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INVESTMENTS, DEBT AND DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of detailed information about financial instruments [abstract]

Schedule of financial assets

The Company holds the following investments and derivatives assets as of December 31:

			Carrying value
			2024			2023
At fair value
Other investments			30			41
			30			41
At amortized cost
Security deposits and cash collateral			117			103
Bank deposits			2			3
Other investments			273			339
			392			445
Total investments and derivatives			422			486
Non-current			65			53
Current			357			433

Schedule of financial liabilities

The Company holds the following outstanding debt and derivatives liabilities as of December 31:

			Carrying value
			2024			2023
At fair value
Derivatives not designated as hedges			—			1
			—			1
At amortized cost
Borrowing, of which			3,348			3,708
i) Principal amount outstanding			3,265			3,560
ii) Other Borrowings			83			148
Interest accrued			57			83
Discounts, unamortized fees			(12)			(6)
Bank loans and bonds			3,393			3,785
Lease liabilities			1,030			977
Other financial liabilities			271			393
			4,694			5,155
Total debt and derivatives			4,694			5,156
Non-current			3,028			3,464
Current			1,666			1,692

Schedule of principal amounts outstanding for interest-bearing loans and bonds

The Company had the following principal amounts outstanding for interest-bearing bank loans, bonds and long term payables classified as borrowings at December 31:

																		Principal amount outstanding
Borrower			Type of debt			Guarantor			Currency			Interest rate			Maturity			2024			2023
VEON Holdings B.V.			Revolving Credit Facility			None			USD			SOFR + 1.50%			2024			—			692
VEON Holdings B.V.			Revolving Credit Facility			None			USD			SOFR + 1.50%			2024			—			363
VEON Holdings B.V.*			Notes			None			USD			4.00%			2025			472			556
VEON Holdings B.V.			Notes			None			RUB			6.30%			2025			77			102
VEON Holdings B.V.			Notes			None			RUB			6.50%			2025			—			37
VEON Holdings B.V.			Notes			None			RUB			8.13%			2026			—			15
VEON Holdings B.V.**			Notes			None			USD			3.38%			2027			1,014			1,093
VEON Holdings B.V.			Legacy notes, no payments due, subject to potential conversion			None			USD			4.00%			2025			24			—
VEON Holdings B.V.			Legacy notes, no payments due, subject to potential conversion			None			RUB			6.30%			2025			12			—
VEON Holdings B.V.			Legacy notes, no payments due, subject to potential conversion			None			USD			3.38%			2027			69			—
PMCL			Short-term Loan			None			PKR			3M KIBOR - 3.00%			Feb-Mar 2025			108			—
PMCL			Short-term Loan			None			PKR			6M KIBOR - 3.00%			May-Jun 2025			194			—
PMCL			Notes			None			PKR			3M KIBOR - 0.10%			Apr 2025			54			—
PMCL			Loan			None			PKR			6M KIBOR +0.55%			2026			87			128
PMCL			Loan			None			PKR			6M KIBOR + 0.55%			2028			47			53
PMCL			Loan			None			PKR			3M KIBOR + 0.60%			2031			180			178
PMCL			Loan			None			PKR			6M KIBOR +0.60%			2032			143			142
PMCL			Loan			None			PKR			6M KIBOR +0.60%			2034			232			—
PMCL			Loan			None			PKR			6M KIBOR +0.60%			2034			54			—
PMCL			Other			None			PKR									25			—
Banglalink			Loan			None			BDT			Average bank deposit rate + 4.25%			2027			53			81
Banglalink			Loan			None			BDT			7.00% to 12.00%			2028			56			46
Banglalink			Other			None												105			—
KaR-Tel			Loan			None			KZT			17.25% - 18.50%			2026			26			22
KaR-Tel			Loan			None			KZT			15.50% - 16.50%			2029			40			—
KaR-Tel			Other			None												61			—
Unitel LLC			Loan			None			UZS			20.00% to 22.00%			2027			29			12
Unitel LLC			Loan			None			UZS			25.80%			2026			15			—
Unitel LLC			Other															77			—
			Other bank loans and borrowings															94			187
			Total bank loans and bonds ***															3,348			3,707

*As of the date of this Annual Report on Form 20-F, such notes have been repaid.

** As a result of the consent solicitation in January 2025, which went into effect on April 8, 2025, the current issuer of the these notes is VEON MidCo B.V.

***Such total does not reflect the US$210 term loan signed in March 2025. The borrower under the loan is VEON MidCo. Following the demerger of VEON Holdings and after the June 2024 maturities, the obligor under outstanding group debt obligations will be VEON MidCo. B.V. given the listing of our Ukrainian operations is contemplated to be at parent entity of VEON Holdings B.V.

Schedule of reconciliation of cash flows from financing activities

SIGNIFICANT CHANGES IN DEBT AND DERIVATIVES

Reconciliation of cash flows from financing activities

			Bank loans and bonds			Lease liabilities			Total
Balance as of January 1, 2023			6,764			806			7,570
Cash flows
Proceeds from borrowings, net of fees paid			194			—			194
Repayment of debt			(964)			(147)			(1,111)
Interest paid			(370)			(119)			(489)
Non-cash movements
Interest and fee accruals			355			112			467
Lease additions, disposals, impairment and modifications			171			430			601
Foreign currency translation			(276)			(77)			(353)
Reclassification related to bank loans and bonds *			(2,064)			—			(2,064)
Other non-cash movements			(25)			(28)			(53)
Balance as of December 31, 2023			3,785			977			4,762
Cash flows
Proceeds from borrowings, net of fees paid			955			—			955
Repayment of debt			(1,333)			(150)			(1,483)
Interest paid			(314)			(117)			(431)
Non-cash and other non financing movements
Interest and fee accruals			346			119			465
Lease additions, disposals, impairment and modifications			—			295			295
Held for sale - Note 11			(3)			—			(3)
Foreign currency translation			(32)			(68)			(100)
Reclassification related to bank loans and bonds *			4			—			4
Other non-cash/ other non financing movements			(15)			(26)			(41)
Balance as of December 31, 2024			3,393			1,030			4,423

*This primarily relates to the purchase of VEON group debt, refer to discussion below.

Schedule of hedge accounting with derivatives as hedging items

The below table sets out the reconciliation of each component of equity and the analysis of other comprehensive income (all of which are attributable to the equity owners of the parent):

			Foreign currency translation reserve
As of January 1, 2023			(8,808)
Transfer from OCI to income statement on disposal of subsidiary			3,384
Reclassification of net investment hedge			30
Other comprehensive (loss)			(596)
As of December 31, 2023			(5,990)
Transfer from OCI to income statement on disposal of subsidiary			(36)
Other comprehensive (loss)			(147)
As of December 31, 2024			(6,173)

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