# EDGAR Filing Document

**Accession Number:** 0002062440
**File Stem:** 0001213900-26-013356
**Filing Date:** 2026-2
**Character Count:** 38758
**Document Hash:** 1fd5990e183541f3d75a54e133ebf307
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-013356.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0001213900-26-013356

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 19

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260206

**EFFECTIVENESS DATE**: 20260206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kyivstar Group Ltd.
- **CENTRAL INDEX KEY:** 0002062440
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO TELEPHONE COMMUNICATIONS [4812]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293285
- **FILM NUMBER:** 26608795

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** UNIT 517, LEVEL 5, INDEX TOWER, DIFC
- **STREET 2:** (DUBAI INTERNATIONAL FINANCIAL CENTER)
- **CITY:** DUBAI
- **PROVINCE COUNTRY:** C0
- **BUSINESS PHONE:** 380672207271

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** UNIT 517, LEVEL 5, INDEX TOWER, DIFC
- **STREET 2:** (DUBAI INTERNATIONAL FINANCIAL CENTER)
- **CITY:** DUBAI
- **PROVINCE COUNTRY:** C0

**As filed with the Securities and Exchange Commission on February 6, 2026**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**KYIVSTAR GROUP LTD.**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Bermuda** | **Not applicable** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

**Kyivstar Group Ltd.** 

**Unit 517, Level 5** 

**Index Tower** 

**Dubai International Financial Centre (DIFC)** 

**United Arab Emirates**

**(Address and Zip Code of Principal Executive Offices)**

**KYIVSTAR GROUP LTD. UMBRELLA INCENTIVE PLAN**

**(Full title of the plan)** 

**Cogency Global Inc.**

**122 East 42nd Street, 18th Floor**

**New York, NY 10168**

**Telephone: 212-947-7200**

**(Name and address, including zip code, and telephone number, including area code, of agent for service)**

***Copies To:***

**J. David Stewart**

**Sidley Austin LLP**

**70 St Mary Axe**

**London EC3A 8BE**

**United Kingdom**

**+44 20 7360 3600**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

This Registration Statement on Form S-8 (this "Registration Statement") is being filed by Kyivstar Group Ltd., an exempted company limited by shares, incorporated and existing under the laws of Bermuda with registration number 202504557 (the "Registrant"), to register 6,945,906 of its common shares, par value $0.01 per share (the "Common Shares"), issuable under the Kyivstar Group Ltd. Umbrella Incentive Plan (the "Plan").

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

All information required by Part I to be contained in the prospectus is omitted from this Registration Statement in accordance with the provisions of the introductory note to Part I of Form S-8 and Rule 428 under the Securities Act of 1933, as amended (the "Securities Act"). Documents containing the information required by Part I of the Registration Statement will be sent or given to the participant in the plan covered by this Registration Statement as specified by Rule 428(b)(1) under the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents previously filed by the Registrant with the Securities and Exchange Commission (the "Commission") are incorporated by reference into this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's [prospectus](http://www.sec.gov/Archives/edgar/data/2062440/000121390025123334/ea0254768-09.htm) , dated December 18, 2025, filed with the Commission on such date pursuant to Rule
424(b) under the Securities Act, relating to the Registrant's Registration Statement on [Form F-1](https://www.sec.gov/Archives/edgar/data/2062440/000121390025085122/ea0254768-01.htm) (File No. 333-290082);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Registrant's [prospectus](http://www.sec.gov/Archives/edgar/data/2062440/000121390026009883/ea0272495-04.htm) , dated January 29, 2026, filed with the Commission on January 30, 2026 pursuant to
Rule 424(b) under the Securities Act, relating to the Registrant's Registration Statement on [Form F-1](https://www.sec.gov/Archives/edgar/data/2062440/000121390026008530/ea0272495-03.htm) (File No. 333-292996);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Registrant's Shell Company Report on [Form 20-F](https://www.sec.gov/Archives/edgar/data/2062440/000121390025077507/ea0252235-20f_kyivstar.htm) , filed with the Commission on August 15, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Registrant's Reports
on Form 6-K, filed with the Commission on [September 5, 2025](https://www.sec.gov/Archives/edgar/data/2062440/000121390025085135/ea0255991-6k_kyivstar.htm) , [November 10, 2025](https://www.sec.gov/Archives/edgar/data/2062440/000121390025107809/ea0264705-6k_kyivstar.htm) , [November 24, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0002062440/000121390025114130/ea0266770-6k_kyivstar.htm) , [January 23, 2026](https://www.sec.gov/Archives/edgar/data/2062440/000121390026006922/ea0273885-6k_kyivstar.htm) , [January 28, 2026](https://www.sec.gov/Archives/edgar/data/2062440/000121390026008550/ea0274364-01.htm) and [January 30, 2026](https://www.sec.gov/Archives/edgar/data/2062440/000121390026009891/ea0274654-6k_kyivstar.htm) ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The description of the Registrant's Common Shares contained
in the Registrant's Registration Statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/2062440/000121390025075261/ea0252223-8a12b_kyivstar.htm) , filed with the Commission on August 13, 2025, and any amendments or reports filed for the purposes of updating such description, including any amendment or report for the purpose of updating such description .

All documents subsequently filed by the Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the respective dates of filing of such documents (such documents, and the documents enumerated above, being hereinafter referred to as "Incorporated Documents").

For purposes of this Registration Statement, any statement contained in an Incorporated Document shall be deemed to be modified or superseded to the extent that a statement contained herein or in any other subsequently filed Incorporated Document modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

The Registrant is an exempted company, with liability limited by shares, incorporated and existing under the laws of Bermuda. Section 98 of the Bermuda Companies Act 1981, as amended (the "Companies Act") provides generally that a Bermuda company may indemnify its directors, officers and auditors employed by the company against any loss or liability which by virtue of rule of law or otherwise would be imposed on them in respect of any negligence, default, breach of duty or breach of trust, except in cases where such liability arises from fraud or dishonesty of which such director, officer or auditor may be guilty in relation to the company. Section 98 of the Companies Act further provides that a Bermuda company may indemnify its directors, officers and auditors against any costs and expenses incurred by them in defending any proceedings, whether civil or criminal, in which judgment is awarded in their favor or they are acquitted or in which they are acquitted or granted relief by the Supreme Court of Bermuda in certain proceedings arising under Section 281 of the Act. Section 98 of the Companies Act also provides that a Bermuda company may advance moneys to an officer or auditor for the costs, charges and expenses incurred by the officer or auditor in defending any civil or criminal proceedings against them, on condition that the officer or auditor shall repay the advance if any allegation of fraud or dishonesty is proved against them.

Pursuant to the Registrant's bye-laws, the Registrant will indemnify and hold harmless its directors and senior managers from and against all actions, costs, charges, liabilities, losses, damages and expenses in connection with any act done, concurred in or omitted in the execution of its business, or their duty, or supposed duty, or in their respective offices or trusts, to the extent permitted by applicable law. The foregoing indemnity will not apply (and any funds advanced will be required to be repaid) with respect to a director or officer if any allegation of fraud or dishonesty is proved against such director or officer. The Registrant has entered into separate indemnification agreements with certain of its directors and senior managers pursuant to which the Registrant has agreed to indemnify each of them within substantially the same scope as provided in the Registrant's bye-laws.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to the Registrant's directors, officers or persons controlling the Registrant under the foregoing provisions, the Registrant has been informed that in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 4.1 | [Certificate of Incorporation and Memorandum of Association of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant's Registration Statement on Form F-4, filed with the Commission on June 5, 2025).](http://www.sec.gov/Archives/edgar/data/2062440/000121390025051575/ea023860302ex3-1_kyivstar.htm) |
| 4.2 | [Bye-Laws of the Registrant (incorporated by reference to Exhibit 1.2 to the Registrant's Shell Company Report on Form 20-F, filed with the Commission on August 15, 2025).](http://www.sec.gov/Archives/edgar/data/2062440/000121390025077507/ea025223501ex1-2_kyivstar.htm) |
| 4.3 | [Kyivstar Group Ltd. Umbrella Incentive Plan (incorporated by reference to Exhibit 10.7 to the Registrant's Registration Statement on Form F-1, filed with the Commission on January 28, 2026).](http://www.sec.gov/Archives/edgar/data/2062440/000121390026008530/ea027249503ex10-7_kyivstar.htm) |
| 5.1\* | [Opinion of Wakefield Quin Limited with respect to validity of issuance of securities.](ea027566801ex5-1_kyivstar.htm) |
| 23.1\* | [Consent of Wakefield Quin Limited (included as part of Exhibit 5.1 hereto).](ea027566801ex5-1_kyivstar.htm) |
| 23.2\* | [Consent of UHY LLP (as independent registered public accountant to VEON Holdings B.V.).](ea027566801ex23-2_kyivstar.htm) |
| 23.3\* | [Consent of UHY LLP (as independent registered public accountant to Kyivstar Group Ltd.).](ea027566801ex23-3_kyivstar.htm) |
| 23.4\* | [Consent of WithumSmith+Brown, PC.](ea027566801ex23-4_kyivstar.htm) |
| 24.1\* | [Powers of Attorney (included in the signature page to this Registration Statement).](#a_004) |
| 107\* | [Calculation of Filing Fee Table.](ea027566801ex-fee_kyivstar.htm) |

---

**\*** Filed herewith.

**Item 9. Undertakings.**

(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Filing Fee Tables" or "Calculation of Registration Fee" table, as applicable, in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;

*provided, however*, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the Dubai International Financial Centre, United Arab Emirates, on February 6, 2026.

---

| | |
|:---|:---|
| **KYIVSTAR GROUP LTD.** | **KYIVSTAR GROUP LTD.** |
| By | /s/ Kaan Terzioğlu |
| Name | Kaan Terzioğlu |
| Title | Executive Chairman and Director |

---

KNOW ALL PERSONS BY THESE PRESENTS, that each of the undersigned hereby constitutes and appoints, jointly and severally, Kaan Terzioğlu and Boris Dolgushin, or any of them (with full power to each of them to act alone), as his or her true and lawful attorneys-in-fact and agents, each with full power of substitution and resubstitution, for him or her and on his or her behalf to sign, execute and file all amendments (including, without limitation, post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto and any documents required to be filed with respect therewith, with the Commission or any regulatory authority, granting unto such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises in order to effectuate the same as fully to all intents and purposes as he or she might or could do if personally present, hereby ratifying and confirming all that such attorneys-in-fact and agents, or any of them, or his, her or their substitute or substitutes, may lawfully do or cause to be done.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Kaan Terzioğlu | Executive Chairman and Director<br> (Principal Executive Officer) | February 6, 2026 |
| Kaan Terzioğlu | Executive Chairman and Director<br> (Principal Executive Officer) | February 6, 2026 |
| /s/ Boris Dolgushin | Chief Financial Officer<br> (Principal Financial Officer and<br> Principal Accounting Officer) | February 6, 2026 |
| Boris Dolgushin | Chief Financial Officer<br> (Principal Financial Officer and<br> Principal Accounting Officer) | February 6, 2026 |
| /s/ Oleksandr Komarov | President | February 6, 2026 |
| Oleksandr Komarov | President | February 6, 2026 |
| /s/ Serdar Çetin | Director | February 6, 2026 |
| Serdar Çetin | Director | February 6, 2026 |
| /s/ Betsy Z. Cohen | Director | February 6, 2026 |
| Betsy Z. Cohen | Director | February 6, 2026 |
| /s/ Augie K. Fabela II | Director | February 6, 2026 |
| Augie K. Fabela II | Director | February 6, 2026 |
| /s/ Rt Hon Sir Brandon Lewis CBE | Director | February 6, 2026 |
| Rt Hon Sir Brandon Lewis CBE | Director | February 6, 2026 |
| /s/ Burak Ozer | Director | February 6, 2026 |
| Burak Ozer | Director | February 6, 2026 |
| /s/ Duncan Perry | Director | February 6, 2026 |
| Duncan Perry | Director | February 6, 2026 |
| /s/ Michael R. Pompeo | Director | February 6, 2026 |
| Michael R. Pompeo | Director | February 6, 2026 |
| /s/ Dmytro Shymkiv | Director | February 6, 2026 |
| Dmytro Shymkiv | Director | February 6, 2026 |
| /s/ Michiel Soeting | Director | February 6, 2026 |
| Michiel Soeting | Director | February 6, 2026 |

---

**AUTHORIZED REPRESENTATIVE**

Pursuant to the requirement of the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of America, has signed this Registration Statement on Form S-8 in New York City, New York on February 6, 2026.

---

| | |
|:---|:---|
| **Authorized U.S. Representative — Cogency Global Inc.** | **Authorized U.S. Representative — Cogency Global Inc.** |
| By | /s/ Colleen A. De Vries |
| Name | Colleen A. De Vries |
| Title | Senior Vice President on behalf of Cogency Global Inc. |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](ex5-1_001.jpg) | Jemima Fearnside |
|  | +1 441 494 4034 |
|  | jfearnside@wq.bm |

---

6 February 2026

Kyivstar Group Ltd.

Unit 517, Level 5

Index Tower

Dubai International Financial Centre (DIFC)

United Arab Emirates

Dear Sirs

**Kyivstar Group Ltd. (the "Company")**

We have acted as special counsel in Bermuda to the Company in connection with the preparation and filing by the Company of a registration statement on Form S-8 filed on the date hereof (the "**Registration Statement**") by the Company with the Securities and Exchange Commission ("**Commission**") under the Securities Act of 1933, as amended (the "**Securities Act**") . The Registration Statement relates to the registration of 6,945,000 common shares of par value US$0.01 each in the Company (the "**Shares**") that may be issued by the Company pursuant to the Kyivstar Group Ltd. Umbrella Incentive Plan adopted on 17 December 2025 (the "**2025 Umbrella Plan**").

For the purposes of this letter of opinion ("**Opinion**"), we have examined and relied upon copies of the documents listed, and in some cases defined, in the Schedule to this Opinion (the "**Documents**"), together with such other documentation as we have considered relevant to this Opinion.

**Assumptions**

In stating our Opinion we have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the authenticity, accuracy and completeness of all Documents
and other documentation examined by us submitted to us as originals and the conformity to authentic original documents of all Documents
and other such documentation submitted to us as certified, conformed, notarised or photostatic copies;

&nbsp;&nbsp;&nbsp;&nbsp;(b) that each of the Documents and other such documentation which
was received by electronic means is complete, intact and in conformity with the transmission as sent;

&nbsp;&nbsp;&nbsp;&nbsp;(c) there will be no changes to the form of the Documents provided
to us;

&nbsp;&nbsp;&nbsp;&nbsp;(d) that any factual statements made in any of the Documents
are true, accurate and complete;

![](ex5-1_002.jpg)

![](ex5-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(e) that there are no provisions of the laws or regulations of
any jurisdiction other than Bermuda which would have any implication in relation to the opinions expressed in this Opinion and that,
in so far as any obligation under, or action to be taken in connection with the registration of the Shares, is required to be performed
or taken in any jurisdiction outside Bermuda, the performance of such obligation or the taking of such action will not be unlawful by
virtue of the laws of that jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;(f) that the records which were the subject of the search referred
to in paragraph 4 of the Schedule to this Opinion were complete and accurate at the time of such search and disclosed all information
which is material for the purposes of this Opinion and such information has not since such date been materially altered. These searches
have been supplemented by the company extract as detailed in paragraph 5 of the Schedule to this Opinion.

 **Opinion**

Based upon and subject to the assumptions set out above, and subject to the reservations set out below and to any matters not disclosed to us, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Company is an exempted company incorporated with limited
liability and existing under the laws of Bermuda and is in good standing under the laws of Bermuda; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares to be issued pursuant to the 2025 Umbrella Plan
are validly authorised, currently unissued shares in the capital of the Company which, when issued, allotted and paid for pursuant to
and in accordance with the terms of the 2025 Umbrella Plan, will constitute validly issued, fully paid and non-assessable common shares
in the capital of the Company.

 **Reservations**

We have the following reservations:

(a) We express no opinion as to any law other than Bermuda law
and none of the opinions expressed in this Opinion relates to compliance with or matters governed by the laws of any jurisdiction except
Bermuda. This Opinion is limited to Bermuda law as applied by the courts of Bermuda at the date of this Opinion.

(b) Any reference in this Opinion to the Shares being "non-assessable"
shall mean, in relation to fully-paid common shares and subject to any contrary provision in any agreement between the Company and the
holder of the Shares, that no shareholder shall be obliged, in respect of those Shares, to contribute further amounts to the capital
of the Company, either in order to complete payment for those shares, to satisfy claims of creditors of the Company, or otherwise; and
no shareholder of the Company shall be bound by an alteration of the memorandum of association or bye-laws of the Company after the date
on which he became a shareholder, if and so far as the alteration requires him to take, or subscribe for, additional shares of the Company,
or in any way increases his liability to contribute to the share capital of, or otherwise to pay money to, the Company.

![](ex5-1_001.jpg)

(c) Searches of the Register of Companies at the office of the
Registrar of Companies ()"**Registrar**") are not conclusive and it should be noted that the Register of Companies and
the Supreme Court Causes Book do not reveal:

&nbsp;&nbsp;&nbsp;&nbsp;(i) whether an application to the Supreme Court for a winding
up petition or for the appointment of a receiver or manager has been prepared but not yet been presented or has been presented but does
not appear in the Causes Book at the date and time the search is concluded;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) whether any arbitration or administrative proceedings are
pending or whether any proceedings are threatened, or whether any arbitrator has been appointed;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) details of matters which have been lodged for filing or registration
which as a matter of general practice of the Registrar of Companies would have or should have been disclosed on the public file but have
not actually been registered or to the extent that they have been registered have not been disclosed or appear in the public records
at the date and time the search is concluded;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) details of matters which should have been lodged for registration
but have not been lodged for registration at the date the search is concluded; or

&nbsp;&nbsp;&nbsp;&nbsp;(v) whether a receiver or manager has been appointed privately
pursuant to the provisions of a debenture or other security, unless notice of the fact has been entered in the Register of Charges in
accordance with the provisions of the Companies Act 1981.

(d) In order to issue this Opinion we have carried out the searches
referred to in paragraph 4 of the Schedule to this Opinion and have not enquired as to whether there has been any change since that date.

(e) In this Opinion, the term "good standing" means
only that the Company has received a certificate of compliance from the Registrar of Companies in Bermuda as at the date referred to
in paragraph 9 of the Schedule.

 **Disclosure**

This Opinion is addressed to you in connection with the filing by the Company of the Registration Statement with the Securities and Exchange Commission for the purposes of registering the Shares under the Securities Act. We consent to the filing of this Opinion as an exhibit to the Registration Statement and to the statements with respect to our name wherever it appears in the Registration Statement and in any amendment or supplement to the Registration Statement. In giving this consent, we do not admit that we are an "expert" within the meaning of the Securities Act.

This Opinion is addressed to the Company and (save as referred to in the preceding paragraph) is neither to be transmitted to any other person, nor quoted nor referred to in any public document, nor filed with any governmental agency or person without our prior written consent, except as may be required by law. Further, this Opinion speaks as of its date and is strictly limited to the matters stated in it and we assume no obligation to review or update this Opinion if applicable law or the existing facts or circumstances should change.

This Opinion is governed by and is to be construed in accordance with Bermuda law.

Yours faithfully

---

| |
|:---|
| /s/ Wakefield Quin Limited |
| **Wakefield Quin Limited** |

---

![](ex5-1_001.jpg)

**THE SCHEDULE**

1. Certified copies of the certificate of incorporation, certificate
of incorporation on change of name, memorandum of association, existing bye-laws and register of shareholders of the Company as at 30
January 2026.

2. A certified copy of an extract from resolutions of the Board
of Directors of Kyvistar Group Ltd. passed at a quorate meeting of such Directors held on 17 December 2025, authorising the adoption
of the Plan and the issue and allotment of the Shares pursuant thereto.

3. An electronic copy of the Registration Statement, in the
form to be filed with the Commission.

4. A copy of the notice to the public issued by the Bermuda
Monetary Authority pursuant to the Exchange Control Act 1972 and Exchange Control Regulations 1973 dated 1 June 2005.

5. The entries and filings shown in respect of the Company (together
the "**Searches** "):

&nbsp;&nbsp;&nbsp;&nbsp;(i) on the file of the Company maintained at the office of the
Registrar of Companies in Hamilton, Bermuda, as revealed by a search on 30 January 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the Supreme Court Causes Book maintained at the Registry
of the Supreme Court in Hamilton, Bermuda, as revealed by a search on 30 January 2026.

6. A certificate of compliance dated 30 January 2026 issued
by the Registrar of Companies in Bermuda in respect of the Company.

## Exhibit 23.2

**Exhibit 23.2**

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM'S CONSENT**

We consent to the incorporation by reference in this Registration Statement of Kyivstar Group Ltd. on Form S-8 of our report dated April 2, 2025, with respect to our audits of the combined financial statements of VEON Holdings B.V. as of December 31, 2024 and 2023 and for the years then ended. Our report includes an explanatory paragraph as to VEON Holdings B.V.'s ability to continue as a going concern and an emphasis of matter paragraph relating to the basis of combination to the combined financial statements.

/s/ UHY LLP

Melville, NY

February 6, 2026

## Exhibit 23.3

**Exhibit 23.3**

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM'S CONSENT**

We consent to the incorporation by reference in this Registration Statement of Kyivstar Group Ltd. on Form S-8 of our report dated April 17, 2025, except for Note 5, as to which the date is July 9, 2025, with respect to our audit of the consolidated financial statements of Kyivstar Group Ltd. as of March 31, 2025 and for the period from March 7, 2025 (inception) to March 31, 2025. Our report includes an explanatory paragraph as to Kyivstar Group Ltd.'s ability to continue as a going concern.

/s/ UHY LLP

Melville, NY

February 6, 2026

## Exhibit 23.4

**Exhibit 23.4**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated March 26, 2025, which includes an explanatory paragraph relating to Cohen Circle Acquisition Corp. I's ability to continue as a going concern, relating to the financial statements of Cohen Circle Acquisition Corp. I as of December 31, 2024 and 2023 and for the years then ended. We also consent to the reference to us under the caption "Experts".

/s/ WithumSmith+Brown, PC

New York, New York

February 6, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**KYIVSTAR GROUP LTD.**

**Table 1: Newly Registered Securities**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| Equity | Common shares, $0.01 par value | (1) | Other | 6945906 | $11.59 | $80503050.54 | 0.0001381 | $11117.47 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $80503050.54 |  | 11117.47 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 11117.47 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $0.00 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Kyivstar Group Ltd., an exempted company limited by shares, incorporated and existing under the laws of Bermuda with registration number 202504557 (the "Registrant"), is filing this Registration Statement to register 6,945,906 common shares, par value $0.01 per share (the "Common Shares"), for issuance under the Kyivstar Group Ltd. Umbrella Incentive Plan (the "Plan"). Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement also covers such additional and indeterminate number of Common Shares, which may become issuable pursuant to the provisions of the Plan relating to adjustments for changes resulting from a stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase in the number of outstanding Common Shares. The offering price per unit and in the aggregate are estimated in accordance with Rules 457(c) and 457(h) under the Securities Act solely for the purpose of calculating the registration fee. The price of $11.59 per share represents the average high and low sales prices of a Common Share as quoted on the Nasdaq Global Select Market on February 2, 2026.

**Table 2: Fee Offset Claims and Sources**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Registrant or Filer Name** | **Notes** | **Form or Filing Type** | **File Number** | **Initial Filing Date** | **Filing Date** | **Fee Offset Claimed** | **Security Type Associated with Fee Offset Claimed** | **Security Title Associated with Fee Offset Claimed** | **Unsold Securities Associated with Fee Offset Claimed** | **Unsold Aggregate Offering Amount Associated with Fee Offset Claimed** | **Fee Paid with Fee Offset Source** |
| *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* |
| Fee Offset Claims | Kyivstar Group Ltd. | (1) | F-4 | 333-287802 | 06/05/2025 |  | $11117.47 | Equity | Common Shares | 195554070 | $411843.62 | $— |
| Fee Offset Sources | Kyivstar Group Ltd. | (2) | F-4 | 333-287802 |  | 06/05/2025 |  |  |  |  |  | 11117.47 |

---

**__________________________________________ Rule 457(p) Statement of Withdrawal, Termination, or Completion:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Termination

**Offset Note(s):**

&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to the Company's registration statement on Form F-4 (File No. 333-287802) (the "F-4 Registration Statement"), first filed with the Securities and Exchange Commission ("SEC") on June 5, 2025 (the "First F-4 Filing"), the Company inadvertently included 195,554,070 Company common shares in the Calculation of Filing Fee Tables included as an exhibit to the First F-4 Filing (the "Unregistered Shares"). The Company made a payment of $354,481.65 in respect of the Unregistered Shares. As part of the pre-effective amendment no. 1 to the F-4 Registration Statement, filed with the SEC on June 24, 2025 (the "Second F-4 Filing"), the Company filed an amended Calculation of Filing Fee Tables included as an exhibit to the Second F-4 Filing, correcting the number of Company common shares being registered under the F-4 Registration Statement to exclude the Unregistered Shares. Accordingly, the Unregistered Shares were not registered under the F-4 Registration Statement at the time it was declared effective by the SEC on July 22, 2025 and the offering was terminated with respect to the Unregistered Shares. From the $354,481.65, the Company applied (i) $10,543.13 in connection with the registration statement on Form F-1, which was filed with the SEC on December 9, 2025 (File No. 333-290082) and declared effective on December 18, 2025 and (ii) $34,525 in connection with the registration statement on Form F-1, which was filed with the SEC on January 28, 2026 (File No. 333-292996) and declared effective on January 29, 2026. From the remaining $309,413.52, the Company will apply $11,117.47 for the filing of this Registration Statement.