Green light from US Treasury for VEON Ltd. Equity trading

Rhea-AI Summary

Amsterdam, 18 November 2022: VEON Ltd. (NASDAQ: VEON) announced the issuance of U.S. Department of the Treasury's General License 54, allowing transactions related to the purchase and receipt of its debt and equity securities issued before June 6, 2022. This authorization ensures trading confidence amidst U.S. sanctions on new investments in Russia. CEO Kaan Terzioğlu affirmed this as a recognition of VEON's mission to provide connectivity and digital services, emphasizing ongoing initiatives such as enhancing 4G penetration and strategic projects surrounding its Russian operations.

Positive

• General License 54 allows unrestricted trading of VEON's pre-June 6, 2022 debt and equity securities.
• The license enhances trading confidence despite U.S. sanctions on new investments in Russia.
• The confirmation of trading rights reinforces VEON's mission to provide essential digital services.

Negative

• VEON's operations are still impacted by U.S. restrictions surrounding new investments in Russia.
• -

Amsterdam, 18 November 2022: VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, announced that the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) has today issued General License 54 authorizing all transactions ordinarily incident and necessary to the purchase and receipt of any debt or equity securities of VEON Ltd. that would otherwise be prohibited by section 1(a)(i) of Executive Order (E.O.) 14071.

OFAC General License 54 applies to all debt and equity securities of VEON Ltd. that were issued before 6 June 2022, and confirms that the authorization applies not only to the purchase and receipt of debt and equity securities, but also to transactions ordinarily incident and necessary to facilitating, clearing, and settling of such transactions.  This General License ensures that all market participants can trade the relevant securities with confidence that such trading is consistent with E.O. 14071, which targeted “new investment” in Russia.

Commenting on the issuance of General License 54, VEON Group Chief Executive Officer Kaan Terzioğlu said:
“We are very pleased that the Office of Foreign Assets Control has confirmed that VEON Ltd.’s debt and equity securities issued prior to 6 June 2022 can be traded freely without concern regarding U.S. sanctions targeting new investment in Russia.  We believe this confirmation is an affirmation of the value of VEON’s core mission of providing customers with connectivity, access to information and other vital digital services.  VEON will continue to focus on our core initiatives to increase 4G penetration and our digital operator strategy while executing on strategic projects such as the recently announced competitive sale process in relation to our Russian operations.”

About VEON

About VEON 

VEON is a digital operator that provides converged connectivity and connected services to over 200 million customers. Operating across seven countries that are home to more than 8% of the world’s population, VEON is transforming people’s lives, empowering individuals and driving economic growth. Headquartered in Amsterdam, VEON is listed on NASDAQ and Euronext.

For more information, visit: https://www.veon.com 
  

Disclaimer
This release contains "forward-looking statements", as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, expectations regarding management plans and the ability to successfully execute operating model, governance and development plans. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.

Contact Information

• Group Communications Director

Marina Levina
PR@veon.com

Group Director Investor Relations
Nik Kershaw
ir@veon.com

• Julian Tanner

Julian.tanner@tuvapartners.com

FAQ

What is General License 54 for VEON?

General License 54 allows transactions for VEON's debt and equity securities issued before June 6, 2022, that were previously restricted under U.S. sanctions.

How does General License 54 affect VEON's stock?

It enables broader market participation by allowing the trading of VEON's securities without concerns over U.S. sanctions.

What did VEON's CEO say about General License 54?

CEO Kaan Terzioğlu expressed that the license is an affirmation of VEON's core mission and enables confident trading of its securities.

What are VEON's future plans after the license issuance?

VEON plans to enhance its 4G penetration and continue executing strategic projects related to its Russian operations.

When was General License 54 issued?

The U.S. Department of the Treasury issued General License 54 on November 18, 2022.