Friedman left the board of directors of VEON

Mikhail Fridman, who fell under EU sanctions, left the board of directors of VEON, according to the holding's website. The decision came into force on February 28. Friedman has been a member of the company's board of directors since 2010.

VEON is a company that controls telecommunications assets in the CIS countries and in a number of countries in Asia and Africa. In Russia, VEON owns the telecommunications company VimpelCom (Beeline brand). 47.9% of VEON shares are owned by LetterOne, which is part of Fridman's Alfa Group and partners.

Against the backdrop of the Russian military operation in Ukraine, VEON withdrew its forward-looking statements for 2022. In 2021, VEON generated $7.7 million in revenue, $801 million in net income, and $3.3 million in EBITDA.

The day before, on February 28, the European Union imposed new sanctions against Russia in connection with the military operation in Ukraine. In addition to officials and politicians, businessmen and company executives were also subject to restrictions. Among them are Fridman, Alexei Mordashov, Alisher Usmanov, Petr Aven, cellist Sergei Roldugin, Sheremetyevo Board of Directors Chairman Alexander Ponomarenko (decided to step down after the sanctions), Gennady Timchenko, as well as the head of Rosneft Igor Sechin, the head of Transneft Nikolay Tokarev and the head of Promsvyazbank Petr Fradkov.