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FINANCIAL ASSETS AND LIABILITIES (Tables) | 12 Months Ended
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Dec. 31, 2017
FINANCIAL ASSETS AND LIABILITIES |
Schedule of financial assets |
|  | Carrying value |  | Fair value |
Financial assets |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Financial assets at fair value through profit or loss |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | 5 |  |  | 2 |  |  | 5 |  |  | 2 |
Embedded derivatives in notes |  |  | 5 |  |  | 12 |  |  | 5 |  |  | 12 |
Financial assets at fair value |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale financial assets |  |  | 71 |  |  | 71 |  |  | 71 |  |  | 71 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total financial assets at fair value |  |  | 81 |  |  | 85 |  |  | 81 |  |  | 85 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans granted, deposits and other financial assets |  |  |  |  |  |  |  |  |  |  |  |  |
Bank deposits and interest accrued |  |  | 70 |  |  | 385 |  |  | 70 |  |  | 385 |
Cash pledged as collateral* |  |  | 998 |  |  | — |  |  | 998 |  |  | — |
Other investments |  |  | 12 |  |  | 24 |  |  | 12 |  |  | 24 |
Other loans granted |  |  | 3 |  |  | 2 |  |  | 3 |  |  | 2 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total loans granted, deposits and other financial assets |  |  | 1,083 |  |  | 411 |  |  | 1,083 |  |  | 411 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total financial assets |  |  | 1,164 |  |  | 496 |  |  | 1,164 |  |  | 496 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-current |  |  | 34 |  |  | 306 |  |  |  |  |  |  |
Current |  |  | 1,130 |  |  | 190 |  |  |  |  |  |  |
* As of December 31, 2017, cash balances of US$987 are pledged as collateral for the Mandatory Tender Offer for the purchase of shares of GTH, refer to Note 5 for further details.
Schedule of financial liabilities |
|  | Carrying value |  | Fair value |
Financial Liabilities |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Financial liabilities at fair value through profit or loss |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | — |  |  | 29 |  |  | — |  |  | 29 |
Contingent consideration |  |  | 49 |  |  | 47 |  |  | 49 |  |  | 47 |
Financial liabilities at fair value |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as net investment hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Cross currency interest rate exchange contracts |  |  | 59 |  |  | — |  |  | 59 |  |  | — |
Derivatives designated as cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Interest rate exchange contracts |  |  | 1 |  |  | 3 |  |  | 1 |  |  | 3 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total financial liabilities at fair value |  |  | 109 |  |  | 83 |  |  | 109 |  |  | 83 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities at amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |
Bank loans and bonds, principal |  |  | 11,103 |  |  | 10,489 |  |  | 11,548 |  |  | 10,983 |
Interest accrued |  |  | 129 |  |  | 173 |  |  | 130 |  |  | 173 |
Discounts, unamortized fees, hedge basis adjustment |  |  | (34 | ) |  | 40 |  |  | — |  |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank loans and bonds at amortized cost |  |  | 11,198 |  |  | 10,702 |  |  | 11,678 |  |  | 11,156 |
Put-option liability over non-controlling interest |  |  | 310 |  |  | 290 |  |  | 310 |  |  | 290 |
Other financial liabilities |  |  | 13 |  |  | 41 |  |  | 13 |  |  | 41 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total financial liabilities at amortized cost |  |  | 11,521 |  |  | 11,033 |  |  | 12,001 |  |  | 11,487 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total financial liabilities |  |  | 11,630 |  |  | 11,116 |  |  | 12,110 |  |  | 11,570 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-current |  |  | 10,362 |  |  | 8,070 |  |  |  |  |  |  |
Current |  |  | 1,268 |  |  | 3,046 |  |  |  |  |  |  |
Schedule of principal amounts outstanding for interest-bearing loans and bonds |
|  |  |  |  |  |  |  |  |  |  |  | Principalamountoutstanding |
Borrower |  | Type of debt |  | Guarantor |  | Currency |  | Interest rate |  | Maturity |  | 2017 |  | 2016 |
VEON Holdings |  | Loans |  | None |  | RUB |  | 8.75% - 10.0% |  | 2022 |  |  | 2,474 |  |  | — |
VEON Holdings |  | Notes |  | None (2016: PJSC VimpelCom) |  | US$ |  | 5.2% - 5.95% |  | 2019 - 2023 |  |  | 1,554 |  |  | 1,554 |
VEON Holdings |  | Notes |  | None |  | US$ |  | 3.95% - 4.95% |  | 2021 - 2024 |  |  | 1,500 |  |  | — |
VEON Holdings |  | Loans |  | None |  | EUR |  | 3mEURIBOR + 1.9% - 2.75% |  | 2022 |  |  | 752 |  |  | — |
VEON Holdings |  | Notes |  | PJSC VimpelCom |  | US$ |  | 7.5% |  | 2022 |  |  | 628 |  |  | 1,280 |
VEON Holdings |  | Syndicated loan (RCF) |  | None |  | US$ |  | 1mLIBOR + 2.25% |  | 2018 |  |  | 250 |  |  | — |
VEON Holdings |  | Notes |  | None |  | RUB |  | 9.0% |  | 2018 |  |  | 208 |  |  | 198 |
VEON Holdings |  | Notes |  | PJSC VimpelCom |  | US$ |  | 6.25% |  | 2017 |  |  | — |  |  | 349 |
GTH Finance B.V. |  | Notes |  | VEON Holdings B.V. |  | US$ |  | 6.25% - 7.25% |  | 2020 - 2023 |  |  | 1,200 |  |  | 1,200 |
VIP Finance Ireland |  | Eurobonds |  | None |  | US$ |  | 7.748% - 9.1% |  | 2018 - 2021 |  |  | 543 |  |  | 1,150 |
PMCL |  | Loans |  | None |  | PKR |  | 6mKIBOR + 0.35% - 0.8% |  | 2020 - 2022 |  |  | 379 |  |  | 166 |
PMCL |  | Loans |  | EKN* |  | US$ |  | 6mLIBOR + 1.9% |  | 2020 |  |  | 212 |  |  | 231 |
Banglalink |  | Senior Notes |  | None |  | US$ |  | 8.6% |  | 2019 |  |  | 300 |  |  | 300 |
PJSC VimpelCom |  | Ruble Bonds |  | None |  | RUB |  | 10.0% - 11.9% |  | 2017 |  |  | 19 |  |  | 660 |
PJSC VimpelCom |  | Loans |  | None |  | RUB |  | 12.75% |  | 2017 - 2018 |  |  | — |  |  | 1,021 |
VEON Amsterdam |  | Loans |  | None |  | US$ |  | 1mLibor + 3.3% |  | 2017 |  |  | — |  |  | 1,000 |
Omnium Telecom Algeria SpA |  | Syndicated loan |  | None |  | DZD |  | Bank of Algeria re-discount rate + 2.0% |  | 2019 |  |  | — |  |  | 340 |
|  | Other loans |  |  |  |  |  |  |  |  |  |  | 1,084 |  |  | 1,040 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | Total bank loans and bonds |  |  |  |  |  |  |  |  |  |  | 11,103 |  |  | 10,489 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
* Exportkreditnämnden (The Swedish Export Credit Agency)
Schedule of reconciliation of cash flows from financing activities |
|  | Bank loans and bondsat amortized cost |
Balance as of January 1, 2017 |  |  | 10,702 |
Cash flows |  |  |  |
Proceeds from borrowings, net of fees paid |  |  | 6,193 |
Repayment of borrowings |  |  | (5,948 | )
Interest paid |  |  | (834 | )
Non-cash movements |  |  |  |
Interest accrued |  |  | 774 |
Early redemption premium accrued* |  |  | 168 |
Foreign currency translation |  |  | 138 |
Other non-cash movements |  |  | 5 |
​ | ​ | ​ | ​ | ​
Balance as of December 31, 2017 |  |  | 11,198 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
* Early redemption premium accrued in respect of the settlement of the cash tender offer for certain outstanding debt securities, see below for further information. The amount accrued relates to the excess of purchase price over the principal amount outstanding, which, together with the release of unamortized debt issuance costs and unamortized fair value hedge basis adjustment, resulted in a loss from early debt redemption of US$124, recorded within "Other non-operating gains/losses" (refer to Note 11).
Schedule of hedge accounting with derivatives as hedging items |
|  |  |  | Nominalvalue |  | Fair valueof assets |  | Fair valueof liabilities |
|  | Risk beinghedged |
|  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Cash flow hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate exchange contracts |  | Interest |  |  | 93 |  |  | 158 |  |  | — |  |  | — |  |  | 1 |  |  | 3 |
Foreign exchange contracts |  | Currency |  |  | — |  |  | 73 |  |  | — |  |  | — |  |  | — |  |  | 4 |
Net investment hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross currency interest rate exchange contracts |  | Currency |  |  | 600 |  |  | — |  |  | — |  |  | — |  |  | 59 |  |  | — |
No hedge accounting applied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross currency interest rate exchange contracts |  | Currency |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |
Foreign exchange contracts |  | Currency |  |  | 283 |  |  | 407 |  |  | 5 |  |  | 2 |  |  | — |  |  | 29 |
Schedule of cash flows of the derivatives, to which cash flow hedge accounting applies |
|  | Less than1 year |  | 1 - 3 years |  | 3 - 5 years |  | More than5 years |  | Total |
As of December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flows |  |  | (2 | ) |  | (0 | ) |  | — |  |  | — |  |  | (2 | )
Cash flow hedge reserve |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2 |
As of December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flows |  |  | (9 | ) |  | (2 | ) |  | — |  |  | — |  |  | (11 | )
Cash flow hedge reserve* |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (0 | )
* The balance of the Cash flow hedge reserve at December 31, 2016 amounted to approximately US$300 thousand.
Schedule of disclosure of fair value measurements separately for each major class of assets and liabilities. |
As of December 31, 2017 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Financial assets at fair value through profit or loss |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | — |  |  | 5 |  |  | — |  |  | 5 |
Embedded derivatives in notes |  |  | — |  |  | 5 |  |  | — |  |  | 5 |
Financial assets at fair value |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale financial assets |  |  | — |  |  | 71 |  |  | — |  |  | 71 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total financial assets at fair value |  |  | — |  |  | 81 |  |  | — |  |  | 81 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities at fair value through profit or loss |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | — |  |  | — |  |  | — |  |  | — |
Contingent consideration |  |  | — |  |  | — |  |  | 49 |  |  | 49 |
Financial liabilities at fair value |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as net investment hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Cross currency interest rate exchange contracts |  |  | — |  |  | 59 |  |  | — |  |  | 59 |
Derivatives designated as cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate exchange contracts |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total financial liabilities at fair value |  |  | — |  |  | 60 |  |  | 49 |  |  | 109 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2016 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Financial assets at fair value through profit or loss |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Embedded derivatives in notes |  |  | — |  |  | 12 |  |  | — |  |  | 12 |
Financial assets at fair value |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | — |  |  | — |  |  | — |  |  | — |
Available for sale financial assets |  |  | — |  |  | 42 |  |  | 29 |  |  | 71 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total financial assets at fair value |  |  | — |  |  | 56 |  |  | 29 |  |  | 85 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities at fair value through profit or loss |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | — |  |  | 29 |  |  | — |  |  | 29 |
Financial liabilities at fair value |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Interest rate exchange contracts |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Contingent consideration |  |  | — |  |  | — |  |  | 47 |  |  | 47 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total financial liabilities at fair value |  |  | — |  |  | 36 |  |  | 47 |  |  | 83 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of reconciliation of movements relating to financial instruments classified in level 3 of the fair value hierarchy |
|  | Financial assets at fair value |  | Financial liabilities at fair value |
|  | Available for sale |  | Total |  | Contingent consideration |  | Total |
As of January 1, 2016 |  |  | 27 |  |  | 27 |  |  | — |  |  | — |
Change in fair value recognized in other comprehensive income |  |  | 5 |  |  | 5 |  |  | — |  |  | — |
Purchased / incurred |  |  | — |  |  | — |  |  | 47 |  |  | 47 |
Currency translation adjustments |  |  | (3 | ) |  | (3 | ) |  | — |  |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2016 |  |  | 29 |  |  | 29 |  |  | 47 |  |  | 47 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in fair value recognized in the income statement |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Change in fair value recognized in other comprehensive income |  |  | (9 | ) |  | (9 | ) |  | — |  |  | — |
Impairment loss |  |  | (20 | ) |  | (20 | ) |  | — |  |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2017 |  |  | — |  |  | — |  |  | 49 |  |  | 49 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of offsetting financial assets and liabilities |
|  |  |  |  |  |  |  | Related amounts not set off in the statement of financial position |  |  |
|  |  |  | Gross amounts set off in the statement of financial position |  | Net amounts presented in the statement of financial position |  |  |
|  | Gross amounts recognized |  | Financial instruments |  | Cash collateral received |  | Net amount |
As of December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial assets (non-current) |  |  | 34 |  |  | — |  |  | 34 |  |  | — |  |  | — |  |  | 34 |
Other financial liabilities (non-current) |  |  | 10,362 |  |  | — |  |  | 10,362 |  |  | — |  |  | — |  |  | 10,362 |
Other financial assets (current) |  |  | 1,130 |  |  | — |  |  | 1,130 |  |  | — |  |  | — |  |  | 1,130 |
Other financial liabilities (current) |  |  | 1,268 |  |  | — |  |  | 1,268 |  |  | — |  |  | — |  |  | 1,268 |
Trade and other receivables |  |  | 817 |  |  | 72 |  |  | 745 |  |  | — |  |  | — |  |  | 745 |
Trade and other payables |  |  | 1,595 |  |  | 72 |  |  | 1,523 |  |  | — |  |  | — |  |  | 1,523 |
As of December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial assets (non-current) |  |  | 306 |  |  | — |  |  | 306 |  |  | — |  |  | — |  |  | 306 |
Other financial liabilities (non-current) |  |  | 8,070 |  |  | — |  |  | 8,070 |  |  | — |  |  | — |  |  | 8,070 |
Other financial assets (current) |  |  | 190 |  |  | — |  |  | 190 |  |  | — |  |  | — |  |  | 190 |
Other financial liabilities (current) |  |  | 3,047 |  |  | (1 | ) |  | 3,046 |  |  | — |  |  | — |  |  | 3,046 |
Trade and other receivables |  |  | 783 |  |  | (98 | ) |  | 685 |  |  | — |  |  | — |  |  | 685 |
Trade and other payables |  |  | 1,843 |  |  | (99 | ) |  | 1,744 |  |  | — |  |  | — |  |  | 1,744 |

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