Global digital communications operator VEON (office in the Netherlands) announced the completion of its exit from Russia and the sale of its Russian asset to Vimpelcom. The terms of the deal do not provide for the possibility of repurchase, i.e. the completion of operations in the Russian market is complete and final for VEON
As Kyivstar President Alexander Komarov comments, “after a long series of legal procedures, our 100% shareholder VEON puts an end to its relationship with the Russian telecom market. This will mean strengthening the company’s development strategy in six other markets, including Ukraine”. In particular, in the next three years, VEON plans to invest 600 million dollars in Ukraine, which will be used to restore the telecom network and develop digital services and new mobile technologies.
Oleksandr Komarov emphasized that Kyivstar has been operating as usual, and since the beginning of Russia’s full-scale invasion has already invested UAH 8.2 billion in the development of the country’s telecom market, paid UAH 15.2 billion in taxes to the state, and provided support to state bodies, military, security and law enforcement agencies in the amount of more than UAH 1.4 billion, including bonuses and services without additional payment in the amount of UAH 577 million.
In addition, Kyivstar is now preparing the network to operate in conditions of possible power outages, for which it has invested UAH 988 mln. By the end of 2023, 110 thousand new batteries will be installed at Kyivstar’s base stations.
Background on Kyivstar
Kyivstar is Ukraine’s largest electronic communications operator, serving 24.1 million mobile subscribers and over 1.1 million Home Internet subscribers as of June 2023. The company provides services using a wide range of mobile and fixed technologies, including 4G, Big Data, Cloud solutions, services for cyber defense, digital TV, and others. Kyivstar helps subscribers, society and the country to overcome the difficulties of wartime. Since the beginning of the full-scale war, the company has allocated more than UAH 1.4 billion of assistance to the state, military, society and subscribers. The only shareholder of Kyivstar is the international VEON Group. The Group’s shares are freely traded on the NASDAQ (New York) and Euronext (Amsterdam) stock exchanges. Kyivstar has been operating in Ukraine for over 25 years and is recognized as the largest taxpayer in the telecom market, the best employer and a socially responsible company.
