11 April 2022

Ukraine’s largest mobile network operator (MNO) Veon has “alternative routes to move cash”, after its boss warned that providing full-year guidance would be “irresponsible” in light of Russia’s invasion of its neighbour.

Russia and Ukraine, where Veon operates the Beeline and Kyivstar mobile networks respectively, are the company’s two biggest markets, followed by Pakistan and Kazakhstan.

The Bermuda-registered company, whose Ukrainian mobile network is “completely running” with 4,000 people on ground, according to its chief executive officer Kaan Terzioglu, said it was closely monitoring sanctions imposed on Russia.

The European Union, along with the United States and other Western partners, said on Saturday it would cut off a number of Russian banks from SWIFT, the secure messaging system which allows banks to connect for rapid cross-border payments.

“We have alternative routes to move cash in and out of countries,” Veon’s management said in a call, citing “multiple accounts in multiple banks” dealing with different currencies.

“We are in discussions with our relationship banks from different countries on how we can mitigate any kind of changes in the SWIFT regulation but so far, it is functioning.”