Veon revealed in a Q1 trading update that it had the required licences and approvals in place from authorities in the US, UK and Bermuda for the sale of its Russian operation, as it continues to target completion of the transaction in the next month.

The operator group stated the US Office of Foreign Assets Control had issued a licence for citizens of the country to engage in transactions necessary for the sale, which has been in progress since November 2022.

Veon added it already had necessary authoritisations from the UK and Bermuda, while noting it “does not believe” it needs the nod from European Union authorities to complete.

In February, Veon disclosed Russian regulators had given the green light for the sale.

Veon is targeting a completion on, or before, 1 June.

Alongside providing an update on its exit from Russia, Veon highlighted earnings growth in its various local currencies during Q1, though negative foreign exchange movements cut revenue and profit.

It booked an 8.7 per cent year-on-year drop in revenue to $884 million with EBITDA falling 13.5 per cent to $385 million. Net profit figures were not reported.

Results from its Russian business have already been stripped out of its financial reports and associated comparisons.