferred tax liabilities	26	36
Recognized losses	388	410
Pillar Two Tax
Income taxes
Recognized losses	8,098
Unused tax credits for Pillar Two Tax	126
Luxembourg
Income taxes
Non-recognized losses	6,232	6,776
Netherlands
Income taxes
Non-recognized losses	2,572	2,352
Pakistan, Uzbekistan and Kazakhstan
Income taxes
Deferred tax liabilities	19	29
Foreign subsidiaries outside Netherlands
Income taxes
Undistributed earnings of VEON's foreign subsidiaries	6,241	6,105
Pakistan Mobile Communications Limited
Income taxes
Estimated financial effect of contingent liabilities	$ 355	$ 193

INCOME TAXES - Income tax expen

INCOME TAXES - Income tax expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current income taxes
Current year	$ 249	$ 271	$ 273
Adjustments in respect of previous years	13	10	47
Total current income taxes	262	281	320
Deferred income taxes
Movement of temporary differences and losses	(114)	(50)	38
Changes in tax rates	(4)	(4)	0
Changes in recognized deferred tax assets	35	(117)	0
Adjustments in respect of previous years	1	(5)	(21)
Other	(1)	(36)	7
Total deferred tax expense / (benefit)	(83)	(212)	24
Income tax expense	$ 179	$ 69	$ 344	[1]
[1] *Prior year comparative for the year ended December 31, 2021 is 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective income tax rate reconciliation, difference due to tax effects
Profit / (loss) before tax from continuing operations	$ 559	$ 802	$ 464
Income tax benefit / (expense) at statutory tax rate (25.8%)	(144)	(207)	(116)
Different tax rates in different jurisdictions	66	45	(5)
Non-deductible expenses	(50)	(46)	(35)
Non-taxable income	30	11	(3)
Adjustments in respect of previous years	(14)	(6)	(25)
Movements in (un)recognized deferred tax assets	(35)	117	(76)
Recognized losses	388	410
Withholding taxes	(32)	38	(73)
Uncertain tax positions	2	(25)	(7)
Change in income tax rate	4	4	0
Other	(6)	0	(4)
Income tax benefit / (expense)	$ (179)	$ (69)	$ (344)	[1]
Effective tax rate	32%	8.60%	74.10%
Bangladesh
Effective income tax rate reconciliation, difference due to tax effects
Recognized losses		$ 108
Russia
Effective income tax rate reconciliation, difference due to tax effects
Withholding taxes	$ (16)
Pakistan, Uzbekistan and Kazakhstan
Effective income tax rate reconciliation, difference due to tax effects
Withholding taxes	(15)
Russia, Ukraine and Pakistan
Effective income tax rate reconciliation, difference due to tax effects
Withholding taxes		$ (38)
Netherlands and Luxembourg
Effective income tax rate reconciliation, difference due to tax effects
Recognized losses	0
Dutch Holdings
Effective income tax rate reconciliation, difference due to tax effects
Non-taxable income	$ 25
[1] *Prior year comparative for the year ended December 31, 2021 is 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Major components of tax expense (income) [abstract]
Deferred tax assets	$ 312	$ 274
Deferred tax liabilities	(26)	(36)
Net deferred tax position	$ 286	$ 238	$ 113

INCOME TAXES - Deferred tax ass

INCOME TAXES - Deferred tax assets and liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liability (asset) beginning balance	$ 238	$ 113
Net income statement movement	82	212
Held for sale	0	(46)
Other movements	(34)	(41)
Deferred tax liability (asset) ending balance	286	238
Property and equipment
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liability (asset) beginning balance	(82)	(100)
Net income statement movement	23	(45)
Held for sale	0	35
Other movements	11	28
Deferred tax liability (asset) ending balance	(48)	(82)
Intangible assets
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liability (asset) beginning balance	59	36
Net income statement movement	14	59
Held for sale	0	(13)
Other movements	(9)	(23)
Deferred tax liability (asset) ending balance	64	59
Trade receivables
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liability (asset) beginning balance	21	32
Net income statement movement	5	(20)
Held for sale	0	7
Other movements	(2)	2
Deferred tax liability (asset) ending balance	24	21
Provisions
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liability (asset) beginning balance	15	17
Net income statement movement	(2)	7
Held for sale	0	(7)
Other movements	(1)	(2)
Deferred tax liability (asset) ending balance	12	15
Accounts payable
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liability (asset) beginning balance	36	90
Net income statement movement	25	32
Held for sale	0	(65)
Other movements	(7)	(21)
Deferred tax liability (asset) ending balance	54	36
Withholding tax on undistributed earnings
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liability (asset) beginning balance	(29)	(98)
Net income statement movement	8	69
Held for sale	0	0
Other movements	2	0
Deferred tax liability (asset) ending balance	(19)	(29)
Tax losses and other balances carried forwards
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liability (asset) beginning balance	2,600	2,626
Net income statement movement	149	41
Held for sale	0	(3)
Other movements	(290)	(64)
Deferred tax liability (asset) ending balance	2,459	2,600
Non-recognized deferred tax assets
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liability (asset) beginning balance	(2,395)	(2,498)
Net income statement movement	(147)	57
Held for sale	0	0
Other movements	265	46
Deferred tax liability (asset) ending balance	(2,277)	(2,395)
Other
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liability (asset) beginning balance	13	8
Net income statement movement	7	12
Held for sale	0	0
Other movements	(3)	(7)
Deferred tax liability (asset) ending balance	$ 17	$ 13

INCOME TAXES - Tax losses year

INCOME TAXES - Tax losses year of expiration (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Tax losses expiry
Recognized losses	$ (388)	$ (410)
Recognized DTA	146	159
Non-recognized losses	(8,968)	(9,381)
Non-recognized DTA	2,251	2,357
Other credits carried forwards expiry
Recognized credits	(36)	(46)
Recognized DTA	36	46
Non-recognized credits	(97)	(147)
Non-recognized DTA	26	38
0-5 years
Tax losses expiry
Recognized losses	0	0
Recognized DTA	0	0
Non-recognized losses	0	0
Non-recognized DTA	0	0
Other credits carried forwards expiry
Recognized credits	0	(1)
Recognized DTA	0	1
Non-recognized credits	0	0
Non-recognized DTA	0	0
6-10 years
Tax losses expiry
Recognized losses	0	0
Recognized DTA	0	0
Non-recognized losses	0	0
Non-recognized DTA	0	0
Other credits carried forwards expiry
Recognized credits	(36)	(45)
Recognized DTA	36	45
Non-recognized credits	0	0
Non-recognized DTA	0	0
More than 10 years
Tax losses expiry
Recognized losses	0	0
Recognized DTA	0	0
Non-recognized losses	(1,204)	(853)
Non-recognized DTA	300	213
Other credits carried forwards expiry
Recognized credits	0	0
Recognized DTA	0	0
Non-recognized credits	0	0
Non-recognized DTA	0	0
Indefinite
Tax losses expiry
Recognized losses	(388)	(410)
Recognized DTA	146	159
Non-recognized losses	(7,764)	(8,528)
Non-recognized DTA	1,951	2,144
Other credits carried forwards expiry
Recognized credits	0	0
Recognized DTA	0	0
Non-recognized credits	(97)	(147)
Non-recognized DTA	$ 26	$ 38

SIGNIFICANT TRANSACTIONS - Sign

SIGNIFICANT TRANSACTIONS - Significant Transactions in 2023 (Details) ৳ in Millions, $ in Millions, ₽ in Billions							1 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) renewalPeriod	Dec. 31, 2023 BDT (৳) renewalPeriod	Nov. 15, 2023 BDT (৳) tower	Oct. 09, 2023 USD ($)	Nov. 24, 2022 USD ($)	Nov. 24, 2022 RUB (₽)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 BDT (৳)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 BDT (৳)
Maturity profile of the Group's financial liabilities
Reclassification of accumulated foreign currency translation reserve and net investment hedge reserve to profit or loss upon disposal of foreign operation								$ (3,414)		$ (558)	$ 0
Right-of-use assets	$ 821							821		706	1,833
Additions								318		526
Foreign currency translation								598		480	200
Russia
Maturity profile of the Group's financial liabilities
Loss on disposal								3,746		$ 0	$ 0
Russia | Assets and liabilities classified as held for sale | Discontinued operations
Maturity profile of the Group's financial liabilities
Consideration received in cash								1,294
Loss on disposal								3,746
Reclassification of accumulated foreign currency translation reserve and net investment hedge reserve to profit or loss upon disposal of foreign operation								3,414
Russia
Maturity profile of the Group's financial liabilities
Consideration received in cash				$ 1,294	$ 1,294	₽ 130
Deferred consideration, receivable reassigned	11							11
Tower portfolio in Bangladesh
Maturity profile of the Group's financial liabilities
Right-of-use assets	45							45				৳ 5,000
Lease liabilities	92							92				10,000
Unitel LLC | Russia
Maturity profile of the Group's financial liabilities
Notional amount				$ 1,576
Deferred consideration	72							72
Unitel LLC | Russia | Issue of notes
Maturity profile of the Group's financial liabilities
Notional amount	1,005							1,005
PJSC Vimpelcom | Russia | Issue of notes
Maturity profile of the Group's financial liabilities
Notional amount	72							72
Banglalink Digital Communications Limited | Tower portfolio in Bangladesh
Maturity profile of the Group's financial liabilities
Number of towers | tower			2,012
Towers sold as a percentage of total infrastructure portfolio			0.3333
Consideration received for PPE	$ 97	৳ 11,000	৳ 11,000
Lease period	12 years	12 years
Number of optional agreement renewals | renewalPeriod	7	7
Renewal period	10 years	10 years
Legal and regulatory costs	$ 8	৳ 855
Gains from sale and leaseback	34	4,000
Right-of-use assets	5							5				550
Disposals, property, plant and equipment	9	৳ 950
Lease liabilities	$ 52							52				৳ 6,000
Additional lease liabilities recognized								40	৳ 4,000
Additions								40	৳ 4,000
PJSC Vimpelcom | VEON Holdings B.V.
Maturity profile of the Group's financial liabilities
Proceeds								$ 2,140
Debt repayment							$ 406

SIGNIFICANT TRANSACTIONS - Si_2

SIGNIFICANT TRANSACTIONS - Significant Transactions in 2022 and 2021 (Details) ₽ in Millions, $ / mHz in Millions, $ in Millions, ৳ in Billions

1 Months Ended

12 Months Ended

Oct. 09, 2023 USD ($)

Nov. 24, 2022 USD ($)

Nov. 24, 2022 RUB (₽)

Aug. 05, 2022 USD ($)

Jun. 08, 2022 USD ($)

Dec. 01, 2021 USD ($)

Sep. 05, 2021 USD ($)

Sep. 05, 2021 RUB (₽)

Jul. 19, 2021 USD ($)

Jul. 01, 2021

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

Jun. 30, 2021 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($) tower extensionOption

Mar. 31, 2021 USD ($) numberOfMegahertz

Mar. 31, 2021 BDT (৳) numberOfMegahertz

Aug. 21, 2019

Investments in subsidiaries

Gain on disposal of subsidiaries

$ 0

$ 88

$ 0

[1]

Disposal of subsidiaries with non-controlling interests

(16)

(824)

Gains (losses) on exchange differences on translation of foreign operations, net of tax

480

Lease, renewal options | extensionOption

10

Goodwill

349

394

$ 1,542

Right-of-use assets

821

706

$ 1,833

Trade receivables (including contract assets)

486

191

Licences

Investments in subsidiaries

Additions

$ 384

Service cost liability

65

At amortized cost

Investments in subsidiaries

Trade receivables (including contract assets)

445

133

At amortized cost | Security deposits and cash collateral

Investments in subsidiaries

Trade receivables (including contract assets)

$ 103

$ 63

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

Algeria

Investments in subsidiaries

Consideration received in cash

$ 682

Put option, percentage ownership sold (in percentage)

45.57%

VEON Georgia LLC

Investments in subsidiaries

Gain on disposal of subsidiaries

$ 88

VEON Georgia LLC | Reserve of exchange differences on translation

Investments in subsidiaries

Disposal of subsidiaries with non-controlling interests

78

VEON Georgia LLC | VEON Georgia Holdings B.V.

Investments in subsidiaries

Consideration received in cash

$ 45

National Tower Company J C S N T C

Investments in subsidiaries

Consideration received in cash

$ 945

₽ 70,650

Gain on disposal of subsidiaries

$ 101

Goodwill

$ 215

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 | 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

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%

Russia

Investments in subsidiaries

Consideration received in cash

$ 1,294

$ 1,294

₽ 130,000

[1] *Prior year comparative for the year ended December 31, 2021 is 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. 01, 2021 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 total assets and liabilities classified as held-for-sale (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Assets classified as held for sale	$ 0	$ 5,792
Liabilities associated with assets held for sale	0	4,232
Assets and liabilities classified as held for sale
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Assets classified as held for sale	0	5,792
Liabilities associated with assets held for sale	0	4,232
Assets and liabilities classified as held for sale | Russia
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Assets classified as held for sale	0	5,792
Liabilities associated with assets held for sale	$ 0	$ 4,232

HELD FOR SALE AND DISCONTINUE_4

HELD FOR SALE AND DISCONTINUED OPERATIONS - Summary of total profit/ (loss) and other comprehensive income of discontinued operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Analysis of Profit or Loss of Disposal Groups [Line Items]
(Loss) / Profit after tax from discontinued operations and disposals of discontinued operations	$ (2,830)	$ (742)	$ 681	[1]
(Loss) / Profit after tax from discontinued operations and disposals of discontinued operations	(2,830)	(742)	681
Algeria
Disclosure of Analysis of Profit or Loss of Disposal Groups [Line Items]
(Loss) / Profit after tax from discontinued operations and disposals of discontinued operations	0	144	151
Loss on disposal	0	(722)	0
Russia
Disclosure of Analysis of Profit or Loss of Disposal Groups [Line Items]
(Loss) / Profit after tax from discontinued operations and disposals of discontinued operations	916	(164)	530
Loss on disposal	$ (3,746)	$ 0	$ 0
[1] *Prior year comparative for the year ended December 31, 2021 is 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							1 Months Ended	3 Months Ended	6 Months Ended	7 Months Ended	9 Months Ended	12 Months Ended
	Oct. 09, 2023 USD ($)	Nov. 24, 2022 USD ($)	Nov. 24, 2022 RUB (₽)	Sep. 30, 2022 USD ($)	Aug. 05, 2022 USD ($)	Jul. 01, 2021	Sep. 30, 2023 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Aug. 05, 2022 USD ($)	Oct. 09, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)		Sep. 13, 2023	Dec. 31, 2020 USD ($)
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Profit (loss) from discontinued operations												$ 2,830	$ 742	$ (681)	[1]
Equity												(1,071)	(767)	(1,505)			$ (1,013)
Impairment loss / (reversal)												(6)	(107)	27	[1]
Algeria
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Consideration received in cash					$ 682
Profit (loss) from discontinued operations												0	(144)	(151)
Put option, percentage ownership sold (in percentage)						45.57%
Russia
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Profit (loss) from discontinued operations												(916)	164	(530)
Assets and liabilities classified as held for sale | Algeria
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Profit (loss) from discontinued operations										$ (144)				(151)
Assets and liabilities classified as held for sale | Russia
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Profit (loss) from discontinued operations											$ (916)		164	(530)
Impairment loss recognised in profit or loss, goodwill									$ 281		281		446	0
Carrying amount of net assets at disposal							$ 165		(168)
Recoverable amount									152
Reserve of exchange differences on translation
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Equity												5,990	8,808	8,933			8,775
Total
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Equity												(858)	$ (569)	$ (586)			$ (163)
Total | Assets and liabilities classified as held for sale | Russia
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Carrying amount of net assets at disposal							179		$ (152)
PJSC Vimpelcom | VEON Holdings B.V.
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Proceeds												2,140
Debt repayment							$ 406
Russia
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Consideration received in cash	$ 1,294	$ 1,294	₽ 130
Percentage of bonds approved for transfer																95%
Profit (loss) from discontinued operations	3,700
Impairment loss recognised in profit or loss, goodwill								$ 446
Recoverable amount								$ 1,886
Impairment loss / (reversal)				$ 0
Russia | Reserve of exchange differences on translation
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Equity	3,400										3,400
Russia | Unitel LLC
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Notional amount	$ 1,576										$ 1,576
Deferred consideration												72
Russia | Unitel LLC | Issue of notes
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Notional amount												1,005
Russia | PJSC Vimpelcom | Issue of notes
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Notional amount												$ 72
[1] *Prior year comparative for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see Note 10

HELD FOR SALE AND DISCONTINUE_6

HELD FOR SALE AND DISCONTINUED OPERATIONS - Summary of assets and liabilities classified as discontinued operations (Details) - USD ($) $ in Millions	Dec. 31, 2023	Oct. 09, 2023	Dec. 31, 2022	Aug. 05, 2022	Dec. 31, 2021
Assets
Goodwill	$ 349		$ 394		$ 1,542
Other non-current assets	178		157
Inventories	23		18
Other current assets	200		208
Total assets	8,218		15,083
Non-current liabilities
Other non-current liabilities	29		20
Non-current liabilities	3,563		5,439
Current liabilities
Current liabilities	$ 3,584		4,645
Russia
Assets
Goodwill			0		1,084
Assets and liabilities classified as held for sale | Algeria
Assets
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				1,897	1,846
Non-current liabilities
Non-current liabilities				91	106
Current liabilities
Current liabilities				276	285
Total liabilities disposed				$ 367	$ 391
Assets and liabilities classified as held for sale | Russia
Assets
Property and equipment		$ 3,216	3,941
Intangible assets excl. goodwill		386	356
Goodwill		155	617
Deferred tax assets		72	78
Other non-current assets		1,328	50
Inventories		53	113
Trade and other receivables		287	367
Other current assets		839	270
Total assets		6,336	5,792
Non-current liabilities
Debt and Derivatives – NCL		3,641	2,888
Other non-current liabilities		26	64
Current liabilities
Trade and other payables		494	691
Debt & Derivatives – CL		233	306
Other non-financial liabilities		300	283
Total liabilities disposed		$ 4,694	$ 4,232

HELD FOR SALE AND DISCONTINUE_7

HELD FOR SALE AND DISCONTINUED OPERATIONS - Summary of profit loss and other comprehensive income relating to discontinued operations (Details) - USD ($) $ in Millions	6 Months Ended	7 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2023	Aug. 05, 2022	Oct. 09, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Operating revenue				$ 3,698	$ 3,755	$ 3,850
Profit / (loss) after tax for the period				(2,830)	(742)	681	[1]
Other comprehensive (loss)				2,797	105	(203)
Total comprehensive income / (loss)				347	96	598
Algeria
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Profit / (loss) after tax for the period				0	144	151
Russia
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Profit / (loss) after tax for the period				$ 916	(164)	530
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
Operating expenses		(212)				(470)
Other expenses		(7)				(17)
Profit / (loss) before tax for the period		159				172
Income taxes		(15)				(21)
Profit / (loss) after tax for the period		144				151
Other comprehensive (loss)		(65)				(68)
Total comprehensive income / (loss)		$ 79				83
Assets and liabilities classified as held for sale | Russia
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Operating revenue			$ 2,780		4,277	3,943
Operating expenses			(1,865)		(3,993)	(3,424)
Other expenses			42		(424)	(76)
Profit / (loss) before tax for the period			957		(140)	443
Income taxes			(41)		(24)	87
Profit / (loss) after tax for the period			916		(164)	530
Other comprehensive (loss)			(421)		(29)	(10)
Total comprehensive income / (loss)			495		(193)	520
Impairment loss recognised in profit or loss, goodwill	$ 281		$ 281		$ 446	$ 0
[1] *Prior year comparative for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see Note 10

HELD FOR SALE AND DISCONTINUE_8

HELD FOR SALE AND DISCONTINUED OPERATIONS - Results of disposal (Details) - USD ($) $ in Millions		12 Months Ended
	Aug. 05, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2023	Jun. 30, 2023
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Disposal of subsidiaries with non-controlling interests		$ 16	$ 824
Reclassifications of:
foreign currency translation reserve			(558)
Reclassification of accumulated foreign currency translation reserve and net investment hedge reserve to profit or loss upon disposal of foreign operation		3,414	558	$ 0
Algeria
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Consideration received in cash	$ 682
Reclassifications of:
Loss on disposal		0	(722)	0
Russia
Reclassifications of:
Loss on disposal		(3,746)	0	$ 0
Assets and liabilities classified as held for sale | Russia
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Carrying amount of net assets at disposal					$ 165	$ (168)
Assets and liabilities classified as held for sale | Discontinued operations | Algeria
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)
Disposal of subsidiaries with non-controlling interests			824
Loss on sale before reclassification of foreign currency translation reserve			(24)
Reclassifications of:
foreign currency translation reserve			(698)
Loss on disposal			(722)
Assets and liabilities classified as held for sale | Discontinued operations | Algeria | Cash and cash equivalents
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Carrying amount of net assets at disposal			$ 175
Assets and liabilities classified as held for sale | Discontinued operations | Russia
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Consideration received in cash		1,294
Carrying amount of net assets at disposal		(1,642)
Disposal of subsidiaries with non-controlling interests		16
Loss on sale before reclassification of foreign currency translation reserve		(332)
Reclassifications of:
foreign currency translation reserve		(3,384)
net investment hedge reserves		(30)
Reclassification of accumulated foreign currency translation reserve and net investment hedge reserve to profit or loss upon disposal of foreign operation		(3,414)
Loss on disposal		(3,746)
Assets and liabilities classified as held for sale | Discontinued operations | Russia | Cash and cash equivalents
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Carrying amount of net assets at disposal		$ (715)

HELD FOR SALE AND DISCONTINUE_9

HELD FOR SALE AND DISCONTINUED OPERATIONS - Recoverable Amount of CGU, Key Assumptions (Details)	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Dec. 31, 2023
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%
Average annual revenue discount rate, terminal period (in percent)	0%	0%
Average annual revenue discount rate, combined average (in percent)	20.50%	9.30%
Average annual revenue growth rate, explicit forecast period (in percent)	6.20%	5%
Average annual revenue growth rate, terminal period (in percent)	1.60%	1.60%
Average annual revenue growth rate, combined average (in percent)	5.50%	4.40%
Average operating margin, explicit forecast period (in percent)	32.40%	33.20%
Average operating margin, terminal period (in percent)	35%	35.50%
Average operating margin, combined average (in percent)	32.80%	33.60%
Average CAPEX / revenue, explicit forecast (in percent)	20.30%	25.40%
Average CAPEX / revenue, terminal period (in percent)	18%	21%
Average CAPEX / revenue, combined average (in percent)	19.90%	24.70%

IMPAIRMENT OF ASSETS - Impairme

IMPAIRMENT OF ASSETS - Impairment losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)	$ (6)	$ (107)	$ 27	[1]
Bangladesh
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)		(100)
Kyrgyzstan
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)		(49)	19
Ukraine
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)	1	36
Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)	(7)	6	8
Property and equipment
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)	(6)	(19)	20
Property and equipment | Bangladesh
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)		(32)
Property and equipment | Kyrgyzstan
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)		(29)	12
Property and equipment | Ukraine
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)	1	35
Property and equipment | Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)	$ (7)	7	8
Intangible assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)		(77)	5
Intangible assets | Bangladesh
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)		(68)
Intangible assets | Kyrgyzstan
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)		(9)	5
Intangible assets | Ukraine
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)		1
Intangible assets | Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)		(1)	0
Goodwill
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)		0	0
Goodwill | Bangladesh
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)		0
Goodwill | Kyrgyzstan
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)		0	0
Goodwill | Ukraine
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)		0
Goodwill | Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)		0	0
Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)		(11)	2
Other | Bangladesh
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)		0
Other | Kyrgyzstan
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)		(11)	2
Other | Ukraine
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)		0
Other | Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss / (reversal)		$ 0	$ 0
[1] *Prior year comparative for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see Note 10

IMPAIRMENT OF ASSETS - Impair_2

IMPAIRMENT OF ASSETS - Impairment losses 2023 and 2022 - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2018
Impairment losses
Impairment loss / (reversal)		$ (6)	$ (107)	$ 27	[1]
Accruals for expected credit losses		48	0	0
Non-current assets		5,060	5,310
Bangladesh
Impairment losses
Impairment loss / (reversal)			(100)
Accruals for expected credit losses						$ 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
Impairment losses
Impairment reversal	19
Kyrgyzstan
Impairment losses
Impairment loss / (reversal)			$ (49)	19
Accruals for expected credit losses				$ 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
CGUs Other Than Ukraine
Impairment losses
Impairment loss / (reversal)		$ 0
[1] *Prior year comparative for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see Note 10

IMPAIRMENT OF ASSETS - Key Assu

IMPAIRMENT OF ASSETS - Key Assumptions- Narrative (Details)	12 Months Ended
	Dec. 31, 2023
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, 2023	Dec. 31, 2022	Dec. 31, 2021
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
Cash flow forecasts for license and spectrum payments term	5 years
Pakistan
Disclosure of impairment loss and reversal of impairment loss [line items]
Average annual revenue discount rate, combined average (in percent)	19.60%	19.50%	14.70%
Average annual revenue growth rate, combined average (in percent)	16.50%	12%	4.80%
Terminal growth rate	4%	4%	5.50%
Average operating margin, combined average (in percent)	43.60%	40.90%	43.60%
Average operating margin, terminal period (in percent)	40%	40%	42%
Average CAPEX / revenue, combined average (in percent)	11.30%	15.80%	22%
Average CAPEX / revenue, terminal period (in percent)	14%	16%	20%
Bangladesh
Disclosure of impairment loss and reversal of impairment loss [line items]
Average annual revenue discount rate, combined average (in percent)	13.90%	14.60%	0%
Average annual revenue growth rate, combined average (in percent)	12.90%	12.60%	0%
Terminal growth rate	3.50%	3.50%	0%
Average operating margin, combined average (in percent)	30.70%	32.60%	0%
Average operating margin, terminal period (in percent)	33.50%	36.30%	0%
Average CAPEX / revenue, combined average (in percent)	17.60%	18%	0%
Average CAPEX / revenue, terminal period (in percent)	17%	17%	0%
Kazakhstan
Disclosure of impairment loss and reversal of impairment loss [line items]
Average annual revenue discount rate, combined average (in percent)	12.90%	13.80%	9.40%
Average annual revenue growth rate, combined average (in percent)	13.20%	12.30%	3.60%
Terminal growth rate	1%	1%	1%
Average operating margin, combined average (in percent)	49.50%	49.20%	48.90%
Average operating margin, terminal period (in percent)	45%	45%	47%
Average CAPEX / revenue, combined average (in percent)	16%	18.60%	20%
Average CAPEX / revenue, terminal period (in percent)	17.50%	18.50%	20%
Kyrgyzstan
Disclosure of impairment loss and reversal of impairment loss [line items]
Average annual revenue discount rate, combined average (in percent)	17%	19%	0%
Average annual revenue growth rate, combined average (in percent)	11.80%	11.40%	0%
Terminal growth rate	3%	3%	0%
Average operating margin, combined average (in percent)	36.20%	36.70%	0%
Average operating margin, terminal period (in percent)	33.50%	33.70%	0%
Average CAPEX / revenue, combined average (in percent)	17.70%	20.10%	0%
Average CAPEX / revenue, terminal period (in percent)	21%	23%	0%
Uzbekistan
Disclosure of impairment loss and reversal of impairment loss [line items]
Average annual revenue discount rate, combined average (in percent)	14.70%	15.80%	11.80%
Average annual revenue growth rate, combined average (in percent)	22.30%	19.30%	3.70%
Terminal growth rate	2.50%	2.50%	3%
Average operating margin, combined average (in percent)	40%	43.60%	40.90%
Average operating margin, terminal period (in percent)	40%	41%	34%
Average CAPEX / revenue, combined average (in percent)	22.10%	18%	20.20%
Average CAPEX / revenue, terminal period (in percent)	20%	20%	21%
Ukraine
Disclosure of impairment loss and reversal of impairment loss [line items]
Average annual revenue discount rate, combined average (in percent)	20.80%	21.70%	0%
Average annual revenue growth rate, combined average (in percent)	8.80%	8.60%	0%
Terminal growth rate	1%	1%	0%
Average operating margin, combined average (in percent)	51.80%	51.20%	0%
Average operating margin, terminal period (in percent)	50%	50%	0%
Average CAPEX / revenue, combined average (in percent)	19.10%	18.90%	0%
Average CAPEX / revenue, terminal period (in percent)	20%	20%	0%

IMPAIRMENT OF ASSETS - Sensitiv

IMPAIRMENT OF ASSETS - Sensitivity Analysis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2021
Bangladesh
Disclosure of impairment loss and reversal of impairment loss [line items]
Average annual revenue discount rate, combined average (in percent)	14.60%	13.90%	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%	17%	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, 2023	Dec. 31, 2022
Reconciliation of changes in property, plant and equipment [abstract]
Property and equipment at beginning of period	$ 2,848	$ 6,717
Right-of-use assets
Additions	318	526
Disposals	(28)	(15)
Depreciation charge for the year	(146)	(139)
Divestment and reclassification as held for sale		(1,393)
Impairment		(8)
Impairment reversal	2	6
Transfers	0	(5)
Translation adjustment	(60)	(125)
Total
Additions	869	1,285
Disposals	(28)	(70)
Depreciation charge for the year	(527)	(557)
Divestment and reclassification as held for sale	(13)	(4,013)
Impairment	(8)	(54)
Impairment reversal	14	73
Transfers	(17)	(4)
Modifications of right-of-use assets	29	26
Translation adjustment	(269)	(555)
Property and equipment at end of period	2,898	2,848
Cost
Total
Property and equipment at end of period	6,617
Accumulated depreciation and impairment
Total
Property and equipment at end of period	(3,719)
Telecommunication equipment
Reconciliation of changes in property, plant and equipment [abstract]
Property and equipment at beginning of period	1,698	3,860
Property, plant and equipment
Additions	79	67
Disposals	(1)	(40)
Depreciation charge for the year	(349)	(382)
Divestment and reclassification as held for sale	(12)	(1,991)
Impairment	(3)	(38)
Impairment reversal	2	57
Transfers	456	528
Modifications of right-of-use assets	0	0
Translation adjustment	(182)	(363)
Total
Property and equipment at end of period	1,688	1,698
Telecommunication equipment | Cost
Total
Property and equipment at end of period	4,585
Telecommunication equipment | Accumulated depreciation and impairment
Total
Property and equipment at end of period	(2,897)
Land, buildings and constructions
Reconciliation of changes in property, plant and equipment [abstract]
Property and equipment at beginning of period	61	151
Property, plant and equipment
Additions	3	7
Disposals	0	(1)
Depreciation charge for the year	(6)	(7)
Divestment and reclassification as held for sale	0	(80)
Impairment	0	(2)
Impairment reversal	0	1
Transfers	7	5
Modifications of right-of-use assets	0	0
Translation adjustment	(4)	(13)
Total
Property and equipment at end of period	61	61
Land, buildings and constructions | Cost
Total
Property and equipment at end of period	151
Land, buildings and constructions | Accumulated depreciation and impairment
Total
Property and equipment at end of period	(90)
Office and other equipment
Reconciliation of changes in property, plant and equipment [abstract]
Property and equipment at beginning of period	97	422
Property, plant and equipment
Additions	31	23
Disposals	(3)	(4)
Depreciation charge for the year	(26)	(29)
Divestment and reclassification as held for sale	(1)	(314)
Impairment	(3)	(3)
Impairment reversal	0	3
Transfers	12	13
Modifications of right-of-use assets	0	0
Translation adjustment	(5)	(14)
Total
Property and equipment at end of period	102	97
Office and other equipment | Cost
Total
Property and equipment at end of period	398
Office and other equipment | Accumulated depreciation and impairment
Total
Property and equipment at end of period	(296)
Equipment not installed and assets under construction
Reconciliation of changes in property, plant and equipment [abstract]
Property and equipment at beginning of period	286	451
Property, plant and equipment
Additions	438	662
Disposals		(10)
Depreciation charge for the year	0	0
Divestment and reclassification as held for sale	0	(235)
Impairment	(2)	(3)
Impairment reversal	10	6
Transfers	(492)	(545)
Modifications of right-of-use assets	0	0
Translation adjustment	(18)	(40)
Total
Property and equipment at end of period	226	286
Equipment not installed and assets under construction | Cost
Total
Property and equipment at end of period	240
Equipment not installed and assets under construction | Accumulated depreciation and impairment
Total
Property and equipment at end of period	(14)
Equipment not installed and assets under construction
Property, plant and equipment
Disposals	4
Right-of-use assets
Reconciliation of changes in property, plant and equipment [abstract]
Property and equipment at beginning of period	706	1,833
Right-of-use assets
Additions	318	526
Disposals	(28)	(15)
Depreciation charge for the year	(146)	(139)
Divestment and reclassification as held for sale	0	(1,393)
Impairment	0	(8)
Impairment reversal	2	6
Transfers	0	(5)
Modifications of right-of-use assets	29	26
Translation adjustment	(60)	(125)
Total
Property and equipment at end of period	821	$ 706
Right-of-use assets | Cost
Total
Property and equipment at end of period	1,243
Right-of-use assets | Accumulated depreciation and impairment
Total
Property and equipment at end of period	$ (422)

PROPERTY AND EQUIPMENT - Narrat

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of quantitative information about right-of-use assets [line items]
Acquired property and equipment, not yet paid	$ 291	$ 306
Property plant and equipment pledged as security for bank borrowings	575	$ 688
Bangladesh
Disclosure of quantitative information about right-of-use assets [line items]
Reversal of impairment loss	(32)
Kyrgyzstan
Disclosure of quantitative information about right-of-use assets [line items]
Reversal of impairment loss	(29)
Ukraine
Disclosure of quantitative information about right-of-use assets [line items]
Reversal of impairment loss	$ (35)

PROPERTY AND EQUIPMENT - Move_2

PROPERTY AND EQUIPMENT - Movement in right-of-use assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at beginning of period	$ 706	$ 1,833
Additions	318	526
Disposals	(28)	(15)
Depreciation charge for the year	(146)	(139)
Divestment and reclassification as held for sale		(1,393)
Impairment		(8)
Impairment reversal	2	6
Transfers	0	(5)
Modifications and reassessments	29	26
Translation adjustment	(60)	(125)
Right-of-use assets at end of period	821	706
Cost
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	1,243
Accumulated depreciation and impairment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	(422)
Telecommunication equipment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at beginning of period	661	1,567
Additions	271	513
Disposals	(25)	(12)
Depreciation charge for the year	(131)	(125)
Divestment and reclassification as held for sale		(1,175)
Impairment		(8)
Impairment reversal	2	2
Transfers	1	(4)
Modifications and reassessments	25	20
Translation adjustment	(57)	(117)
Right-of-use assets at end of period	747	661
Telecommunication equipment | Cost
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	1,124
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	(377)
Land, buildings and constructions
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at beginning of period	44	260
Additions	32	13
Disposals	(3)	(3)
Depreciation charge for the year	(13)	(12)
Divestment and reclassification as held for sale		(216)
Impairment		0
Impairment reversal	0	4
Transfers	(1)	(1)
Modifications and reassessments	5	6
Translation adjustment	(3)	(7)
Right-of-use assets at end of period	61	44
Land, buildings and constructions | Cost
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	101
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	1	6
Additions	15	0
Disposals	0	0
Depreciation charge for the year	(2)	(2)
Divestment and reclassification as held for sale		(2)
Impairment		0
Impairment reversal	0	0
Transfers	0	0
Modifications and reassessments	(1)	0
Translation adjustment	0	(1)
Right-of-use assets at end of period	13	$ 1
Office and other equipment | Cost
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	18
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	$ (5)

PROPERTY AND EQUIPMENT - Commit

PROPERTY AND EQUIPMENT - Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of capital commitments [line items]
Total commitments	$ 139	$ 272
Less than 1 year
Disclosure of capital commitments [line items]
Total commitments	$ 139	$ 272

PROPERTY AND EQUIPMENT - Useful

PROPERTY AND EQUIPMENT - Useful life of property and equipment (Details)	12 Months Ended
	Dec. 31, 2023
Bottom of range | Telecommunication equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	3 years
Bottom of range | Buildings and constructions
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	10 years
Bottom of range | Office and other equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	2 years
Top of range | Telecommunication equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	30 years
Top of range | Buildings and constructions
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	50 years
Top of range | 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [abstract]
Goodwill at beginning of period	$ 394	$ 1,542
Addition		10
Translation adjustment	(45)	(74)
Goodwill at end of period	349	394	$ 1,542
Intangible assets and goodwill [abstract]
Balance at beginning of the period	1,960	3,244
Additions	101	632
Disposals		(7)
Amortization	(208)	(221)	(194)	[1]
Reclassification as held for sale		(1,377)
Impairment reversal		77
Transfer	5	0
Translation adjustment	(239)	(388)
Balance at end of the period	1,619	1,960	3,244
Telecommunication licenses, frequencies & permissions
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at beginning of period	1,334	1,202
Additions	4	526
Disposals		(5)
Amortization charge for the year	(131)	(139)
Reclassification as held for sale		(84)
Impairment reversal		75
Transfer	(1)	0
Translation adjustment	(180)	(241)
Intangible assets excl. goodwill at end of period	1,026	1,334	1,202
Software
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at beginning of period	169	350
Additions	92	74
Disposals		(2)
Amortization charge for the year	(67)	(71)
Reclassification as held for sale		(150)
Impairment reversal		2
Transfer	7	3
Translation adjustment	(8)	(37)
Intangible assets excl. goodwill at end of period	193	169	350
Brands and trademarks
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at beginning of period	7	14
Additions	0	1
Disposals		0
Amortization charge for the year	(3)	(3)
Reclassification as held for sale		(2)
Impairment reversal		0
Transfer	0	0
Translation adjustment	0	(3)
Intangible assets excl. goodwill at end of period	4	7	14
Customer relationships
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at beginning of period	54	100
Additions	0	2
Disposals		0
Amortization charge for the year	(6)	(8)
Reclassification as held for sale		(22)
Impairment reversal		0
Transfer	0	0
Translation adjustment	(6)	(18)
Intangible assets excl. goodwill at end of period	42	54	100
Other intangible assets
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at beginning of period	2	36
Additions	5	19
Disposals		0
Amortization charge for the year	(1)	0
Reclassification as held for sale		(35)
Impairment reversal		0
Transfer	(1)	(3)
Translation adjustment	0	(15)
Intangible assets excl. goodwill at end of period	5	2	36
Goodwill
Goodwill [abstract]
Goodwill at beginning of period	394	1,542
Addition	0	10
Disposals		0
Amortization charge for the year	0	0
Reclassification as held for sale		(1,084)
Impairment reversal		0
Transfer	0	0
Translation adjustment	(45)	(74)
Goodwill at end of period	349	$ 394	$ 1,542
Cost
Intangible assets and goodwill [abstract]
Balance at end of the period	4,354
Cost | Telecommunication licenses, frequencies & permissions
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at end of period	1,941
Cost | Software
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at end of period	645
Cost | Brands and trademarks
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at end of period	165
Cost | Customer relationships
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at end of period	290
Cost | Other intangible assets
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at end of period	15
Cost | Goodwill
Goodwill [abstract]
Goodwill at end of period	1,298
Accumulated depreciation and impairment
Intangible assets and goodwill [abstract]
Balance at end of the period	(2,735)
Accumulated depreciation and impairment | Telecommunication licenses, frequencies & permissions
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at end of period	(915)
Accumulated depreciation and impairment | Software
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at end of period	(452)
Accumulated depreciation and impairment | Brands and trademarks
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at end of period	(161)
Accumulated depreciation and impairment | Customer relationships
Intangible assets other than goodwill [abstract]
Intangible assets excl. goodwill at end of period	(248)
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	$ (949)
[1] *Prior year comparative for the year ended December 31, 2021 is 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
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of capital commitments [line items]
Impairment reversal		$ (77)
Acquired intangible assets, not yet paid	$ 33	$ 266

INTANGIBLE ASSETS - Movement in

INTANGIBLE ASSETS - Movement in goodwill per cash-generating unit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in goodwill [abstract]
Goodwill at beginning of period	$ 394	$ 1,542
Translation adjustment	(45)	(74)
Addition		10
Reclassification as held for sale		(1,084)
Goodwill at end of period	349	394
Russia
Reconciliation of changes in goodwill [abstract]
Goodwill at beginning of period	0	1,084
Translation adjustment		0
Addition		0
Reclassification as held for sale		(1,084)
Goodwill at end of period		0
Pakistan
Reconciliation of changes in goodwill [abstract]
Goodwill at beginning of period	223	287
Translation adjustment	(44)	(64)
Addition		0
Reclassification as held for sale		0
Goodwill at end of period	179	223
Kazakhstan
Reconciliation of changes in goodwill [abstract]
Goodwill at beginning of period	127	136
Translation adjustment	2	(9)
Addition		0
Reclassification as held for sale		0
Goodwill at end of period	129	127
Ukraine
Reconciliation of changes in goodwill [abstract]
Goodwill at beginning of period	10	0
Translation adjustment	0	0
Addition		10
Reclassification as held for sale		0
Goodwill at end of period	10	10
Uzbekistan
Reconciliation of changes in goodwill [abstract]
Goodwill at beginning of period	34	35
Translation adjustment	(3)	(1)
Addition		0
Reclassification as held for sale		0
Goodwill at end of period	$ 31	$ 34

INTANGIBLE ASSETS - Schedule of

INTANGIBLE ASSETS - Schedule of Capital Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of capital commitments [line items]
Contractual commitments for acquisition of intangible assets	$ 9	$ 13
Less than 1 year
Disclosure of capital commitments [line items]
Contractual commitments for acquisition of intangible assets	$ 9	$ 13

INTANGIBLE ASSETS - Amortizatio

INTANGIBLE ASSETS - Amortization period (Details)	12 Months Ended
	Dec. 31, 2023
Telecommunications licenses, frequencies and permissions | Bottom of range
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	3 years
Telecommunications licenses, frequencies and permissions | Top of range
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	20 years
Software | Bottom of range
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	3 years
Software | Top of range
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	10 years
Brands and trademarks | Bottom of range
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	3 years
Brands and trademarks | Top of range
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	15 years
Customer relationships | Bottom of range
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	10 years
Customer relationships | Top of range
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	21 years
Other intangible assets | Bottom of range
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	4 years
Other intangible assets | Top of range
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, 2023	Dec. 31, 2022
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	0%	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%
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%
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 - N

INVESTMENTS IN SUBSIDIARIES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investments in subsidiaries
Dividend restrictions	$ 254	$ 229
Maximum
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, 2023	Dec. 31, 2022	Dec. 31, 2021	[1]
Investments in subsidiaries
Profit / (loss) attributable to material NCIs	$ 78	$ 153	$ 127
KaR-Tel
Investments in subsidiaries
Equity interest held by NCIs	25%	25%
Book values of material NCIs	$ 94	$ 85
Profit / (loss) attributable to material NCIs	$ 50	$ 31
Omnium Telecom Algérie S.p.A. (“OTA”)
Investments in subsidiaries
Equity interest held by NCIs	0%	0%
Book values of material NCIs	$ 0	$ 0
Profit / (loss) attributable to material NCIs	$ 0	$ 21
[1] *Prior year comparative for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see Note 10

INVESTMENTS IN SUBSIDIARIES - S

INVESTMENTS IN SUBSIDIARIES - Summarized income statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summarized income statement
Operating revenue	$ 3,698	$ 3,755	$ 3,850
Profit before tax from continuing operations	559	802	464	[1],[2]
Income taxes	(179)	(69)	(344)	[2]
(Loss) / profit for the period	(2,450)	(9)	801	[2]
Total comprehensive income / (loss)	347	96	598
Attributed to NCIs	76	110	85
KaR-Tel
Summarized income statement
Operating revenue	692	571	529
Operating expenses	(423)	(403)	(370)
Other (expenses) / income	(11)	(12)	(9)
Profit before tax from continuing operations	258	156	150
Income taxes	(57)	(33)	(32)
(Loss) / profit for the period	201	123	118
Total comprehensive income / (loss)	201	123	118
Attributed to NCIs	$ 50	$ 31	$ 29
[1] * Prior year comparatives for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see N ote 10 ). *Prior year comparative for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see Note 10

INVESTMENTS IN SUBSIDIARIES -_2

INVESTMENTS IN SUBSIDIARIES - Summarized statement of financial position (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of financial position
Other non-current assets	$ 178	$ 157
Cash and cash equivalents	1,902	3,107
Other current assets	200	208
Debt and derivatives	(5,156)	(8,180)
Total equity	1,071	767	$ 1,505	$ 1,013
Equity holders of the parent	858	569
Non-controlling interests	213	198
KaR-Tel
Statement of financial position
Property and equipment	455	327
Intangible assets	188	178
Other non-current assets	37	39
Trade and other receivables	39	34
Cash and cash equivalents	68	43
Other current assets	24	27
Debt and derivatives	(210)	(97)
Provisions	(10)	(9)
Other liabilities	(216)	(204)
Total equity	375	338
Equity holders of the parent	281	253
Non-controlling interests	$ 94	$ 85

INVESTMENTS IN SUBSIDIARIES -_3

INVESTMENTS IN SUBSIDIARIES - Summarized statement of cash flows (Details) - KaR-Tel - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments in subsidiaries
Net operating cash flows	$ 308	$ 243	$ 231
Net investing cash flows	(117)	(127)	(106)
Net financing cash flows	(166)	(117)	(114)
Net foreign exchange difference	0	(3)	(1)
Net increase / (decrease) in cash equivalents	$ 25	$ (4)	$ 10

OTHER NON-OPERATING GAIN _ (L_3

OTHER NON-OPERATING GAIN / (LOSS) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Non-Operating Gain (Loss)
Ineffective portion of hedging activities	$ 0	$ 0	$ 3
Change of fair value of other derivatives	(1)	10	(4)
Gain from money market funds	75	29	7
Loss from other financial assets	(48)	0	0
Other (losses) / gains	(6)	(30)	20
Other non-operating gain / (loss), net	$ 20	$ 9	$ 26	[1]
[1] *Prior year comparative for the year ended December 31, 2021 is 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) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Other Non-Operating Gain (Loss)
Gain from fair value adjustment of Shop-up	$ 21
Payable write-off	$ 3

INVESTMENTS, DEBT AND DERIVAT_3

INVESTMENTS, DEBT AND DERIVATIVES - Investments and derivatives (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
FINANCIAL ASSETS
Total investments and derivatives	$ 486	$ 191
Non-current	53	71
Current	433	120
At fair value
FINANCIAL ASSETS
Total investments and derivatives	41	58
At fair value | Other investments
FINANCIAL ASSETS
Total investments and derivatives	41	58
At amortized cost
FINANCIAL ASSETS
Total investments and derivatives	445	133
At amortized cost | Security deposits and cash collateral
FINANCIAL ASSETS
Total investments and derivatives	103	63
At amortized cost | Bank deposits
FINANCIAL ASSETS
Total investments and derivatives	3	0
At amortized cost | Other investments
FINANCIAL ASSETS
Total investments and derivatives	$ 339	$ 70

INVESTMENTS, DEBT AND DERIVAT_4

INVESTMENTS, DEBT AND DERIVATIVES - Investments and derivatives narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Financial assets	$ 486	$ 191
At amortized cost
Disclosure of financial assets [line items]
Financial assets	445	133
At amortized cost | Restricted bank deposits
Disclosure of financial assets [line items]
Financial assets	39	49
At amortized cost | Restricted cash
Disclosure of financial assets [line items]
Financial assets	57	7
At amortized cost | Loans to corporate entities
Disclosure of financial assets [line items]
Financial assets	64	54
At amortized cost | Sovereign bonds
Disclosure of financial assets [line items]
Financial assets	150	0
At amortized cost | Deferred receivable
Disclosure of financial assets [line items]
Financial assets	72	0
At amortized cost | Short term loan
Disclosure of financial assets [line items]
Financial assets	26	0
At fair value
Disclosure of financial assets [line items]
Financial assets	41	58
At fair value | Other investments
Disclosure of financial assets [line items]
Financial assets	41	58
At fair value | Other investments | Pakistan
Disclosure of financial assets [line items]
Financial assets	11	21
At fair value | Other investments | Bangladesh
Disclosure of financial assets [line items]
Financial assets	$ 30	$ 37

INVESTMENTS, DEBT AND DERIVAT_5

INVESTMENTS, DEBT AND DERIVATIVES - Debt and derivatives (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of fair value measurement of liabilities [line items]
Total debt and derivatives	$ 5,156	$ 8,180
Non-current	3,464	5,336
Current	1,692	2,844
At fair value
Disclosure of fair value measurement of liabilities [line items]
Total debt and derivatives	1	0
At fair value | Derivatives not designated as hedges
Disclosure of fair value measurement of liabilities [line items]
Total debt and derivatives	1	0
At amortized cost
Disclosure of fair value measurement of liabilities [line items]
Total debt and derivatives	5,155	8,180
At amortized cost | Bank loans and bonds
Disclosure of fair value measurement of liabilities [line items]
Total debt and derivatives	3,785	6,764
At amortized cost | Borrowings total
Disclosure of fair value measurement of liabilities [line items]
Total debt and derivatives	3,708	6,670
At amortized cost | Borrowing, of which principal amount outstanding
Disclosure of fair value measurement of liabilities [line items]
Total debt and derivatives	3,560	6,670
At amortized cost | Borrowing, of which other borrowings
Disclosure of fair value measurement of liabilities [line items]
Total debt and derivatives	148	0
At amortized cost | Interest accrued
Disclosure of fair value measurement of liabilities [line items]
Total debt and derivatives	83	102
At amortized cost | Discounts, unamortized fees, hedge basis adjustment
Disclosure of fair value measurement of liabilities [line items]
Total debt and derivatives	(6)	(8)
At amortized cost | Lease liabilities
Disclosure of fair value measurement of liabilities [line items]
Total debt and derivatives	977	806
At amortized cost | Other financial liabilities
Disclosure of fair value measurement of liabilities [line items]
Total debt and derivatives	$ 393	$ 610

INVESTMENTS, DEBT AND DERIVAT_6

INVESTMENTS, DEBT AND DERIVATIVES - Debt and derivatives narrative (Details) - At amortized cost - Borrowing, of which other borrowings - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Other payables	$ 88	$ 0
Deferred consideration	72	0
Foreign exchange gain	$ 12	$ 0

INVESTMENTS, DEBT AND DERIVAT_7

INVESTMENTS, DEBT AND DERIVATIVES - Bank loans and bonds (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
Utilized	$ 3,707	$ 6,670
Notes at 5.95%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	5.95%
Utilized	$ 0	529
RCF at 1.50%
Disclosure of detailed information about borrowings [line items]
Utilized	$ 692	692
RCF at 1.50% | Secured Overnight Financing Rate (SOFR)
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	1.50%
Notes at 7.25%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	7.25%
Utilized	$ 0	700
RCF at 1.70%
Disclosure of detailed information about borrowings [line items]
Utilized	$ 363	363
RCF at 1.70% | Secured Overnight Financing Rate (SOFR)
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	1.50%
Notes at 4.95%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	4.95%
Utilized	$ 0	533
Notes at 4.00%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	4%
Utilized	$ 556	1,000
Notes at 6.30%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	6.30%
Utilized	$ 102	284
Notes at 6.50%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	6.50%
Utilized	$ 37	143
Notes at 8.13%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	8.13%
Utilized	$ 15	284
Notes at 3.38%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	3.38%
Utilized	$ 1,093	1,250
Loan at 0.55% | 2026
Disclosure of detailed information about borrowings [line items]
Utilized	128	212
Loan at 0.55% | 2028
Disclosure of detailed information about borrowings [line items]
Utilized	$ 53	66
Loan at 0.55% | 6m KIBOR | 2026
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	0.55%
Loan at 0.55% | 6m KIBOR | 2028
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	0.55%
Loan at 0.60% | 6m KIBOR
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	0.60%
Utilized	$ 142	132
Loan at 0.60% | 3m KIBOR
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	0.60%
Utilized	$ 178	221
Loans at 10.15% to 11%
Disclosure of detailed information about borrowings [line items]
Utilized	$ 0	59
Loans at 10.15% to 11% | Top of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	11%
Loans at 10.15% to 11% | Bottom of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	10.15%
Loans at 4.25%
Disclosure of detailed information about borrowings [line items]
Utilized	$ 81	110
Loans at 4.25% | Average bank deposit rate
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	4.25%
Loan at 7.00% to 12.00%
Disclosure of detailed information about borrowings [line items]
Utilized	$ 46	0
Loan at 7.00% to 12.00% | Top of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	12%
Loan at 7.00% to 12.00% | Bottom of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	7%
Loan at 17.75% to 18.50%
Disclosure of detailed information about borrowings [line items]
Utilized	$ 22	0
Loan at 17.75% to 18.50% | Top of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	18.50%
Loan at 17.75% to 18.50% | Bottom of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	17.75%
Loan at 20 Percent
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate (in percent)	20%
Utilized	$ 12	0
Other bank loans and bonds
Disclosure of detailed information about borrowings [line items]
Utilized	$ 187	$ 92

INVESTMENTS, DEBT AND DERIVAT_8

INVESTMENTS, DEBT AND DERIVATIVES - Reconciliation of cash flows from financing activities (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of cash flows from financing activities
Liabilities arising from financing activities at beginning of period		$ 7,570	$ 10,333
Cash flows
Proceeds from borrowings, net of fees paid	[1]	194	2,087	$ 2,081	[2]
Repayment of debt		(1,098)	(1,619)	(1,977)	[2]
Repayment of debt		(1,111)
Interest paid		(489)	(489)
Non-cash movements
Interest and fee accruals		467	464
Lease additions, disposals, impairment and modifications		601	583
Held for sale			(2,144)
Foreign currency translation		(353)	(571)
Reclassification related to bank loans and bonds *		(2,064)	(1,064)
Other non-cash movements		(53)	(10)
Liabilities arising from financing activities at end of period		4,762	7,570	10,333
Bank loans and bonds
Reconciliation of cash flows from financing activities
Liabilities arising from financing activities at beginning of period		6,764	7,666
Cash flows
Proceeds from borrowings, net of fees paid		194	2,087
Repayment of debt			(1,479)
Repayment of debt		(964)
Interest paid		(370)	(419)
Non-cash movements
Interest and fee accruals		355	400
Lease additions, disposals, impairment and modifications		171	0
Held for sale			(10)
Foreign currency translation		(276)	(416)
Reclassification related to bank loans and bonds *		(2,064)	(1,064)
Other non-cash movements		(25)	(1)
Liabilities arising from financing activities at end of period		3,785	6,764	7,666
Lease liabilities
Reconciliation of cash flows from financing activities
Liabilities arising from financing activities at beginning of period		806	2,667
Cash flows
Proceeds from borrowings, net of fees paid		0	0
Repayment of debt			(140)
Repayment of debt		(147)
Interest paid		(119)	(70)
Non-cash movements
Interest and fee accruals		112	64
Lease additions, disposals, impairment and modifications		430	583
Held for sale			(2,134)
Foreign currency translation		(77)	(155)
Reclassification related to bank loans and bonds *		0	0
Other non-cash movements		(28)	(9)
Liabilities arising from financing activities at end of period		$ 977	$ 806	$ 2,667
[1] ** Fees paid in 2023 for borrowings were US$18 (2022: US$11, 2021: US$32). * Prior year comparatives for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see N ote 10 ).

INVESTMENTS, DEBT AND DERIVAT_9

INVESTMENTS, DEBT AND DERIVATIVES - Financing activities 2023 (Details) ₸ in Millions, ₴ in Millions, $ in Millions, ₽ in Billions, ₨ in Billions, ৳ in Billions

1 Months Ended

2 Months Ended

3 Months Ended

4 Months Ended

12 Months Ended

Mar. 28, 2024 USD ($)

Oct. 13, 2023 USD ($)

Oct. 09, 2023 USD ($)

Oct. 04, 2023 USD ($)

Sep. 27, 2023 USD ($)

Apr. 19, 2023 USD ($)

Feb. 29, 2024 USD ($)

Nov. 30, 2023 USD ($)

Nov. 30, 2023 BDT (৳)

Sep. 30, 2023 USD ($)

Apr. 30, 2023 USD ($)

Apr. 30, 2023 UAH (₴)

Apr. 30, 2023 PKR (₨)

Nov. 30, 2022 USD ($)

Jun. 30, 2022 USD ($)

Jun. 30, 2022 UAH (₴)

May 31, 2022 USD ($)

May 31, 2022 UAH (₴)

Apr. 30, 2022 USD ($)

Apr. 30, 2022 UAH (₴)

Mar. 31, 2022 USD ($)

Mar. 31, 2022 UAH (₴)

Mar. 31, 2022 PKR (₨)

Feb. 28, 2022 USD ($)

May 31, 2022 USD ($)

Mar. 31, 2021 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2023 KZT (₸)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

[1]

Jan. 31, 2024 USD ($)

Dec. 31, 2023 KZT (₸)

Oct. 31, 2023 USD ($)

Apr. 30, 2023 PKR (₨)

Jan. 30, 2023

Jan. 24, 2023

Nov. 11, 2022

Apr. 30, 2022 UAH (₴)

Apr. 30, 2022 PKR (₨)

Apr. 30, 2022 RUB (₽)

Disclosure of detailed information about borrowings [line items]

Utilized

$ 3,707

$ 3,707

$ 6,670

Repayments of borrowings, classified as financing activities

1,098

1,619

$ 1,977

2023 Notes

Disclosure of detailed information about borrowings [line items]

Amendment fee (in basis points)

2%

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

102%

October 2023 Notes

Disclosure of detailed information about borrowings [line items]

Notes and debentures issued

$ 165

Amendment fee

1

December 2023 notes

Disclosure of detailed information about borrowings [line items]

Notes and debentures issued

$ 294

Amendment fee

$ 1

VEON Holdings B.V. | PJSC Vimpelcom

Disclosure of detailed information about borrowings [line items]

Notes offset against purchase consideration

$ 1,576

Proceeds

2,140

Debt repayment

$ 406

Unitel LLC | Russia

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 1,576

Deferred consideration

72

72

Unitel LLC | Issue of notes | Russia

Disclosure of detailed information about borrowings [line items]

Notional amount

1,005

1,005

PJSC Vimpelcom | Issue of notes | Russia

Disclosure of detailed information about borrowings [line items]

Notional amount

72

72

2023 Notes At 5.95 percent

Disclosure of detailed information about borrowings [line items]

Borrowings, interest rate (in percent)

5.95%

Debt repayment

$ 39

2023 Notes At 7.25 percent

Disclosure of detailed information about borrowings [line items]

Borrowings, interest rate (in percent)

7.25%

Alfa Bank RUB 45 million loan

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 556

₽ 45

Alfa Bank RUB 45 million loan | VEON Finance Ireland Designated Activity Company

Disclosure of detailed information about borrowings [line items]

Scheme creditors percentage voting

97.59%

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

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 164

217

₨ 40

₨ 40

Utilized

$ 156

₨ 30

Borrowings term

10 years

10 years

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

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 1,250

1,250

Borrowings term

3 years

Revolving credit facility

Disclosure of detailed information about borrowings [line items]

Utilized

$ 363

$ 1,055

$ 692

Proceeds from non-current borrowings

$ 82

$ 430

$ 610

Revolving credit facility | Revolving credit facility, balance rolled over

Disclosure of detailed information about borrowings [line items]

Utilized

$ 363

$ 692

Repayments of borrowings, classified as financing activities

$ 805

$ 250

Raiffeisen Bank Aval | Kyivstar

Disclosure of detailed information about borrowings [line items]

Repayments of borrowings, classified as financing activities

38

₴ 1,400

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

Repayments of borrowings, classified as financing activities

21

₴ 760

$ 17

₴ 490

$ 17

₴ 490

$ 17

₴ 490

$ 17

₴ 490

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

Disclosure of detailed information about borrowings [line items]

Proceeds from non-current borrowings

$ 41

₨ 10

$ 222

₨ 40

Syndicated loan with a 5 year maturity | BDCL (Bangalink Digital Communications Ltd)

Disclosure of detailed information about borrowings [line items]

Proceeds from non-current borrowings

$ 45

৳ 5

Borrowings term

5 years

5 years

KaR-Tel LLP - Term Facility

Disclosure of detailed information about borrowings [line items]

Utilized

22

$ 22

₸ 9,800

Proceeds from non-current borrowings

$ 22

₸ 9,800

June 2024 notes

Disclosure of detailed information about borrowings [line items]

Repayments of borrowings, classified as financing activities

$ 406

December 2023 notes

Disclosure of detailed information about borrowings [line items]

Repayments of borrowings, classified as financing activities

$ 243

[1] * Prior year comparatives for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see N ote 10 ).

INVESTMENTS, DEBT AND DERIVA_10

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

1 Months Ended

2 Months Ended

3 Months Ended

4 Months Ended

12 Months Ended

Apr. 30, 2023 USD ($)

Apr. 30, 2023 UAH (₴)

Apr. 30, 2023 PKR (₨)

Nov. 30, 2022 USD ($)

Jun. 30, 2022 USD ($)

Jun. 30, 2022 UAH (₴)

May 31, 2022 USD ($)

May 31, 2022 UAH (₴)

May 31, 2022 BDT (৳)

Apr. 30, 2022 USD ($) loan

Apr. 30, 2022 UAH (₴) loan

Mar. 31, 2022 USD ($)

Mar. 31, 2022 UAH (₴)

Mar. 31, 2022 PKR (₨)

Feb. 28, 2022 USD ($) bank

Feb. 28, 2022 RUB (₽) bank

May 31, 2022 USD ($)

Sep. 30, 2022 USD ($)

Sep. 30, 2022 BDT (৳)

Dec. 31, 2023 USD ($)

Dec. 31, 2023 KZT (₸)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

[1]

Dec. 31, 2023 KZT (₸)

Nov. 30, 2023 USD ($)

Oct. 31, 2023 USD ($)

Sep. 30, 2023 KZT (₸)

May 31, 2023 USD ($)

Apr. 30, 2023 PKR (₨)

Jun. 30, 2022 UAH (₴)

May 31, 2022 UAH (₴)

Apr. 30, 2022 UAH (₴)

Apr. 30, 2022 PKR (₨)

Apr. 30, 2022 BDT (৳)

Apr. 30, 2022 RUB (₽)

Mar. 31, 2022 UAH (₴)

Mar. 31, 2022 RUB (₽)

Feb. 28, 2022 RUB (₽)

Disclosure of detailed information about borrowings [line items]

Repayments of borrowings, classified as financing activities

$ 1,098

$ 1,619

$ 1,977

Utilized

$ 3,707

3,707

6,670

Exposure to credit risk on loan commitments and financial guarantee contracts

$ 30

Revolving credit facility

Disclosure of detailed information about borrowings [line items]

Facility amount

1,055

$ 1,250

Proceeds from non-current borrowings

$ 82

$ 430

$ 610

Utilized

$ 1,055

$ 363

$ 692

Borrowings extension option, term

1 year

1 year

Number of banks not extending facility | bank

2

2

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

Revolving credit facility | Borrowings

Disclosure of detailed information about borrowings [line items]

Utilized

$ 692

$ 363

Alfa Bank $125 commitment

Disclosure of detailed information about borrowings [line items]

Repayments of borrowings, classified as financing activities

$ 43

Notional amount

125

Raiffeisen Bank Russia $170 commitment

Disclosure of detailed information about borrowings [line items]

Repayments of borrowings, classified as financing activities

$ 24

Notional amount

70

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

Disclosure of detailed information about borrowings [line items]

Proceeds from non-current borrowings

41

₨ 10

222

₨ 40

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

Disclosure of detailed information about borrowings [line items]

Utilized

156

₨ 30

Notional amount

164

$ 217

₨ 40

₨ 40

Borrowings term

10 years

10 years

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

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

Syndicated loan with a 5 years maturity | Banglalink

Disclosure of detailed information about borrowings [line items]

Proceeds from non-current borrowings

103,000

৳ 9

$ 32,000

৳ 3

Notional amount

$ 139

৳ 12

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

₴ 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

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

1,677

1,677

1,677

1,677

OTP Bank UAH 490 million loan | Kyivstar

Disclosure of detailed information about borrowings [line items]

Repayments of borrowings, classified as financing activities

$ 21

₴ 760

$ 17

₴ 490

$ 17

₴ 490

$ 17

₴ 490

17

₴ 490

Notional amount | ₴

₴ 1,250

₴ 1,250

₴ 1,250

₴ 1,250

Notes 7.5%

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 417

Borrowings, interest rate (in percent)

7.50%

7.50%

VTB bank bilateral term loan

Disclosure of detailed information about borrowings [line items]

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

VTB Bank term loan facility agreement, maturity february 2029 | VEON Finance Ireland Designated Activity Company

Disclosure of detailed information about borrowings [line items]

Notional amount

259

$ 46

₽ 30

Alfa Bank $1250 revolving credit facility

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 1,250

KaR-Tel LLP - Term Facility

Disclosure of detailed information about borrowings [line items]

Facility amount

33

33

₸ 15,000

₸ 10,000

Proceeds from non-current borrowings

22

₸ 9,800

Utilized

$ 22

$ 22

₸ 9,800

[1] * Prior year comparatives for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see N ote 10 ).

INVESTMENTS, DEBT AND DERIVA_11

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

1 Months Ended

3 Months Ended

12 Months Ended

Jun. 30, 2021 USD ($)

Apr. 30, 2021 USD ($)

Apr. 30, 2021 RUB (₽)

Mar. 31, 2021 USD ($)

Mar. 31, 2021 USD ($) extension

Dec. 31, 2023 USD ($)

Dec. 31, 2022 RUB (₽)

Dec. 31, 2022 USD ($)

Dec. 31, 2022 RUB (₽)

Sep. 30, 2021 USD ($)

Sep. 30, 2021 RUB (₽)

Jun. 30, 2021 PKR (₨)

Mar. 31, 2021 PKR (₨)

Mar. 31, 2021 RUB (₽)

Disclosure of detailed information about borrowings [line items]

Utilized

$ 3,707

$ 6,670

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

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 1,250

$ 1,250

1,250

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

396

$ 396

₽ 30

RUB45bn Alfa Bank Facility

Disclosure of detailed information about borrowings [line items]

Notional amount

594

594

45

RUB15bn Alfa Bank Floating Rate Tranche

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 198

198

₽ 15

Borrowings term

5 years

RUB15bn Alfa Bank facility floating rate tranche

Disclosure of detailed information about borrowings [line items]

Proceeds from non-current borrowings

$ 198

₽ 15

₽ 15

PMCL (Pakistan Mobile Communications Ltd)

Disclosure of detailed information about borrowings [line items]

Put option % acquired

15%

Consideration received in cash

$ 273

Proportion of ownership interest in subsidiary

100%

PMCL (Pakistan Mobile Communications Ltd) | Floating interest rate

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 131

131

₨ 20

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

Disclosure of detailed information about borrowings [line items]

Notional amount

98

98

15

Borrowings term

7 years

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

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 33

$ 33

₨ 5

Borrowings term

7 years

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

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 320

₨ 50

Borrowings term

10 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

$ 273

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

Disclosure of detailed information about borrowings [line items]

Bonds issued

$ 6,500

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

Disclosure of detailed information about borrowings [line items]

Available

611

VEON Holdings B.V. | Sberbank

Disclosure of detailed information about borrowings [line items]

Available

612

VEON Holdings B.V. | Senior unsecured notes

Disclosure of detailed information about borrowings [line items]

Utilized | ₽

₽ 20

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

Disclosure of detailed information about borrowings [line items]

Fixed rate tranche

408

₽ 30

Available

612

45

Floating rate tranche

204

15

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

Disclosure of detailed information about borrowings [line items]

Available

407

30

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

Disclosure of detailed information about borrowings [line items]

Available

204

VEON Finance Ireland Designated Activity Company | Sberbank

Disclosure of detailed information about borrowings [line items]

Available

611

45

VEON Finance Ireland Designated Activity Company | Sberbank | June 2023

Disclosure of detailed information about borrowings [line items]

Available

204

15

VEON Finance Ireland Designated Activity Company | Sberbank | June 2024

Disclosure of detailed information about borrowings [line items]

Available

$ 408

₽ 30

INVESTMENTS, DEBT AND DERIVA_12

INVESTMENTS, DEBT AND DERIVATIVES - Fair value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
At amortized cost | Bank loans and bonds
Disclosure of fair value measurement of liabilities [line items]
Financial liabilities, at fair value	$ 3,333	$ 5,847

INVESTMENTS, DEBT AND DERIVA_13

INVESTMENTS, DEBT AND DERIVATIVES - Impact of hedge accounting on equity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of risk management strategy related to hedge accounting [line items]
Equity at beginning of period	$ 767	$ 1,505
Transfer from OCI to income statement on disposal of subsidiary		(558)
Equity at end of period	1,071	767
Reserve of exchange differences on translation
Disclosure of risk management strategy related to hedge accounting [line items]
Equity at beginning of period	(8,808)	(8,933)
Foreign currency revaluation of the foreign operations		125
Transfer from OCI to income statement on disposal of subsidiary	3,384
Foreign currency revaluation of the foreign operations	30
Other comprehensive income / (loss) (excluding reclassification adjustments)	(596)
Equity at end of period	$ (5,990)	$ (8,808)

CASH AND CASH EQUIVALENTS (Deta

CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
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	$ 448	$ 928
Cash equivalents with original maturity of less than three months	1,454	2,179
Cash and cash equivalents	1,902	$ 3,107
Trade and other payables
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Current deposits from customers	426
Pakistan
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Cash and cash equivalents	$ 165

CASH AND CASH EQUIVALENTS- Narr

CASH AND CASH EQUIVALENTS- Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Cash and cash equivalents [abstract]
Restricted cash	$ 151	$ 125
Investments in money market funds	$ 1,175	$ 1,950

FINANCIAL RISK MANAGEMENT - Int

FINANCIAL RISK MANAGEMENT - Interest rate risk (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Interest rate risk
FINANCIAL RISK MANAGEMENT
Percent of borrowings that are at a fixed rate of interest	54%	72%
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, 2023	Dec. 31, 2022
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	$ 14	$ (5)
Russian Ruble | Risk of exchange rate appreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	(16)	6
Bangladeshi Taka | Risk of exchange rate depreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	(30)	(34)
Bangladeshi Taka | Risk of exchange rate appreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	33	37
Pakistani Rupee | Risk of exchange rate depreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	(13)	(15)
Pakistani Rupee | Risk of exchange rate appreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	15	17
Ukrainian Hryvnia | Risk of exchange rate depreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	(2)	(1)
Ukrainian Hryvnia | Risk of exchange rate appreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	2	1
Other currencies (net) | Risk of exchange rate depreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	(3)	(1)
Other currencies (net) | Risk of exchange rate appreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	$ 3	$ 1

FINANCIAL RISK MANAGEMENT - Liq

FINANCIAL RISK MANAGEMENT - Liquidity risk-Narrative (Details)	Dec. 31, 2023	Dec. 31, 2022
Liquidity risk
Disclosure of detailed information about borrowings [line items]
Percentage of debt that will mature in less than one year	32%	37%

FINANCIAL RISK MANAGEMENT - L_2

FINANCIAL RISK MANAGEMENT - Liquidity risk (Details) ₸ in Millions, ₨ in Millions, $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 KZT (₸)	Dec. 31, 2023 PKR (₨)	Nov. 30, 2023 USD ($)	Oct. 31, 2023 USD ($)	Sep. 30, 2023 KZT (₸)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 PKR (₨)	Mar. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)
Disclosure of detailed information about borrowings [line items]
Utilized	$ 3,707						$ 6,670
KaR-Tel LLP - Term Facility
Disclosure of detailed information about borrowings [line items]
Facility amount	33	₸ 15,000				₸ 10,000
Utilized	22	9,800
Available	11	₸ 5,200
Banglalink Digital Communications Ltd - Term Facility
Disclosure of detailed information about borrowings [line items]
Facility amount	73		₨ 8,000
Utilized	46		5,000
Available	$ 27		₨ 3,000
PMCL - Term Facility
Disclosure of detailed information about borrowings [line items]
Facility amount							176	₨ 40,000
Utilized							132	30,000
Available							44	₨ 10,000
Revolving credit facility
Disclosure of detailed information about borrowings [line items]
Facility amount									$ 1,055	$ 1,250
Utilized				$ 363	$ 692		$ 1,055

FINANCIAL RISK MANAGEMENT - L_3

FINANCIAL RISK MANAGEMENT - Liquidity risk maturity profile (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Maturity profile of the Group's financial liabilities
Total financial liabilities	$ 7,689	$ 10,857
Bank loans and bonds
Maturity profile of the Group's financial liabilities
Total financial liabilities	4,477	7,831
Lease liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	1,517	1,247
Gross cash outflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	16
Trade and other payables
Maturity profile of the Group's financial liabilities
Total financial liabilities	1,200	1,087
Other financial liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	493	692
Gross cash inflows | Gross cash inflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	(14)
Less than 1 year
Maturity profile of the Group's financial liabilities
Total financial liabilities	2,922	4,154
Less than 1 year | Bank loans and bonds
Maturity profile of the Group's financial liabilities
Total financial liabilities	1,433	2,796
Less than 1 year | Lease liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	150	95
Less than 1 year | Gross cash outflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	16
Less than 1 year | Trade and other payables
Maturity profile of the Group's financial liabilities
Total financial liabilities	1,200	1,087
Less than 1 year | Other financial liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	137	176
Less than 1 year | Gross cash inflows | Gross cash inflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	(14)
1-3 years
Maturity profile of the Group's financial liabilities
Total financial liabilities	2,091	3,416
1-3 years | Bank loans and bonds
Maturity profile of the Group's financial liabilities
Total financial liabilities	1,391	2,671
1-3 years | Lease liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	497	423
1-3 years | Gross cash outflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	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	203	322
1-3 years | Gross cash inflows | Gross cash inflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	0
3-5 years
Maturity profile of the Group's financial liabilities
Total financial liabilities	1,859	2,482
3-5 years | Bank loans and bonds
Maturity profile of the Group's financial liabilities
Total financial liabilities	1,416	2,013
3-5 years | Lease liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	356	327
3-5 years | Gross cash outflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	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	87	142
3-5 years | Gross cash inflows | Gross cash inflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	0
More than 5 years
Maturity profile of the Group's financial liabilities
Total financial liabilities	817	805
More than 5 years | Bank loans and bonds
Maturity profile of the Group's financial liabilities
Total financial liabilities	237	351
More than 5 years | Lease liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	514	402
More than 5 years | Gross cash outflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	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	66	$ 52
More than 5 years | Gross cash inflows | Gross cash inflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	$ 0

FINANCIAL RISK MANAGEMENT - Cap

FINANCIAL RISK MANAGEMENT - Capital management (Details) - Capital management	12 Months Ended
	Dec. 31, 2023
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%
Top of range
Disclosure of risk management strategy related to hedge accounting [line items]
Required net debt to adjusted EBITDA	2.4

ISSUED CAPITAL AND RESERVES - C

ISSUED CAPITAL AND RESERVES - Common stock (Details) - Common shares - $ / shares	Dec. 31, 2023	Dec. 31, 2022
ISSUED CAPITAL AND RESERVES
Par value (USD 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)	766,350	3,374,459
Number of shares issued (in shares)	1,756,731,135	1,756,731,135

ISSUED CAPITAL AND RESERVES - N

ISSUED CAPITAL AND RESERVES - Narrative (Details) - Common shares - shares	Mar. 01, 2024	Dec. 31, 2023	Dec. 31, 2022
ISSUED CAPITAL AND RESERVES
Number of shares outstanding (in shares)		1,756,731,135
Number of shares issued (in shares)		1,756,731,135	1,756,731,135
Major ordinary share transactions | Forecast
ISSUED CAPITAL AND RESERVES
Increase (decrease) in number of ordinary shares issued (in shares)	92,459,532
Number of shares outstanding (in shares)	1,849,190,667
Number of shares issued (in shares)	1,849,190,667

ISSUED CAPITAL AND RESERVES - M

ISSUED CAPITAL AND RESERVES - Major shareholders (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
ISSUED CAPITAL AND RESERVES
Free float percentage	29.20%
Total percentage of common and voting shares	100%
Common shares
ISSUED CAPITAL AND RESERVES
Free float (in shares)	514,258,309
Outstanding shares (in shares)	1,756,731,135
Issued shares, including shares held by a subsidiary of the company (in shares)	766,350	3,374,459
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
Lingotto Investment Management LLP
ISSUED CAPITAL AND RESERVES
Percentage of common and voting shares	7.50%
Lingotto Investment Management LLP | Common shares
ISSUED CAPITAL AND RESERVES
Total outstanding common shares (in shares)	131,068,288
Shah Capital Management Inc.
ISSUED CAPITAL AND RESERVES
Percentage of common and voting shares	7.10%
Shah Capital Management Inc. | Common shares
ISSUED CAPITAL AND RESERVES
Total outstanding common shares (in shares)	124,831,975

EARNINGS PER SHARE - Continued

EARNINGS PER SHARE - Continued operations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Profit for the period attributable to the owners of the parent	$ 307	$ 656	$ 75	[1]
Denominator:
Weighted average common shares outstanding for basic earnings per share (in millions) (in shares)	1,756	1,756	1,756
Denominator for diluted earnings per share (in millions) (in shares)	1,782	1,782	1,782
Basic gain (loss) per share (in USD per share)	$ 0.17	$ 0.37	$ 0.04	[1]
Diluted (loss) / earnings per share (in USD per share)	$ 0.17	$ 0.37	$ 0.04	[1]
[1] *Prior year comparative for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see Note 10

EARNINGS PER SHARE - Discontinu

EARNINGS PER SHARE - Discontinued operations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
(Loss) / profit for the period attributable to the owners of the parent	$ (2,835)	$ (818)	$ 599	[1]
Denominator:
Weighted average common shares outstanding for basic earnings per share (in millions) (in shares)	1,756	1,756	1,756
Denominator for diluted earnings per share (in millions) (in shares)	1,782	1,782	1,782
Basic gain (loss) from discontinued operations per share (in USD per share)	$ (1.61)	$ (0.46)	$ 0.34	[1]
Diluted (loss) / earnings per share (in USD per share)	$ (1.61)	$ (0.46)	$ 0.34	[1]
[1] *Prior year comparative for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see Note 10

DIVIDENDS PAID AND PROPOSED - N

DIVIDENDS PAID AND PROPOSED - Narrative (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends Paid And Proposed
Dividends paid (in dollars per share)	$ 0	$ 0	$ 0

DIVIDENDS PAID AND PROPOSED -_2

DIVIDENDS PAID AND PROPOSED - Non-controlling Interests (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends [line items]
Dividends paid to non-controlling interests	$ 45	$ 14	$ 89
Omnium Telecom Algeria S.p.A
Dividends [line items]
Dividends paid to non-controlling interests	0	0	44
VIP Kazakhstan Holding AG
Dividends [line items]
Dividends paid to non-controlling interests	30	0	27
TNS Plus LLP
Dividends [line items]
Dividends paid to non-controlling interests	15	11	8
Other
Dividends [line items]
Dividends paid to non-controlling interests	$ 0	$ 3	$ 10

RELATED PARTIES - Compensation

RELATED PARTIES - Compensation to directors and senior managers of the company (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of transactions between related parties [abstract]
Short-term employee benefits	$ 11	$ 21	$ 39
Share-based payments	11	9	9
Termination benefits	0	0	7
Total compensation to the Board of Directors and senior management	$ 22	$ 30	$ 55

RELATED PARTIES - Compensatio_2

RELATED PARTIES - Compensation of Group Executive Committee (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Disclosure of transactions between related parties
Share-based payments	$ 11,000,000		$ 9,000,000		$ 9,000,000
Total compensation to the Board of Directors and senior management	22,000,000		30,000,000		$ 55,000,000
Kaan Terzioglu
Disclosure of transactions between related parties
Base salary	1,430,580	€ 1,323,000	1,390,582	€ 1,323,000
Annual incentive	1,171,039	1,082,977	1,088,807	1,035,891
Other	222,048	205,350	215,840	205,350
Share-based payments	5,022,173	4,644,506	3,566,105	3,392,793
Total compensation to the Board of Directors and senior management	7,845,840	7,255,833	6,261,334	5,957,034
Serkan Okandan
Disclosure of transactions between related parties
Base salary	467,128	432,000	1,362,203	1,296,000
Annual incentive	529,839	489,995	749,212	712,800
Other	439,509	406,458	1,898,615	1,806,342
Share-based payments	1,557,481	1,440,358	1,031,627	981,490
Total compensation to the Board of Directors and senior management	2,993,957	2,768,811	5,041,657	4,796,632
Joop Brakenhoff
Disclosure of transactions between related parties
Base salary	739,619	684,000	567,585	540,000
Annual incentive	425,894	393,867	312,172	297,000
Other	228,442	211,263	570,067	542,362
Share-based payments	1,386,365	1,282,110	687,936	654,502
Total compensation to the Board of Directors and senior management	2,780,320	2,571,240	2,137,760	2,033,864
Omiyinka Doris
Disclosure of transactions between related parties
Base salary	655,998	606,667	81,546	77,583
Annual incentive	398,268	368,318	55,333	52,644
Other	114,495	105,885	12,140	11,550
Share-based payments	716,884	662,974	0
Total compensation to the Board of Directors and senior management	1,885,645	1,743,844	149,019	141,777
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	0	0	2,007,496	1,909,901
Michael Schulz
Disclosure of transactions between related parties
Base salary			593,862	565,000
Annual incentive			326,624	310,750
Other			525,757	500,205
Share-based payments			507,429	482,768
Total compensation to the Board of Directors and senior management	0	0	1,953,672	1,858,723
Dmitry Shvets
Disclosure of transactions between related parties
Base salary			680,135	647,070
Annual incentive			368,500	350,585
Other			728,656	693,232
Share-based payments			459,310	436,981
Total compensation to the Board of Directors and senior management	0	0	2,236,601	2,127,868
Matthieu Galvani
Disclosure of transactions between related parties
Base salary			157,662	150,000
Annual incentive			87,427	83,178
Share-based payments			38,296	36,434
Total compensation to the Board of Directors and senior management	0	0	283,385	269,612
Alex Bolis
Disclosure of transactions between related parties
Base salary			197,078	187,500
Annual incentive			215,004	204,555
Other			384,873	366,168
Share-based payments			197,292	187,704
Total compensation to the Board of Directors and senior management	$ 0	€ 0	$ 994,247	€ 945,927

RELATED PARTIES - Compensatio_3

RELATED PARTIES - Compensation to board of directors (Details)	12 Months Ended
	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)
Disclosure of transactions between related parties
Retainer	€ 3,425,000	$ 3,703,455	€ 4,330,810	$ 4,552,118
Committees	485,776	525,271	922,562	969,705
Other compensation	2,171,940	2,348,520	3,250,445	3,416,544
Total	6,082,716	6,577,246	8,503,817	8,938,367
Hans-Holger Albrecht
Disclosure of transactions between related parties
Retainer	175,000	189,228	483,078	507,763
Committees	95,000	102,723	190,558	200,296
Other compensation	177,194	191,600	1,184,142	1,244,652
Total	447,194	483,551	1,857,778	1,952,711
Yaroslav Glazunov
Disclosure of transactions between related parties
Retainer	350,000	378,455	281,250	295,622
Committees	47,500	51,362	80,000	84,088
Other compensation	177,194	191,600
Total	574,694	621,417	361,250	379,710
Andrei Gusev
Disclosure of transactions between related parties
Retainer	350,000	378,455	281,250	295,622
Committees	30,000	32,439	52,500	55,183
Other compensation	177,194	191,600	500,000	525,550
Total	557,194	602,494	833,750	876,355
Gunnar Holt
Disclosure of transactions between related parties
Retainer	450,000	486,585	625,000	656,938
Committees			68,750	72,263
Other compensation	577,194	624,120
Total	1,027,194	1,110,705	693,750	729,201
Irene Shvakman
Disclosure of transactions between related parties
Retainer	175,000	189,228	350,000	367,885
Committees	35,000	37,846	55,000	57,810
Other compensation	177,194	191,600
Total	387,194	418,674	405,000	425,695
Vasily Sidorov
Disclosure of transactions between related parties
Retainer	175,000	189,228	350,000	367,885
Committees	35,000	37,846	123,750	130,074
Other compensation	177,194	191,600
Total	387,194	418,674	473,750	497,959
Michiel Soeting
Disclosure of transactions between related parties
Retainer	350,000	378,455	277,083	291,242
Committees	79,138	85,572	57,083	60,000
Other compensation	177,194	191,600
Total	606,332	655,627	334,166	351,242
Karen Linehan
Disclosure of transactions between related parties
Retainer	350,000	378,455	342,289	359,780
Committees	35,000	37,846	53,899	56,653
Total	385,000	416,301	396,188	416,433
Augie Fabela
Disclosure of transactions between related parties
Retainer	350,000	378,455	175,000	183,943
Committees	52,500	56,768	57,500	60,438
Other compensation	177,194	191,600
Total	579,694	626,823	232,500	244,381
Morten Lundal
Disclosure of transactions between related parties
Retainer	525,000	567,683	175,000	183,943
Committees	41,638	45,023	42,500	44,672
Other compensation	177,194	191,600
Total	743,832	804,306	217,500	228,615
Stan Miller
Disclosure of transactions between related parties
Retainer	175,000	189,228	175,000	183,943
Committees	35,000	37,846	30,000	31,533
Other compensation	177,194	191,600
Total	387,194	418,674	205,000	215,476
Mikhail Fridman
Disclosure of transactions between related parties
Retainer			12,500	13,139
Total	0	0	12,500	13,139
Leonid Boguslavsky
Disclosure of transactions between related parties
Retainer			175,000	183,943
Committees			12,500	13,139
Total	0	0	187,500	197,082
Gennady Gazin
Disclosure of transactions between related parties
Retainer			387,500	407,301
Committees			62,500	65,694
Other compensation			1,566,303	1,646,342
Total	0	0	2,016,303	2,119,337
Sergi Herrero
Disclosure of transactions between related parties
Retainer			175,000	183,943
Committees			12,500	13,139
Total	0	0	187,500	197,082
Robert Jan van de Kraats
Disclosure of transactions between related parties
Retainer			65,860	69,226
Committees			23,522	24,723
Total	€ 0	$ 0	€ 89,382	$ 93,949

RELATED PARTIES - Narrative (De

RELATED PARTIES - Narrative (Details) $ in Millions						12 Months Ended
	Jul. 19, 2023 director	Jun. 29, 2023 director	Jun. 29, 2023 member	Jun. 29, 2022 member	May 25, 2022 member	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of members recommended		7	7		11
Number of new members elected	3			3	3
Number of previously serving directors		6	6	8	8
Equity-settled share-based payment expense						$ 18	$ 8	$ 9
Employee short term incentive cash pay-outs (in percentage)						50%
Employee short term incentive, share awards (in percentage)						50%
Long-term incentive plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period						3 years
Equity-settled share-based payment expense						$ 8	1
Liabilities from share-based payment transactions						3	0
Expense from cash-settled share-based payment transactions						$ 3	0
Short term incentive scheme
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period						2 years
Equity-settled share-based payment expense						$ 5	1
Deferred share plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Equity-settled share-based payment expense						$ 5	$ 6

RELATED PARTIES - Share-based p

RELATED PARTIES - Share-based payment arrangements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of transactions between related parties [abstract]
Equity-settled share-based payment expense	$ 18	$ 8	$ 9
Liability-settled share-based payment expense	3	0	0
Total share-based compensation expense	$ 21	$ 8	$ 9

RELATED PARTIES - Roll forward

RELATED PARTIES - Roll forward of shared based payments (Details)	12 Months Ended
	Dec. 31, 2023 award $ / shares	Dec. 31, 2022 award $ / shares
Long-term incentive plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of units outstanding, beginning of the year (in shares)	23,453,111
Weighted average share price, beginning of the year (in USD per share) | $ / shares	$ 0.52
Number of units granted (in shares)	28,348,375
Weighted average exercise price of share options granted (in USD per share) | $ / shares	$ 0.62
Number of units forfeited (in shares)	(8,893,335)
Number of units exercised (in shares)	0
Number of units outstanding, end of the year (in shares)	42,908,151	23,453,111
Weighted average share price, end of the year (in USD per share) | $ / shares	$ 0.65	$ 0.52
Weighted average remaining contractual life (in USD per share)	1 year 2 months 12 days	1 year 7 months 20 days
Short term incentive scheme
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of units outstanding, beginning of the year (in shares)	0
Weighted average share price, beginning of the year (in USD per share) | $ / shares	$ 0
Number of units granted (in shares)	5,486,625
Weighted average exercise price of share options granted (in USD per share) | $ / shares	$ 0.72
Number of units forfeited (in shares)	0
Number of units exercised (in shares)	0
Number of units outstanding, end of the year (in shares)	5,486,625	0
Weighted average share price, end of the year (in USD per share) | $ / shares	$ 0.72	$ 0
Weighted average remaining contractual life (in USD per share)	10 months 6 days	0 years
Deferred share plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of units outstanding, beginning of the year (in shares)	7,835,235
Weighted average share price, beginning of the year (in USD per share) | $ / shares	$ 0.52
Number of units granted (in shares)	3,421,919
Weighted average exercise price of share options granted (in USD per share) | $ / shares	$ 0.78
Number of units forfeited (in shares)	0
Number of units exercised (in shares)	(2,608,118)
Number of units outstanding, end of the year (in shares)	8,649,036	7,835,235
Weighted average share price, end of the year (in USD per share) | $ / shares	$ 0.78	$ 0.52
Weighted average remaining contractual life (in USD per share)	0 years	2 months 12 days

RELATED PARTIES - Fair value as

RELATED PARTIES - Fair value assumptions share-based payments (Details)	12 Months Ended
	Dec. 31, 2023 yr $ / shares
Long-term incentive plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected dividend as percentage, share options granted	0%
Long-term incentive plan | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk free interest rate, share options granted	2.15%
Weighted average remaining contractual life, beginning of the year (in USD per share) | yr	2
Expected volatility, share options granted	43.68%
Weighted average share price, share options granted (in USD per share) | $ / shares	$ 0.71
Long-term incentive plan | Top of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk free interest rate, share options granted	2.42%
Weighted average remaining contractual life, beginning of the year (in USD per share) | yr	2.76
Expected volatility, share options granted	93.92%
Weighted average share price, share options granted (in USD per share) | $ / shares	$ 0.79
Short term incentive scheme
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected dividend as percentage, share options granted	0%
Short term incentive scheme | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk free interest rate, share options granted	2.11%
Weighted average remaining contractual life, beginning of the year (in USD per share) | yr	1.21
Expected volatility, share options granted	61.42%
Weighted average share price, share options granted (in USD per share) | $ / shares	$ 0.71
Short term incentive scheme | Top of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk free interest rate, share options granted	2.37%
Weighted average remaining contractual life, beginning of the year (in USD per share) | yr	2.96
Expected volatility, share options granted	94.32%
Weighted average share price, share options granted (in USD per share) | $ / shares	$ 0.79
Deferred share plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected dividend as percentage, share options granted	0%
Deferred share plan | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk free interest rate, share options granted	0%
Weighted average remaining contractual life, beginning of the year (in USD per share) | yr	0
Expected volatility, share options granted	38.12%
Weighted average share price, share options granted (in USD per share) | $ / shares	$ 0.44
Deferred share plan | Top of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk free interest rate, share options granted	2.56%
Weighted average remaining contractual life, beginning of the year (in USD per share) | yr	2
Expected volatility, share options granted	115.31%
Weighted average share price, share options granted (in USD per share) | $ / shares	$ 2.03

EVENTS AFTER THE REPORTING PE_2

EVENTS AFTER THE REPORTING PERIOD - Bangladesh towers deal (Details) - Banglalink Digital Communications Limited - Tower portfolio in Bangladesh $ in Millions, ৳ in Billions				1 Months Ended
	Dec. 31, 2023 BDT (৳)	Dec. 31, 2023 USD ($)	Nov. 15, 2023 BDT (৳)	Jan. 31, 2024 BDT (৳)	Jan. 31, 2024 USD ($)
Disclosure of non-adjusting events after reporting period
Consideration received for PPE	৳ 11	$ 97	৳ 11
Other disposals of assets
Disclosure of non-adjusting events after reporting period
Total deal receivable					$ 100
Consideration received for PPE				৳ 11	$ 96

EVENTS AFTER THE REPORTING PE_3

EVENTS AFTER THE REPORTING PERIOD - Debt instruments (Details) $ in Millions, ₨ in Billions, ৳ in Billions

1 Months Ended

2 Months Ended

3 Months Ended

12 Months Ended

May 31, 2024 USD ($) drawdown

Jul. 31, 2024 USD ($)

Jul. 31, 2024 PKR (₨)

May 31, 2024 USD ($) drawdown

May 31, 2024 PKR (₨)

Apr. 30, 2024 USD ($)

Apr. 30, 2024 PKR (₨)

Mar. 31, 2024 USD ($)

Feb. 29, 2024 USD ($)

Nov. 30, 2022 USD ($)

May 31, 2022 USD ($)

May 31, 2022 BDT (৳)

Apr. 30, 2022

Feb. 28, 2022 USD ($)

Jun. 30, 2024 USD ($)

Jun. 30, 2024 PKR (₨)

Feb. 29, 2024 USD ($)

Feb. 29, 2024 BDT (৳)

May 31, 2022 USD ($)

Sep. 30, 2022 USD ($)

Sep. 30, 2022 BDT (৳)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

[1]

May 31, 2024 PKR (₨) drawdown

Dec. 31, 2023 PKR (₨)

Dec. 31, 2023 BDT (৳)

Mar. 31, 2022 USD ($)

Disclosure of non-adjusting events after reporting period

Repayments of borrowings, classified as financing activities

$ 1,098

$ 1,619

$ 1,977

Revolving credit facility

Disclosure of non-adjusting events after reporting period

Facility amount

$ 1,250

$ 1,055

Proceeds from non-current borrowings

$ 82

$ 430

$ 610

Revolving credit facility | Repayment of RCF

Disclosure of non-adjusting events after reporting period

Repayments of borrowings, classified as financing activities

$ 805

$ 250

Facility amount

1,055

PKR15BN short term bonds | Issuance of PKR bond by PMCL | PMCL (Pakistan Mobile Communications Ltd)

Disclosure of non-adjusting events after reporting period

Proceeds

$ 52

₨ 15

Spread on interest rate basis

0.25%

0.25%

Syndicated loan with a 5 years maturity | Banglalink

Disclosure of non-adjusting events after reporting period

Proceeds from non-current borrowings

$ 103,000

৳ 9

$ 32,000

৳ 3

Borrowings term

5 years

Syndicated loan with a 5 years maturity | Debt facility drawdown | Banglalink

Disclosure of non-adjusting events after reporting period

Facility amount

73

৳ 8

Proceeds from non-current borrowings

$ 27

৳ 3

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

Disclosure of non-adjusting events after reporting period

Borrowings term

10 years

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

Disclosure of non-adjusting events after reporting period

Proceeds from non-current borrowings

$ 78

₨ 22

$ 154

₨ 43

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

Disclosure of non-adjusting events after reporting period

Facility amount

$ 270

$ 270

₨ 75

Greenshoe option amount | ₨

₨ 15

Borrowings term

10 years

Bilateral credit facility | Debt facility drawdown | PMCL (Pakistan Mobile Communications Ltd)

Disclosure of non-adjusting events after reporting period

Proceeds from non-current borrowings

$ 54

₨ 15

Bilateral credit facility | New credit facility | PMCL (Pakistan Mobile Communications Ltd)

Disclosure of non-adjusting events after reporting period

Facility amount

$ 18

₨ 5

Borrowings term

10 years

10 years

Number of debt instruments | drawdown

3

3

3

[1] * Prior year comparatives for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see N ote 10 ).

EVENTS AFTER THE REPORTING PE_4

EVENTS AFTER THE REPORTING PERIOD - Issuance of new shares (Details) - Common shares - $ / shares	Mar. 01, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of non-adjusting events after reporting period
Number of shares issued (in shares)		1,756,731,135	1,756,731,135
Number of shares outstanding (in shares)		1,756,731,135
Par value (USD per share)		$ 0.001	$ 0.001
Issuance of new shares
Disclosure of non-adjusting events after reporting period
Increase (decrease) in number of ordinary shares issued (in shares)	92,459,532
Number of shares issued (in shares)	1,849,190,667
Number of shares outstanding (in shares)	1,849,190,667
Share issuance as a percentage of authorized shares	4.99%
Par value (USD per share)	$ 0.001

EVENTS AFTER THE REPORTING PE_5

EVENTS AFTER THE REPORTING PERIOD - Sale of stake in Beeline Kyrgyzstan (Details) - Sale of stake in Beeline Kyrgyzstan - Beeline Kyrgyzstan Cash Generating Unit $ in Millions	Mar. 26, 2024 USD ($)
Disclosure of non-adjusting events after reporting period
Proportion of ownership interest in subsidiary	50.10%
Consideration received in cash	$ 32

EVENTS AFTER THE REPORTING PE_6

EVENTS AFTER THE REPORTING PERIOD - Increase in management and director ownership (Details)				1 Months Ended
	Apr. 12, 2024 shares	Mar. 01, 2024 shares	Jul. 19, 2023 shares	Mar. 30, 2023 shares
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)			1,761,100
ADR1
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)			70,444
Short term incentive scheme | ADR1
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)				154,876
Increase in management and directors ownership | Director
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)	1,648,225
Increase in management and directors ownership | ADR1 | Director
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)	65,929
Increase in management and directors ownership | Deferred shares plan
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)	2,853,375
Increase in management and directors ownership | Deferred shares plan | ADR1
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)	114,135
Increase in management and directors ownership | Short term incentive scheme
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)	1,839,895
Increase in management and directors ownership | Short term incentive scheme | ADR1
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)	73,596
Common shares | Increase in management and directors ownership
Disclosure of non-adjusting events after reporting period
Increase (decrease) in number of ordinary shares issued (in shares)		92,459,532

EVENTS AFTER THE REPORTING PE_7

EVENTS AFTER THE REPORTING PERIOD - Share-based awards to VEON's GEC and board of directors (Details) - shares		1 Months Ended
	Jul. 19, 2023	Jun. 30, 2024	Apr. 30, 2024	Jan. 31, 2024	Dec. 31, 2023	Sep. 30, 2023
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)	1,761,100
ADR1
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)	70,444
Mr Kaan Terzioglu | Share-based awards to VEON's GEC and board of directors | Long term incentive scheme
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)				3,201,250
Mr Kaan Terzioglu | Share-based awards to VEON's GEC and board of directors | Long term incentive scheme | ADR1
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)				128,050
Mr Kaan Terzioglu | Share-based awards to VEON's GEC and board of directors | Deferred shares plan
Disclosure of non-adjusting events after reporting period
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)		2,393,275	1,431,220			3,662,240
Number of shares withheld for taxes (in shares)		1,268,965
Mr Kaan Terzioglu | Share-based awards to VEON's GEC and board of directors | Deferred shares plan | ADR1
Disclosure of non-adjusting events after reporting period
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)		95,731	57,249			146,490
Number of shares withheld for taxes (in shares)		50,759
Group Executive Committee
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)	261,100
Group Executive Committee | ADR1
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)	10,444
Group Executive Committee | Share-based awards to VEON's GEC and board of directors | Long term incentive scheme
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)			10,457,359
Vesting period			3 years
Group Executive Committee | Share-based awards to VEON's GEC and board of directors | Long term incentive scheme | ADR1
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)			418,294
Joop Brakenhoff | Share-based awards to VEON's GEC and board of directors | Long term incentive scheme
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)			434,549
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)		482,325
Number of shares withheld for taxes (in shares)		472,743
Joop Brakenhoff | Share-based awards to VEON's GEC and board of directors | Long term incentive scheme | ADR1
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)			17,382
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)		19,293
Number of shares withheld for taxes (in shares)		18,910
Joop Brakenhoff | Share-based awards to VEON's GEC and board of directors | Deferred shares plan
Disclosure of non-adjusting events after reporting period
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)		52,550	520,519		104,047
Number of shares withheld for taxes (in shares)		51,497
Joop Brakenhoff | Share-based awards to VEON's GEC and board of directors | Deferred shares plan | ADR1
Disclosure of non-adjusting events after reporting period
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)		2,102	20,821		4,162
Number of shares withheld for taxes (in shares)		2,060
Omiyinka Doris | Share-based awards to VEON's GEC and board of directors | Long term incentive scheme
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)			372,470
Omiyinka Doris | Share-based awards to VEON's GEC and board of directors | Long term incentive scheme | ADR1
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)			14,899
Omiyinka Doris | Share-based awards to VEON's GEC and board of directors | Deferred shares plan
Disclosure of non-adjusting events after reporting period
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)		333,900	288,703
Number of shares withheld for taxes (in shares)		327,273
Omiyinka Doris | Share-based awards to VEON's GEC and board of directors | Deferred shares plan | ADR1
Disclosure of non-adjusting events after reporting period
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)		13,356	11,548
Number of shares withheld for taxes (in shares)		13,091
Former Board Members | Share-based awards to VEON's GEC and board of directors | Long term incentive scheme
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)			3,369,125
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)		1,648,225
Number of shares withheld for taxes (in shares)		173,250
Former Board Members | Share-based awards to VEON's GEC and board of directors | Long term incentive scheme | ADR1
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)			134,765
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)		65,929
Number of shares withheld for taxes (in shares)		6,930
Former Board Members | Share-based awards to VEON's GEC and board of directors | Long term incentive scheme, cash settled
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)			1,547,650
Former Board Members | Share-based awards to VEON's GEC and board of directors | Long term incentive scheme, cash settled | ADR1
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares)			61,906

EVENTS AFTER THE REPORTING PE_8

EVENTS AFTER THE REPORTING PERIOD - VEON Holding B.V consent solicitations to noteholders (Details) - USD ($) $ in Millions	Aug. 30, 2024	Aug. 28, 2024	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of non-adjusting events after reporting period
Utilized				$ 3,707	$ 6,670
New Notes - April 2025, June 2025 and November 2027 | Borrowings note amendments
Disclosure of non-adjusting events after reporting period
Utilized		$ 1,565	$ 1,550
Old notes subject to conversion | Borrowings note amendments
Disclosure of non-adjusting events after reporting period
Utilized		$ 113	$ 134
Old notes converted to new notes | Borrowings note amendments
Disclosure of non-adjusting events after reporting period
Utilized	$ 20

EVENTS AFTER THE REPORTING PE_9

EVENTS AFTER THE REPORTING PERIOD - Make-whole call (Details) - 1 months ended Jun. 30, 2024 $ in Millions, ₽ in Billions	USD ($)	RUB (₽)
VEON Holdings B.V. | September 2025 and September 2026 notes | Early redemption of notes
Disclosure of non-adjusting events after reporting period
Debt repayment	$ 53	₽ 5

EVENTS AFTER THE REPORTING P_10

EVENTS AFTER THE REPORTING PERIOD - Sale of TNS in Kazakhstan (Details) - Sale of TNS in Kazakhstan - TNS Plus LLP $ in Millions	May 28, 2024 USD ($)
Disclosure of non-adjusting events after reporting period
Proportion of ownership interest in subsidiary	49%
Consideration received in cash	$ 137.5

EVENTS AFTER THE REPORTING P_11

EVENTS AFTER THE REPORTING PERIOD - New board announced (Details)	May 31, 2024 director
New Directors Appointed
Disclosure of non-adjusting events after reporting period
Number of directors elected	7

EVENTS AFTER THE REPORTING P_12

EVENTS AFTER THE REPORTING PERIOD - Sale of Russia operations deferred consideration settlement (Details) - Unitel LLC - Russia - USD ($) $ in Millions	Jul. 31, 2024	Oct. 09, 2023
Disclosure of non-adjusting events after reporting period
Notional amount		$ 1,576
Transfer of bonds
Disclosure of non-adjusting events after reporting period
Notional amount	$ 72

EVENTS AFTER THE REPORTING P_13

EVENTS AFTER THE REPORTING PERIOD - Intention to delist (Details) $ in Millions	Aug. 01, 2024 USD ($)
Share buy back
Disclosure of non-adjusting events after reporting period
Share-buy back authorised amount	$ 100

EVENTS AFTER THE REPORTING P_14

EVENTS AFTER THE REPORTING PERIOD - Agreement with Impact Investment LLC (Details) $ in Millions	Aug. 01, 2024 USD ($)	Jun. 07, 2024 USD ($) shares	Apr. 12, 2024 shares	Jul. 19, 2023 shares
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares) | shares				1,761,100
ADR1
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares) | shares				70,444
Impact Investments LLC | Agreement with Impact Investments LLC
Disclosure of non-adjusting events after reporting period
Professional fees expense		$ 0.5
Discretionary additional fee	$ 3
Impact Investments LLC | Agreement with Impact Investments LLC | Warrant A
Disclosure of non-adjusting events after reporting period
Warrant liability	$ 12
Vesting period	3 years
Impact Investments LLC | Agreement with Impact Investments LLC | Warrant B
Disclosure of non-adjusting events after reporting period
Warrant liability	$ 2
Anniversary period after signing 2024 agreement	3 years
Impact Investments LLC | Agreement with Impact Investments LLC | Warrant B | Tranche 1
Disclosure of non-adjusting events after reporting period
Vesting period	6 months
Vesting percentage	50%
Impact Investments LLC | Agreement with Impact Investments LLC | Warrant B | Tranche 2
Disclosure of non-adjusting events after reporting period
Vesting period	4 years
Impact Investments LLC | Agreement with Impact Investments LLC | Warrant C
Disclosure of non-adjusting events after reporting period
Warrant liability	$ 2
Anniversary period after signing 2024 agreement	4 years
Impact Investments LLC | Agreement with Impact Investments LLC | Warrant C | Tranche 1
Disclosure of non-adjusting events after reporting period
Vesting period	6 months
Vesting percentage	50%
Impact Investments LLC | Agreement with Impact Investments LLC | Warrant C | Tranche 2
Disclosure of non-adjusting events after reporting period
Vesting period	5 years
Impact Investments LLC | Agreement with Impact Investments LLC | Warrants
Disclosure of non-adjusting events after reporting period
90-day average trading price, period	90 days
Impact Investments LLC | Termination Letter Entered Into With Impact Investment LLC
Disclosure of non-adjusting events after reporting period
Issue of equity		$ 2
Number of other equity instruments granted in share-based payment arrangement (in shares) | shares		2,066,954
Impact Investments LLC | Termination Letter Entered Into With Impact Investment LLC | ADR1
Disclosure of non-adjusting events after reporting period
Number of other equity instruments granted in share-based payment arrangement (in shares) | shares			82,678
Impact Investments LLC | Termination Letter Entered Into With Impact Investment LLC | Contingently issuable shares
Disclosure of non-adjusting events after reporting period
90-day average trading price, period	90 days

EVENTS AFTER THE REPORTING P_15

EVENTS AFTER THE REPORTING PERIOD - KarTel Limited Liability Partnership credit facilities (Details) - KaR-Tel LLP - Term Facility with JSC Nurbank - New credit facility $ in Millions, ₸ in Billions	Oct. 08, 2024 USD ($)	Oct. 08, 2024 KZT (₸)	Sep. 25, 2024 USD ($)	Sep. 25, 2024 KZT (₸)
Disclosure of non-adjusting events after reporting period
Facility amount			$ 37	₸ 18
Borrowings term			5 years
Borrowings, interest rate (in percent)			15.50%	15.50%
Proceeds from non-current borrowings	$ 10	₸ 4.5

BASIS OF PREPARATION OF THE C_3

BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of voluntary change in accounting policy [line items]
(Loss) / profit for the period	$ (2,450)	$ (9)	$ 801	[1]
Items that may be reclassified to profit or loss
Foreign currency translation	(598)	(480)	(200)
Reclassification of accumulated foreign currency translation reserve to profit or loss upon disposal of foreign operation		558
Items that will not to be reclassified to profit or loss
Other		27
Other comprehensive income / (loss) for the period, net of tax	2,797	105	(203)
Total comprehensive income / (loss)	347	96	598
Attributable to:
The owners of the parent	271	(14)	513
Non-controlling interests	76	110	85
Total comprehensive income / (loss) for the period, net of tax from:
Continuing operations	188	234	(5)
Discontinued operations	$ 159	(138)	$ 603
Previously stated
Disclosure of voluntary change in accounting policy [line items]
(Loss) / profit for the period		(9)
Items that may be reclassified to profit or loss
Foreign currency translation		(480)
Reclassification of accumulated foreign currency translation reserve to profit or loss upon disposal of foreign operation		(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]
(Loss) / profit for the period		0
Items that may be reclassified to profit or loss
Foreign currency translation		0
Reclassification of accumulated foreign currency translation reserve to profit or loss upon disposal of foreign operation		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] *Prior year comparative for the year ended December 31, 2021 is 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 - Narrative (Details) $ in Millions

1 Months Ended

12 Months Ended

Mar. 28, 2024 USD ($)

Feb. 29, 2024 USD ($)

May 31, 2023 company

Apr. 30, 2023 bank

Oct. 31, 2022 shareholder

Dec. 31, 2023 USD ($) subscriber employee

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

[1]

Sep. 30, 2024 USD ($)

Oct. 30, 2023 appeal

Oct. 06, 2023 company

Disclosure of voluntary change in accounting policy [line items]

Number of shareholders | shareholder

1

Number of appeals filed | appeal

2

Number of ukraines largest metallurical companies | company

1

Number of ukraines largest commercial banks | bank

1

Repayments of borrowings, classified as financing activities | $

$ 1,098

$ 1,619

$ 1,977

Revolving credit facility, balance rolled over

Disclosure of voluntary change in accounting policy [line items]

Cash on hand | $

$ 963

Revolving credit facility, balance rolled over | Revolving credit facility

Disclosure of voluntary change in accounting policy [line items]

Repayments of borrowings, classified as financing activities | $

$ 805

$ 250

Ukraine

Disclosure of voluntary change in accounting policy [line items]

Number of subscribers | subscriber

24,000,000

Number of employees | employee

4,000

Number of appeals filed | appeal

2

Ukraine | Ongoing Conflict Between Russia And Ukraine

Disclosure of voluntary change in accounting policy [line items]

Number of companies with frozen corporate rights | company

20

Number of companies with restricted measures | company

41

Ukraine | Kyivstar

Disclosure of voluntary change in accounting policy [line items]

Percentage of corporate rights frozen

47.85%

Ukraine | Ukraine Tower Company

Disclosure of voluntary change in accounting policy [line items]

Percentage of corporate rights frozen

100%

Ukraine | Kyivstar Tech

Disclosure of voluntary change in accounting policy [line items]

Percentage of corporate rights frozen

100%

Ukraine | Helsi Ukraine

Disclosure of voluntary change in accounting policy [line items]

Percentage of corporate rights frozen

69.99%

Ukraine | Ultimate beneficial owners

Disclosure of voluntary change in accounting policy [line items]

Sanction period

10 years

[1] * Prior year comparatives for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see N ote 10 ).

CONDENSED SEPARATE FINANCIAL _3

CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON LTD - Narrative (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Percentage of restricted net assets of consolidated net assets	25%
Veon Ltd.
Condensed Financial Statements, Captions [Line Items]
Restricted net assets of consolidated subsidiaries as percentage of consolidated net assets	105%	303%

CONDENSED SEPARATE FINANCIAL _4

CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON LTD - Condensed Statement of Financial Position (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non-current assets
Intangible assets	$ 1,619	$ 1,960	$ 3,244
Total non-current assets	5,060	5,310
Total assets	8,218	15,083
Equity	858	569
Total equity and liabilities	8,218	15,083
Veon Ltd.
Non-current assets
Intangible assets	3	5	6
Tangible fixed assets	2	2	3
Financial fixed assets	1,157	760	690
Total non-current assets	1,162	767	699
Total current assets	116	78	119
Total assets	1,278	845	818
Equity	865	569	586
Total liabilities disposed	413	276	232
Total equity and liabilities	$ 1,278	$ 845	$ 818

CONDENSED SEPARATE FINANCIAL _5

CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON LTD - Condensed Income Statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Income Statements, Captions [Line Items]
Selling, general and administrative expenses	$ (1,646)	$ (1,533)	$ (1,526)	[1]
Operating profit	929	1,163	1,023	[1]
Income tax	(179)	(69)	(344)	[1]
Total non-operating income and expenses	20	9	26	[1]
Veon Ltd.
Condensed Income Statements, Captions [Line Items]
Selling, general and administrative expenses	(134)	(103)	(86)
Other operating gains	0	0	0
Recharged expenses to group companies	23	10	(11)
Operating profit	(111)	(93)	(97)
Finance income and (costs)	(6)	(1)	2
Share in result of subsidiaries after tax	(2,410)	(68)	773
Income tax	(1)	0	(4)
Total non-operating income and expenses	(2,417)	(69)	771
Profit / (loss) for the year	$ (2,528)	$ (162)	$ 674
[1] *Prior year comparative for the year ended December 31, 2021 is 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Statement of Income Captions [Line Items]
Total comprehensive income (loss) for the year, net of tax	$ 347	$ 96	$ 598
Veon Ltd.
Condensed Statement of Income Captions [Line Items]
Total comprehensive income (loss) for the year, net of tax	$ 0	$ 0	$ 0

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Investing activities
Other cash flows from investing activities		$ 13	$ (3)	$ (3)	[1]
Financing activities
Proceeds from borrowings, net of fees paid	[2]	194	2,087	2,081	[1]
Net increase / (decrease) in cash and cash equivalents		(1,271)	1,017	714	[1]
Cash and cash equivalents at beginning of period		3,107
Cash and cash equivalents at end of period		1,902	3,107
Veon Ltd.
Operating activities
Net cash flows from operating activities		(104)	(108)	(27)
Investing activities
Receipt of capital surplus from a subsidiary		0	0	(1)
Other cash flows from investing activities		2	0	3
Cash flows from (used in) investing activities		2	0	2
Financing activities
Proceeds from borrowings, net of fees paid		100	60	0
Cash flows from (used in) financing activities		100	60	0
Net increase / (decrease) in cash and cash equivalents		(2)	(48)	(25)
Cash and cash equivalents at beginning of period		6	54	79
Cash and cash equivalents at end of period		$ 4	$ 6	$ 54
[1] * Prior year comparatives for the year ended December 31, 2021 is adjusted following the classification of Russia as a discontinued operation (see N ote 10 ). ** Fees paid in 2023 for borrowings were US$18 (2022: US$11, 2021: US$32).