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VEON, a telecommunications, networking, and technology firm, has announced it has entered the final stage of its exit from Russia with the sale of its operations in Russia, which was first announced on November 24, 2022, according to a press release.
The announcement marks the submission of required documention to Euroclear, Clearstream and registrars to cancel VEON Bonds held by subsidiary PJSC Vimpelcom.
“The cancellation of VEON’s Eurobonds will pave the way for VEON to exit Russia in a way that we believe to be the optimal outcome for all our stakeholders— including our investors, creditors, customers and employees,” Kaan Terzioğlu, CEO at VEON Group, said in the release. “This cancellation is a non-cash transaction necessary for our timely exit from Russia and protects VEON and its investors from a risk of double payments in the future. We look forward to the completion of this cancellation, a milestone in the closing of the sale of VEON’s Russia operations.”
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