Journal content

VEON CEO Letter to Investors and Partners |

AMSTERDAM, March 15, 2022 /PRNewswire/ — VEON Ltd. (NASDAQ: VEON) (Euronext Amsterdam: VEON), one of the world’s leading providers of connectivity and Internet services, has today, given recent market volatility, provided our investors and partners with an update about our business explaining how we are successfully navigating the current turmoil.

In the update, VEON CEO Kaan Terzioglu comments on the following points:

“Solid liquidity profile

Our business is strong and we are well positioned to weather the current storm.

Rating agencies define our liquidity margin as solid (Fitch) and healthy (S&P). At the end of February 2022VEON had $2.1 billion in cash and deposits, including $1.5 billion at headquarters, with international banks in the European Union, United States and Japan. In addition to this, VEON has a $1.25 billion committed revolving credit facility at its disposal (of which $820 million remains undrawn) from a group of diversified lenders headquartered in United States, Europe and Asia.

At March 1, 2022VEON reimbursed $417 million maturing bonds, and March 9, 2022 he prepaid and closed a 30 billion rubles (approximately $259 million) interest-bearing loan from VTB Bank. Following this payment to VTB, VEON no longer has an outstanding loan with VTB. VEON has no additional debt maturities at its headquarters for the remainder of 2022.

We will of course continue to maintain financial discipline, supported by our strong liquidity position and resilient operating profile.

VEON is a global telecommunications operator

We are proud to provide our 218 million customers with digital connectivity and services. These are essential for a combined population of 680 million people in the nine countries where we operate.

We continue to execute our digital operator strategy in our markets, pursuing all growth opportunities enabled by our digital product portfolio.

VEON shares are listed on NASDAQ in new York and EuroNext in Amsterdam. Our company is led by a diverse and international management team, under the supervision of an independent Board of Directors. We have a globally diverse investor base, made up of shareholders from around the world, and with no single majority shareholder. VEON employs more than 60,000 people worldwide.

Safe legal position

I want to be absolutely clear: VEON is not subject to any sanctions imposed by the European Union, United States or the UKand the ability of our counterparties to continue to do business with us has not been affected by these actions.

We have received many questions regarding sanctions against a former director and indirect shareholders of VEON, so please allow me to address this particular concern as well.

Following the imposition of sanctions against Mikhail Fridman and Petr Aven to February 28, 2022 by the Council of Europe, Mr. Fridman has resigned as a member of VEON’s Board of Directors. Mr. Fridman and Mr. Aven have also resigned from their positions as members of the Boards of Directors of LetterOne Investment Holdings SA, LetterOne Holdings SA and LetterOne Core Investments Sarl (“LetterOne”).

Further, I would point out that LetterOne does not own a controlling interest in VEON, either as a matter of governance or as a concept of “control” as interpreted under applicable law.

Protecting our employees and customers

We have taken specific measures and will do everything in our power to protect the safety of our employees and their families affected by the conflict. We continue to contribute to humanitarian support in all our countries. And our technology is more relevant and needed than ever for our customers, ensuring continuous connectivity, access to information, and it’s also being used to help millions of displaced people and locate missing people. »

Committed to continuing its engagement with our stakeholders

In closing, the President and CEO of VEON Notes by Kaan Terzioğlu“Continued engagement with our stakeholders is more important than ever. We deeply value our relationship and will continue to maintain an open dialogue, providing you with timely, accurate and relevant information on VEON’s strategy, plans and performance” .


This press release contains “forward-looking statements”, as defined in Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts and include statements regarding, among other things, expectations regarding VEON’s sufficient liquidity to meet its obligations, the impact of new sanctions imposed by the European Union, United States or the UK, the safety of our employees and customers, and continued engagement with our stakeholders. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be accurately predicted by VEON and some of which cannot even be anticipated by VEON. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by US federal securities laws, any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unforeseen events.

About VEON

VEON is a global provider of connectivity and Internet services listed on NASDAQ and Euronext Amsterdam. For more information visit:

Contact information


Investor Relations

Nik Kershaw

[email protected]

+31 20 79 77 200

Show original content: