Amsterdam, 18 March 2022 – VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and digital services, today provides some further details regarding our ruble denominated notes. We also remind investors that as disclosed on 2 March 2022, VEON has no additional debt maturities at the HQ level during 2022.

We would like to reiterate the currency election terms for the holders of the following ruble denominated notes:

  • · VEON Holdings B.V., RUB 20 billion (c.USD 194 million1) 6.30% ruble denominated notes, maturing June 2025;
  • · VEON Holdings B.V., RUB 10 billion (c.USD 97 million1) 6.50% ruble denominated notes maturing September 2025; and
  • · VEON Holdings B.V., RUB 20 billion (c.USD 194 million1) 8.125% ruble denominated notes maturing September 2026,

each issued under VEON Holdings B.V.’s Global Medium Term Note Programme (the “Notes”).

Each final terms document for the Notes includes a currency exchange option, the terms of which are set out in condition 6(f) (Currency Exchange Option) of the terms and conditions of the Notes in each base offering memorandum.

As a result of this currency exchange option being applicable, holders of the Notes may, through the notification procedures of Euroclear and/or Clearstream on or before the tenth business day prior to an interest or principal payment date, give an irrevocable notice of election to Citibank, N.A., London Branch as principal paying agent to receive payments of interest or principal, as the case may be, in U.S. dollars.

VEON is a provider of connectivity and digital services to almost 220 million customers across nine countries. VEON has a diverse investor base with no controlling shareholder, a majority of independent directors and an international management team.

1Based on USD/RUB=103.265

For more information on VEON’s liquidity and financial position please visit: www.veon.com

About VEON

VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and internet services. For more information visit: www.veon.com

Disclaimer

This press release contains “forward-looking statements”, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. 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 U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.

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