Skip to content

Sanctions May Freeze Veon’s Network Rollout in Russia, CEO Says

  • The telecom giant is in talks to sell towers outside Russia
  • Veon has over $1.2 billion in bond repayments due early 2023
Kaan Terzioglu

Kaan Terzioglu

Source: Veon Ltd.

Veon Ltd., the third-largest mobile-phone operator in Russia, may need to freeze its network rollout in the country if sanctions over the war in Ukraine continue to block imports of essential equipment, according to Chief Executive Officer Kaan Terzioglu. 

“There is no doubt that the deployment will slow down and almost has a risk of coming to a standstill,” Terzioglu said in an interview after Veon’s earnings report, adding the sanctions affect all market players. “Our network in Russia is the most modern network as it was rebuilt especially over the last two years.”