Company: KYIV
Filing Date: 2025-03-31
Form Type: DRS
Source: 0001213900-25-026261
Chunk: 88

Company: Kyivstar Group Ltd.
Filing Date: 2025-03-31
Form: DRS
Chunk 88
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 imposed sanctions for a ten -yearperiod against Mikhail Fridman and Petr Aven, as well as Andrey Kosogov, who is also a shareholder in LetterOne (holding approximately 47.24% of LetterOne’s shares based on a LetterOne memorandum dated May 24, 2022 and updated February 28, 2023, October 1, 2023 and April 25, 2024). We have not been named as, and have concluded that we are otherwise not, the target of the United States’, United Kingdom’s, the European Union’s or Ukraine’s sanctions, including as a consequence of LetterOne being a 45.46% shareholder in VEON. However, as a result of the association of Designated Persons with VEON’s largest shareholder, even after the sale of VEON’s Russian operations, we have suffered and may continue to suffer reputational harm. Moreover, notwithstanding this sale, many multinational companies and firms, including certain of our service providers, partners and suppliers, have chosen of their own accord to cease transacting with us along with all Russia -basedor Russian -affiliatedcompanies or those that they perceive to be affiliated with Russia (i.e., self -imposedsanctions), as a result of the ongoing war between Russia and Ukraine. In addition, even where multinational companies and firms are willing to transact with us, we have been and may continue to be subject to lengthy due diligence processes that at times cause significant delays in the transaction process. To the extent that the ongoing war between Russia and Ukraine continues or further escalates, the list of companies and firms refusing to transact with companies they determine or perceive to be Russian or Russian -affiliated, including as a result of ultimate beneficial owners, may continue to grow. Such actions have the equivalent effect, insofar as the ability to transact with such companies is concerned, as if the companies that are perceived to be Russia -basedor Russian -affiliatedcompanies were the target of government -imposedsanctions. In the event the association of VEON’s largest shareholder continues to have an impact on certain of our operations, the inability or reduction in business with our key suppliers, business partners and other key counterparties could have a material adverse impact on our business, financial condition, results of operations, cash flows or prospects. We may face the risk of nationalization or confiscation of our operations and assets. Nationalization legislation and actions In May 2023, pursuant to existing Ukrainian nationalization laws (the “