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SHARE-BASED PAYMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Share-based payments [Abstract]  
Schedule of share-based payment expense
The following table sets forth the total share-based payment expense for the year-ended December 31, 2024 in relation to all directors and employees of the Company. Refer to Note 23 for specific disclosures on key management personnel remuneration:
202420232022
Equity-settled share-based payment expense18 18 8 
Liability-settled share-based payment expense18 3 — 
Total share-based compensation expense36 21 8 
Schedule of share-based payment liability
20242023
Current liability6 — 
Non-current liability9 3 
Total liability for share based payments15 3 
Roll-forward of shared-based payments The following awards were granted during the years ended December 31, 2024 and 2023.
20242023
Market performance conditionsAwards*Weighted Average Fair Value at grant dateAwards*Weighted Average Fair Value at grant date
As of January 1,28,967,451$0.65 15,485,461$0.55 
Granted18,485,4740.80 22,375,3250.59 
Forfeited**(15,296,646)0.51 (8,893,335)0.64 
Vested and settled ***— — — — 
As of December 31,32,156,279$0.80 28,967,451$0.65 

20242023
Non-market performance conditionsAwards*Weighted Average Fair Value at grant dateAwards*Weighted Average Fair Value at grant date
As of January 1,13,940,700$0.65 7,967,650$0.44 
Granted14,089,2110.80 5,973,0500.71 
Forfeited(1,964,551)0.61 —— 
Vested and settled ***(9,209,121)0.66 —— 
As of December 31,16,856,239$0.77 13,940,700$0.65 
* To ensure data consistency, all awards were converted to VEON common share price equivalents.
**Forfeited awards include awards for which it was determined that the market performance vesting conditions were deemed not met as of the vesting date.
***Vested and settled include all awards settled/transferred to the award holders in gross in the current year, whether granted and vested in current or previous periods
The cash bonuses and shared-based compensation expenses are disclosed in Note 23 for the GEC, while further information for the share-based portion of STI compensation expense is disclosed below.
20242023
Awards*Weighted Average Fair Value at grant dateAwards*Weighted Average Fair Value at grant date
As of January 1,5,486,625$0.72 —$— 
Granted5,465,1630.94 5,486,6250.72 
Forfeited—— —— 
Vested and settled **(5,180,592)0.84 —— 
As of December 31,5,771,196$0.82 5,486,625$0.72 
* To ensure data consistency, all awards were converted to VEON common share price equivalents.
**Vested and settled include all awards settled/transferred to the award holders in gross in the current year, whether granted and vested in current or previous periods
20242023
Awards*Weighted Average Fair ValueAwards*Weighted Average Fair Value
As of January 1,8,649,036$0.78 7,835,235$0.52 
Granted21,921,9691.00 3,421,9190.78 
Forfeited—— —— 
Vested and settled **(10,706,364)0.79 (2,608,118)1.46 
As of December 31,
19,864,641$1.02 8,649,036$0.78 
* To ensure data consistency, all awards were converted to VEON common share price equivalents.
**Vested and settled include all awards settled/transferred to the award holders in gross in the current year, whether granted and vested in current or previous periods
Fair value assumptions share-based payments
The following table sets forth the range of principal assumptions applied by VEON in determining the fair value of equity settled share-based payment instruments with market performance conditions and for liability-settled awards with market performance conditions remeasured during the year-ended December 31, 2024 and 2023:
  Assumptions affecting inputs to fair value models for equity-settled awards granted in 2024 and for liability-settled awards for remeasurement as of December 31, 2024 of market condition awards2024 Range2023 Range
  Annual risk-free rates of return and discount rates (%)
2.42% - 4.33%
2.15% - 2.42%
  Long-term dividend yield (%)—%—%
  Volatility of share price (%)
31.35% - 82.75%
43.68% - 93.92%
  Share price (p)*
$0.93 - $1.60
$0.71 - 0.79
* To ensure data consistency, all awards were converted to VEON common share price equivalents.