Kyivstar

24 million subscribers — and 45% in the hands of Putin's partners

"Kyivstar" is the largest mobile operator in Ukraine, 100% owned by the Dutch group VEON. At the same time, 45.46% of VEON's shares are controlled by the Luxembourg company LetterOne, which is associated with Russian billionaires Mikhail Fridman (37.86%) and Petr Aven — both are under sanctions from the EU, the United Kingdom, and the USA. Although LetterOne is a minority shareholder, its position as the largest and most consolidated block of shares gives it significant de facto influence over corporate strategy and management. VEON's own report acknowledges reputational and operational damage from this association.

Secret lifting of the arrest

In October 2023, a court imposed an arrest on 47.85% of VEON's corporate rights in "Kyivstar." The arrest also affected shares in Ukraine Tower Company, Kyivstar Tech, and Helsi — a company that stores medical data of the majority of Ukrainians who have signed a declaration with a family doctor. In November 2024, the Shevchenkivskyi Court lifted the arrest completely without public explanation. No official comments have been provided regarding the grounds for this decision.

Cyberattack and the "Trojan horse"

On December 12, 2023, "Kyivstar" suffered a large-scale cyberattack — 24 million subscribers were left without service. The SBU identified the involvement of Russian special services. Against this backdrop, the Ministry of Digital Transformation launched a joint project with "Kyivstar" to create a national language model — despite the fact that the company effectively remains affiliated with sanctioned Russian citizens. The VEON Board of Directors includes former U.S. Secretary of State Michael Pompeo and former British minister Sir Brandon Lewis, who is simultaneously a paid advisor to Fridman's LetterOne.