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FINANCIAL ASSETS AND LIABILITIES (Tables) | 6 Months Ended
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Jun. 30, 2018
FINANCIAL ASSETS AND LIABILITIES |
Schedule of principal amounts outstanding for interest-bearing loans and bonds |
|  |  |  |  |  |  |  |  |  |  |  | Principal amount outstanding |
Borrower |  | Type of debt |  | Guarantor |  | Currency |  | Interest rate |  | Maturity |  | June 30, 2018 |  | December 31, 2017 |
VEON Holdings |  | Loans |  | None |  | RUB |  | 8.75% - 10.0% |  | 2022 |  | 2,271 |  | 2,474 |
VEON Holdings |  | Notes |  | None |  | US$ |  | 5.2% - 5.95% |  | 2019 -2023 |  | 1,554 |  | 1,554 |
VEON Holdings |  | Notes |  | None |  | US$ |  | 3.95% - 4.95% |  | 2021 - 2024 |  | 1,500 |  | 1,500 |
VEON Holdings |  | Loans |  | None |  | EUR |  | 3mEURIBOR + 1.9% - 2.75% |  | 2022 |  | 732 |  | 752 |
VEON Holdings |  | Notes |  | PJSC VimpelCom |  | US$ |  | 7.5% |  | 2022 |  | 628 |  | 628 |
VEON Holdings |  | Syndicated loan (RCF) |  | None |  | US$ |  | 1mLIBOR + 2.25% |  | 2018 |  | — |  | 250 |
VEON Holdings |  | Notes |  | None |  | RUB |  | 9.0% |  | 2018 |  | — |  | 208 |
VEON Amsterdam B.V. |  | Loan |  | EKN*, PJSC VimpelCom |  | US$ |  | 1.72% |  | 2022 |  | 143 |  | 159 |
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$ |  | 7.75% |  | 2021 |  | 377 |  | 543 |
PMCL |  | Loans |  | None |  | PKR |  | 6mKIBOR + 0.35% - 0.9% |  | 2020 -2022 |  | 322 |  | 379 |
PMCL |  | Loans |  | EKN* |  | US$ |  | 6mLIBOR + 1.9% |  | 2020 |  | 162 |  | 212 |
Banglalink Digital Communications Ltd. |  | Senior Notes |  | None |  | US$ |  | 8.6% |  | 2019 |  | 300 |  | 300 |
Banglalink Digital Communications Ltd. |  | Syndicated loans |  | None |  | BDT |  | Average bank deposit rate + 3.0% - 4.25% |  | 2020 - 2022 |  | 156 |  | — |
Optimum Telecom Algérie S.p.A. |  | Syndicated loan |  | Omnium Telecom Algérie S.p.A. |  | DZD |  | Bank of Algeria re-discount rate + 2.0% |  | 2019 |  | 128 |  | 131 |
|  | Other debt ** |  |  |  |  |  | 519 |  | 813 |
|  | Total bank loans and bonds |  |  |  |  |  | 9,992 |  | 11,103 |
* Exportkreditnämnden (The Swedish Export Credit Agency) ** As of June 30, 2018, other debt includes overdrawn bank accounts related to cash-pooling program of US$201 (2017: US$ nil). For further details, refer to Note 11.
Schedule of financial assets |
|  | Carrying value |  | Fair value |
Financial assets |  | June 30, 2018 |  | December 31, 2017 |  | June 30, 2018 |  | December 31, 2017 |
Financial assets at fair value through profit or loss |  |  |  |  |  |  |  |  |
Derivatives not designated as hedges |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | 3 |  | 5 |  | 3 |  | 5 |
Embedded derivatives in notes |  | — |  | 5 |  | — |  | 5 |
Financial assets at fair value through other comprehensive income (with recycling) |  | 56 |  | — |  | 56 |  | — |
Available for sale financial assets (see Note 2) |  | — |  | 71 |  | — |  | 71 |
Total financial assets at fair value |  | 59 |  | 81 |  | 59 |  | 81 |
Financial assets at amortized cost |  |  |  |  |  |  |  |  |
Bank deposits and interest accrued |  | 15 |  | 70 |  | 15 |  | 70 |
Cash pledged as collateral (see Note 3) |  | — |  | 998 |  | — |  | 998 |
Other investments |  | 20 |  | 12 |  | 20 |  | 12 |
Other loans granted |  | 5 |  | 3 |  | 5 |  | 3 |
Total financial assets at amortized cost |  | 40 |  | 1,083 |  | 40 |  | 1,083 |
Total financial assets |  | 99 |  | 1,164 |  | 99 |  | 1,164 |
Non-current |  | 18 |  | 34 |  |  |  |  |
Current |  | 81 |  | 1,130 |  |  |  |  |
Schedule of financial liabilities |
|  | Carrying value |  | Fair value |
Financial Liabilities |  | June 30, 2018 |  | December 31, 2017 |  | June 30, 2018 |  | December 31, 2017 |
Financial liabilities at fair value through profit or loss |  |  |  |  |  |  |  |  |
Derivatives not designated as hedges |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | 7 |  | — |  | 7 |  | — |
Contingent consideration |  | 49 |  | 49 |  | 49 |  | 49 |
Derivatives designated as net investment hedges |  |  |  |  |  |  |  |  |
Cross currency interest rate exchange contracts |  | 48 |  | 59 |  | 48 |  | 59 |
Derivatives designated as cash flow hedges |  |  |  |  |  |  |  |  |
Interest rate exchange contracts |  | — |  | 1 |  | — |  | 1 |
Total financial liabilities at fair value |  | 104 |  | 109 |  | 104 |  | 109 |
Financial liabilities at amortized cost |  |  |  |  |  |  |  |  |
Bank loans and bonds, principal |  | 9,992 |  | 11,103 |  | 10,089 |  | 11,548 |
Interest accrued |  | 112 |  | 129 |  | 112 |  | 130 |
Discounts, unamortized fees, hedge basis adjustment |  | (29 | ) | (34 | ) | — |  | — |
Bank loans and bonds at amortized cost |  | 10,075 |  | 11,198 |  | 10,201 |  | 11,678 |
Put-option liability over non-controlling interest |  | 307 |  | 310 |  | 307 |  | 310 |
Other financial liabilities |  | 85 |  | 13 |  | 85 |  | 13 |
Total financial liabilities at amortized cost |  | 10,467 |  | 11,521 |  | 10,593 |  | 12,001 |
Total financial liabilities |  | 10,571 |  | 11,630 |  | 10,697 |  | 12,110 |
Non-current |  | 9,044 |  | 10,362 |  |  |  |  |
Current |  | 1,527 |  | 1,268 |  |  |  |  |
Schedule of disclosure of recurring fair value measurements separately for each major class of assets and liabilities |
As of June 30, 2018 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Financial assets at fair value through profit or loss |  |  |  |  |  |  |  |  |
Derivatives not designated as hedges |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | — |  | 3 |  | — |  | 3 |
Financial assets at fair value through other comprehensive income (with recycling) |  | — |  | 56 |  | — |  | 56 |
Total financial assets at fair value |  | — |  | 59 |  | — |  | 59 |
Financial liabilities at fair value through profit or loss |  |  |  |  |  |  |  |  |
Derivatives not designated as hedges |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | — |  | 7 |  | — |  | 7 |
Contingent consideration |  | — |  | — |  | 49 |  | 49 |
Derivatives designated as net investment hedges |  |  |  |  |  |  |  |  |
Cross currency interest rate exchange contracts |  | — |  | 48 |  | — |  | 48 |
Derivatives designated as cash flow hedges |  |  |  |  |  |  |  |  |
Interest rate exchange contracts |  | — |  | — |  | — |  | — |
Total financial liabilities at fair value |  | — |  | 55 |  | 49 |  | 104 |
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 |
Available for sale financial assets (see Note 2) |  | — |  | 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 |
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 |
Schedule of reconciliation of movements relating to financial instruments classified in level 3 of the fair value hierarchy |
Financial liabilities at fair value through profit or loss |  | Contingent consideration |  | Total |
As of December 31, 2017 |  | 49 |  | 49 |
As of June 30, 2018 |  | 49 |  | 49 |

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