FINANCIAL ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2017

	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	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