US Treasury expands general license to include both VEON Ltd. and VEON Holdings
Amsterdam, 18 January 2023: 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 replaced the General License 54 originally issued on 18 November 2022 with General License 54A to now include both VEON Ltd. and VEON Holdings B.V. (VEON Holdings).
This general license authorizes all transactions ordinarily incident and necessary to the purchase and receipt of any debt or equity securities of VEON Ltd. or VEON Holdings that would otherwise be prohibited by section 1(a)(i) of Executive Order (E.O.) 14071. OFAC General License 54A applies to all debt and equity securities of VEON Ltd. or VEON Holdings 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 54A, VEON Group Chief Excutive Officer Kaan Terzioglu said: “We are very pleased that the Office of Foreign Assets Control has now confirmed that the license covers both VEON Ltd. and VEON Holdings’ debt and equity securities. This confirmation addresses some of the market uncertainty there was regarding the debt issued through VEON Holdings.”
For more information visit: https://www.veon.com.
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