Fridman is the biggest shareholder in the Amsterdam-listed company, which operates networks in Ukraine and Russia as well as Algeria, Kazakhstan and Pakistan. He holds a stake of 47.9% via his investment vehicle LetterOne.

Fridman said in a statement on Monday he would contest his inclusion on the EU sanctions list and denied he had "cultivated strong ties" to the administration of Russian President Vladimir Putin.

Veon operates the Beeline network in Russia and Kyivstar in Ukraine.

On Monday it said Kyivstar was still operating, despite the war, and CEO Kaan Terzioglu said he was closely monitoring sanctions imposed on Russia.

Terzioglu said Veon had $2.3 billion in cash at the end of last year as well as $1.5 billion in undrawn credit lines.

However he said the firm could not provide financial guidance in light of Russia's invasion of Ukraine.

The shares are currently suspended on Euronext at 0.56 euro cents, down 63% year to date.

(Reporting by Anthony Deutsch; editing by Jason Neely)