Results presentation for the period ended 31 December 2021. I'm Nick Kershaw, VEON's Group Director of Investor Relations. I'm pleased to be joined in the room today by Kaan Terzioğlu, our Group CEO, as well as Serkan Okandan, our Group CFO, and Alex Kazbegi, Head of Group Strategy, Communications and Investor Relations. Today's presentation will begin with an operational overview from Kaan, followed by a financial review from Serkan, and then Kaan will come back with closing. As always, we will ensure that there's ample time for your questions, but we would ask that you save these for the end of the presentation. Before getting started, I would like to remind you that we may make forward-looking statements during today's presentation, which involve certain risks and uncertainties. These statements relate in part to the company's anticipated performance and operational guidance, future market developments and trends, operational network developments and network investments, and the company's ability to realize its targets for promotional and strategic initiatives, including current and future transactions. Certain factors may cause actual results to differ materially from those in the forward-looking statements, including the risks detailed in the company's annual report for Form 20-F and other recent public filings made by the company with the SEC. The earnings release and the presentation, each of which include reconciliations of non-IFRS financial measures presented today, can be downloaded from our website. With that, let me hand over to Kaan. Thank you, Nick. Good morning to all, and welcome to the presentation of our fourth quarter and full year results for 2021. Before we start reviewing our performance, allow me to say a few words on the recent escalation of conflict between Russia and Ukraine, 2 out of the 9 markets we proudly serve. It is heartbreaking and deeply saddening to see two countries with such profound ties in conflict. I would like to say that our thoughts and prayers are with everyone affected by the current situation. This is a very sad time for all, and our top priority is the safety and security of our employees and their families. At the same time, our teams are making every effort to ensure service continuity as communication is even a more essential need than ever in these extreme situations. With this on top of our minds, it is important to point out that our company is currently supported by a cash position of $2.3 billion and by a further $1.5 billion of undrawn committed bank loans. We will continue to ensure at all times an ample liquidity position to cover all the operational and financial requirements of our group. Let us now review 2021. This has been a strong year for VEON across our key markets and key market performance indicators. Group revenue grew 10.1% year-on-year on a local currency basis, closing above our high single-digit guidance. EBITDA was up 8.9% in local currency, supported by our focus on value and good cost control and above our minimum 8% guidance. CapEx intensity closed at 23.4 percentage points within our guidance range and 1.2 percentage points lower than prior year. In reported currency, revenue were up 6.8% and EBITDA was up 5.7%, supported by our disciplined inflationary pricing and effective hedging policies. In terms of quarterly performance, we delivered now three quarters of double-digit revenue growth, closing Q4 with 11.1% local currency growth in top line and 9.5% in EBITDA. In reported currency, this performance corresponds to 12.2% for revenues and 10.6% for EBITDA. Importantly, our performance improved throughout the year, positioning us well for the medium term. Moving on to slide six. The main driver of these results have been the progress in our digital operator strategy enabled by our 4G investments and the expansion of digital services in adjacent markets. Over the past 12 months, our 4G users increased by 30%, reaching 97 million customers. We now serve nearly one out of two customers with 4G services, up from just below 40% 4G penetration of our subscriber base a year ago. Over the past two years, we have increased our 4G penetration from 28% of our subscriber base to 48%. This gives us confidence that we are on track towards our 70% 4G penetration aspiration in the medium term. Our one-month active double and multi-play 4G customers reached 61.3 million at the end of 2021, with a growth rate of 32% year-on-year. In 2021, these customers generated nearly 60% of our subscriber revenues. In line with this, our combined data and digital revenues increased 12%-18.2% in local currency terms. Slide 7. Looking at the Q4 performance of each of our operations, you can see here the summaries. We reported encouraging results across all our operating companies. We reported solid top line performance in all the markets with double-digit local currency growth in five of them. EBITDA trends were also positive across all operations. Our group revenue growth was driven by all countries as each country reached a healthy growth momentum in 2021. Most notably, in Russia, our turnaround made good progress. Let me now talk about this on the next slide. In Q4, Beeline Russia recorded total revenue growth of 7.7%, service revenue growth of 6.6%, mobile service revenue growth of 6%, and EBITDA growth of 4.3%. This means four consecutive quarters of total revenue growth and three consecutive quarters of growth in service revenues, mobile service revenues, and EBITDA. What is more encouraging is the upward trajectory within the quarter. In the month of December, Beeline Russia's mobile service revenues were up 7.21% year-on-year. The operational foundation for this growth is our 4G user base, which grew to 25.5 million at the end of the quarter, with a year-over-year growth rate of 13%. 4G users now account for 55% of our total customers in Russia, improving Net Promoter Scores, higher ARPU, and lower churn. Our brand renewal, widening B2B portfolio, growth in digital services, and strong partnerships have contributed to this performance. With these results, we consolidated our position as a strong number 3 player in the market. Let's continue with Ukraine. Over the past few years, Kyivstar delivered consistent growth quarter after quarter, and the final quarter of 2021 was no exception. We recorded 12.5% growth in revenues, 8.7% in EBITDA in Q4. For the full year, revenues increased 14.3%, and EBITDA is up 13.1%. This financial performance has been supported by the consistent rise in 4G penetration across our base. We added 2.8 million 4G subscribers year-on-year, and nearly 5 million over the past two years, corresponding to 68% growth since the end of 2019. In 2021, we added 3,400 4G sites to our network, enabling the growth of 4G customers and executing our strategy of 4G for all, not 5G for few. Kyivstar has strong profitability, infrastructure leadership, growing convergent services, and a very strong brand. It has been recognized as the best employer of Ukraine. I would like to again thank all our employees there for their exceptional team spirit and dedication in these highly challenging times. God be with you. On slide 10, we look at to Pakistan. Jazz grew 13.7% in revenues and 14.8% in EBITDA. These results were enabled by a 40% increase in our 4G subscribers. 4G penetration has now reached 48% in our customer base. Our digital services are another important contributor to customer loyalty, engagement, and value generation. Our fintech service, JazzCash, continued to grow in 2021 and reached 15.2 million monthly active users, up 25% year-on-year. The ARPU of JazzCash customers who also use JazzCash is higher than the ARPU of an average Jazz user by more than 40%. Our entertainment application, Tamasha, was launched in October 2021, building on Jazz TV and offering TV streaming and video on demand services. Tamasha's monthly active users reached 1.2 million at the end of the year. It's 72% growth over Jazz TV's users by the end of 2020. In Q4, total watch time of Tamasha users was 4x the total watch time for Jazz TV users in 2020. As we flagged during the recent Investor Day in December last year, Pakistan is a land of digital opportunities. Next slide, Kazakhstan. Following the unrest in January, we were glad to see the quick return to stability in the country. The recently held Foreign Investors Council meeting, chaired by President Tokayev, demonstrated the government's commitment to maintaining a reliable, predictable, and fair environment for investors. Our industry can contribute significantly to the sustainable growth of Kazakhstan through digital inclusion, and Beeline Kazakhstan continued to work in this direction in Q4. Our mobile and fixed network expansion continued at a steady pace, including rural areas. We connected 644 remote communities across Kazakhstan, improving the livelihoods of more than 800,000 people. What is particularly important is that we progress on this coverage in cooperation with our competitors, sharing our network infrastructure as we connect remote settlements. Together, we can use resources responsibly and efficiently while reducing the combined carbon footprint for our industry. The digital services that we are building on top of this connectivity layer support bridging the digital divide in Kazakhstan. With a strong focus on 4G and digital services, our revenues in Q4 were up 21.1% and 22.6% for the full year. We have now reached 64% penetration of our 4G subscribers in our customer base, with a growth rate of 21% year-on-year for 2021. Our digital-only second brand, izi, is gaining traction through gamification and music streaming, proposing unprecedented offerings on the market for local and roaming services. PTV is evolving into a multi-platform video on demand application, supporting a vast choice of entertainment functions. It has reached nearly 400,000 monthly active users, up by 48% year-on-year, with ARPU more than 50% higher than the average subscriber. Bangladesh on next slide. While accelerating its shift to 4G and data, Banglalink recorded a revenue of 8.3% year-on-year growth in the quarter. Its 4G subscriber base was up by 50%, and data revenues grew by 24%. Our entertainment platform, Toffee, now has 6.4 million monthly active users, an increase of 2.6 times year-on-year, while maintaining high engagement levels in terms of watch time. 70% of Toffee users are non-Banglalink subscribers, which makes Toffee a clear example of how our all-access digital service strategy is working in Bangladesh. Given the supportive macroeconomy and population dynamics, we strongly believe in the digital growth of this country. As part of our 2022/2024 plan, we intend to increase our 4G population coverage from 70% to 95%, moving VEON into a national operator. This will enable the growth of our market share from its current level, about 18%, to our fair share of spectrum, which is in the low to mid-20s. Finally, let me turn to our other markets, which are summarized here on slide 13. In Q4, Uzbekistan recorded its second quarter of double-digit growth, with a year-on-year growth rate of 10.7%. The turnaround in this country is remarkable. Georgia, which bounced back very strongly from the heavy impact of COVID, recorded its third consecutive quarter of double-digit growth, with 11.1% growth in Q4. Kyrgyzstan grew 8.2% in Q4, joining other operations in their solid revenue growth performance. Our 4G subscriber base in Uzbekistan, Georgia, and Kyrgyzstan continue to increase at high teen rates, with even higher year-on-year growth in double and multi-play users. I would like to congratulate all three of our CEOs who were appointed to their positions in 2021, and their leadership teams for the successful turnaround in these countries. As far as Algeria stands, we remind you that the put exercise procedure is progressing according to the shareholder agreement. On slide 14, let me give you further flavor on the progress of our digital operator strategy, which underpins these success stories across the groups. As of the end of 2021, double play and multi-play 4G subscribers made up 34% of our customer base. In Q4, these subscribers generated 62% of our revenue, which compares to 53% in 2020. This revenue upside is the consequence of greater engagement and value generation capacity of these customers. Our double play 4G users generate more than 3 times the ARPU of a single play voice user. If they also use at least one of our digital services, the ARPU multiple goes above 4 times. These are also reflected in the slide. Churn rate nearly halves for double play 4G users versus a single play voice, and goes down to one-third if they are a multi-play user. Let's now take a more granular look into some of our digital products. Slide 15 is a snapshot of some of our main digital products and partnerships, which are key enablers of our digital operator strategies. We have provided details on many of these services and products elsewhere in the presentation to allow you to expand on high-level trends. This was a request from all of yourselves over the last quarter. The fintech applications in Pakistan, Russia, Ukraine, generated an ARPU uplift of 40%-60% versus total customer bases in their respective markets. For television and video apps in more digitally mature markets like Russia and Ukraine, the ARPU uplift was around 70%, while Toffee users in Bangladesh and Tamasha users in Pakistan generate around 2.5 times the ARPU of the total base. Finally, our self-care applications continue to be the gateways to digital engagements. Across the group, the number of monthly active users of our self-care applications grew 26% year-over-year, reaching 32 million. This is an area that will be our focus in 2022, as the usage of our self-care applications also drive up ARPU and reduce churn. A wide portfolio of digital applications contributes to the engagement of our customers. As you know, several of these products, including JazzCash and Profi, are in our special focus as high-value, high-potential assets under the ventures pillar of our strategy. Khairil Abdullah will be joining our leadership team as of tomorrow with a focus to further build and monetize these outstanding assets, and is following our call today. Welcome, Khairil, to the team. I would like to now hand the call over to Serkan to discuss our financial results in more detail. Serkan? Thanks, Kaan. Good morning and good afternoon to all participants. In the coming slides, I will elaborate on our financial results for the fourth quarter and full year in more detail. Let me first focus on the key numbers summarized here on slide 17. 2021 has been a strong year for the group across all the key financial metrics, and this positions us well for the coming year. There were some one-off items in the year, and these are, as always, set out in the earnings release. Of most significance, in Q4 2021, we concluded the sale of our tower assets in Russia, which added $225 million to full year net profits. After accounting for the increase in these liabilities, group net debt decreased by $131 million. For full year 2021, revenue rose by 10.1% year-over-year in local currency terms, and 6.8% on a reported basis, accelerating as we move through the year. Full year group EBITDA increased by 8.9% in local currency terms, and by 5.7% on a reported basis. Also to note that in the fourth quarter, local currency EBITDA was higher by a solid 9.5% versus last year. The group also reported $801 million in net profit versus a net loss of $350 million in 2020. Our CapEx was directionally flat year-over-year, but we saw a 1.2 percentage point decline in the CapEx intensity ratio to 23.4% as revenue continued to increase. Finally, on this slide, equity free cash flow was $341 million for the year, higher by 38% year-over-year. Moving now to Q4 performance and looking at revenue in more detail on slide 18. The quarter was strong across all of our markets, with particularly high growth rates in Kazakhstan, Pakistan, Ukraine, Georgia, and Uzbekistan, all delivering double-digit revenue growth. Also noteworthy is the encouraging performance from Russia, where positive momentum has continued. Once again, this performance was supported by strong 4G adoption and customer growth with a further increase in data usage. These mirror the increase in demand we are seeing for our growing range of digital services. Moving to slide 19, which sets out our EBITDA performance in greater detail. We recorded a particularly strong EBITDA performance in the quarter. After normalizing for the gain in Kazakhstan in Q4 last year related to the government grant on radio frequencies, our group local currency EBITDA was up by 11% year-over-year. We reported double-digit EBITDA growth in 5 of our operating countries. In Russia, we reported EBITDA higher by 4.3% year-over-year. The best quarterly performance we have seen in more than 15 quarters for our operations in Russia. Also particularly noteworthy was the turnaround we have seen in Uzbekistan. After weak performances for a number of years, over the past 6 months, the business has delivered a superb turnaround, and EBITDA in Q4 was significantly higher by 35.7% year-over-year. Over the medium term, a key element of our EBITDA improvement will be the expected contribution from Project Optimum. On slide 20, I would like to remind you again about Project Optimum in more details. To reiterate our ambition here, we aim to achieve a 1 percentage point improvement in group EBITDA margin each year over the next three years, which represents around $250 million run rate cost reduction in group by the end of 2024. While we initiated Project Optimum during 2021, the first full year benefits will be in 2022. Our continued success in reducing our corporate overhead also made a positive contribution to group profitability this year. HQ corporate overhead costs further declined by 17% year-over-year. Moving to slide 21 on CapEx. 4G network group investments further progressed during the quarter. While CapEx in the quarter was lower year-over-year, this was largely impacted by the larger CapEx deployment in the early part of the year. Full year CapEx of $1.8 billion was largely flat, although we saw CapEx intensity decline to 22.4% within our guided range of 22%-24%, as we reported higher revenues. We saw in previous quarters, Russia was again the primary focus of this investment, accounting for just over 50% of our CapEx spend in the quarter. Continued investments in our digital capabilities and services remain the key strategic focus throughout the quarter, and helped us to grow our digital users significantly. Turning now to group debt on slide 22. At the group level, while gross debt increased quarter on quarter, net debt was largely stable at $8.1 billion. The key factor to note here was the higher level of cash, which increased to $2.3 billion at year end. I would also like to note that net debt excluding these liabilities decreased to $5.4 billion. Our cash and committed undrawn credit facilities totaled $3.7 billion, and highlights the strong liquidity position of the group. Our leverage ratio was 2.44 times, and is in line with our internal level of comfort, although higher than the limit of 2.4 times, given our dividend policy. We concluded RUB 90 billion of funding in December, which allowed us to keep the average tenure of our funding at 3.3 years. However, global trend of increasing interest rates resulted in 100 basis points year-over-year rise in our average cost of debt to 6.9%. Moving to equity free cash flow on slide 23. The group reported $421 million equity free cash flow for the year, and $334 million after license payments. This reflects our strong EBITDA performance throughout the year together with stable CapEx. As we look forward over the next few years, we expect to see continued growth in EBITDA with stable to declining CapEx levels, which should support free cash flow generation in the coming years. This brings us to slide 24, which summarizes our performance versus guidance. As Kaan has already covered, our 2021 results were better or in line with our guidance on all metrics. Looking now to the year ahead, given the current context around Russia and Ukraine, which together account for around 65% of our group revenues, we are not at this stage providing any guidance for the full year 2022. With regards to dividends, our policy remains unchanged. This is at least 50% equity free cash flow of, after license payments, while at the same time ensuring group leverage does not exceed 2.4x. As our leverage ratio is 2.44x at the end of 2021, we continue to focus on strengthening our balance sheet and concentrate on financial resources to further debt reduction in the coming quarters, and creating dividend capacity for the future. With that, let me hand over to Kaan for some closing remarks before we turn the call over to your questions. Thank you, Serkan. Let me now on slide 26 give you a reminder of what priorities we had in 2021 at the start of the year, and the related achievements. I'm pleased to report that every one of these seven points has been executed and met. From 4G network rollout targets to Russia going back to growth and double-digit growth in Ukraine, Pakistan and Kazakhstan. Building digital scale through targeted verticals, optimizing capital structure, streamlining our portfolio, focused on cost efficiencies, and creating tower business units and crystallizing the value. In terms of the operational foundations of our business, we have every reason to be confident in the capacity of our group and the business potential. We look forward to continuing our strong execution in 2022. Serkan mentioned, given the current market ambiguities in two of our largest operations, we would like to treat with caution. Therefore, we will not be sharing any guidance at this stage. With that, I would like to thank you for your attention and turn the call over to the operator for questions. Operator? Hi, can you hear me? Yes, I can hear you well. Yeah. Hi. Thank you for the call. I was just wondering, just a sort of more general question, I guess, around capital allocation in the current environment. Obviously, you know, you've got a lot of challenges in a couple of your markets. How do you balance between investing in the network, but at the same time keeping your leverage in check, obviously with the currency moving against you and with dollar debt on your balance sheet? I'd just be interested to hear sort of big picture thoughts about how you develop your strategy for capital allocation. Just in terms of your Russian company, I've seen the accounts for the nine-month period. You hadn't paid a dividend up to Q3. I was wondering if there had been a dividend paid subsequent to the nine-month period over the last quarter, and if so, could you sort of give an indication as to how much that is and how much cash you actually have at HQ at the moment? And then final question if I can, just in terms of the equipment suppliers, who are your key vendors at the moment in your, in I guess Russia and Ukraine would be key, and how do you get access to that equipment? How do you pay for that equipment? Any sort of context you can give around those challenges. Obviously, it's a very fluid situation, so I appreciate that. But if you could give any comments around that'll be helpful. Thank you. Thank you, Alistair. Alistair, as you can imagine, we have a capital allocation methodology based on reflecting the potential in the countries, cost of capital, as well as return on investment of specific projects which we systematically apply. Having said that, one of the reasons why we did not provide the guidance is obviously change of the dynamics, which will require us to adjust the investments that we will be making in our business in line with the progression of the current regulatory registrations. I would like to keep in mind that our disciplined policy of making sure that we create cash and continue to control our cash balances will be of high priority over the next couple of months. Serkan like that. Yeah, just a couple of things regarding, because you asked capital allocation in relation to the impact on leverage. As you have seen from the presentation, roughly 50% of the leverage is in US dollar, and around 40-41% is in ruble. In case of any depreciation in the local currencies, in this case ruble, that will impact our leverage positively because our debt in ruble will be at a lower amount in US dollar. That will be a positive impact in the short term. Move back and move to question number 2. You asked about the cash position of the group. We have roughly $2.3 billion cash, out of which $1.6 billion in HQ. Almost 100% of that cash is in hard currency, mainly US dollar. All the cash is in Europe, European or U.S. banks. They are fully accessible to HQ, $1.6 billion. On top of that, we had a bond maturity, which will be due tomorrow. The amount is $417 million, plus accrued interest, which will take it around $430 million. In order to keep our cash reserves intact for the future unknowns, we decided to utilize the RCF that we have in place, which is a permitted facility. Hopefully we will fund the repayment of the bond tomorrow through using the RCF facility, which will leave us again $1.6 billion cash available at HQ for the future needs. Yeah, regarding the suppliers and the payment terms, of course, for the big vendors, we have specific agreements as to each country. There are different tenors. As you can guess, we keep negotiating with our key vendors to get favorable payment terms. As I said, it differs from vendor to vendor, country to country. We are effectively negotiating and discussing with our vendors as a long-term strategic partner with them to prolong the payment terms to our key vendors. Alistair, as Serkan mentioned, our current capital structure is a major enabler for us. Being a group allows us to allocate capital effectively and raise debt at competitive rates and access to markets. These synergies are most valuable, especially in unprecedented situations like this. Yes. Hi, everyone. Thanks for the call and the opportunity to ask questions. I have a couple for you about that. The first one, just wanted to understand if the SWIFT issue prevents you from today making payments or sourcing equipment in Ukraine or Russia. That's one. Second, just wanted to get back to the Algeria put option. Do you have any update on the timing? And can you please guide us to what magnitude of cash inflow do you expect? Third question would be on the Russian debt. What percentage of it is floating rate? And if there's a significant percentage in floating rate, how fast does it adjust to the kind of short-term rate because they've been increased to 20% in Russia. Then the last question, in which country is most of your cash held? Thank you so much. Thank you, César. Serkan, go ahead. Cesar, I think you have multiple questions. If I miss anything, please let me know. I think first question was about SWIFT and the potential impact on us regarding payments and sourcing equipment. It is to my knowledge, until the start of the SWIFT, and SWIFT is still functioning. Actually we have multiple bank accounts in multiple banks in ruble, euro, U.S. dollar, and with the different currencies. We have alternative routes to move the cash in and out of countries. As you know, in Ukraine, there is capital controls in place imposed by the National Bank of Ukraine. There is no cash outflow in U.S. dollar or euro out of Ukraine. That's the only capital control that we have for the moment. We have different bank accounts in different jurisdictions in different currencies. We are in discussion with our relationship banks from different countries how we can mitigate any kind of SWIFT changes in the SWIFT regulation. So far, it's functioning. I'm skipping Algeria, probably somebody will comment on that. Regarding debt in Russian ruble debt. In ruble we have bank loans and also bond. As you know, all the bonds debt in ruble, they are all in fixed rates, so they are fine. Regarding the bank loans, we have a mixture of floating and fixed interest rates. Basically we have lenders which are three Russian banks. At the moment, a majority of the bank debt are floating. If you only look at the bank debt. If you combine all the debts including the bonds, the majority of the debt is fixed rate. As you mentioned, the Central Bank of Russia increased its benchmark interest 20% today. The effective date for that increased rate will be by the end of March at different dates, depending on our agreements with the banks. The impact on the interest will start to kick in after April, after Q2. Maybe I should pause at the moment without going into more details. Thank you, Serkan. César, with regard to your Algeria question. All procedures connected to the exercise of our put option in Algeria are being performed by both parties in accordance with our shareholders' agreement. As a matter of fact, as we speak, the process is further progressing. With slight delays, everything is on the right track. I will be actually visiting Algeria over the next couple of weeks to go back to the process and make sure that it is on track as well. I won't be able to give you at this stage, considering the rules of the process. César, Nick just warned me that you also asked where is our cash. HQ cash is in Europe. I know many of you have lots of questions around sanctions, so let me also share upfront with what I can say in this specific area. We are continuously monitoring the sanctions regulations which are being issued by various jurisdictions in order to ensure we are complying with them. I would like to also highlight that at the shareholder level, VEON is a public company with no controlling shareholder. We do not expect any flow of sanctions risk coming from any of these issues as well. This is a fluid situation, so we will be continuously monitoring and, of course, you know, keeping, if necessary, the public informed about it as well. Thank you. The next question is from Nicholas. Thank you. Thank you. Thank you so much. Oh, hi. Hi, good afternoon. Thank you for your time today, and thank you for taking questions. Just one quick question on your ability to get cash out of Russia with the sanctions that are being imposed on Russia, because obviously almost 50% of your revenues are coming from Russia. Nicholas, in Russia we have been already in an investment cycle. The upstreaming of cash from Russia has not been a priority for us at this particular point. Serkan, please. Yes. In our plans for this year, there is no projected or planned cash upstreaming from Russia. We only have some intercompany loans between HQ and Russia. Apart from that, there is no dividend upstreaming assumed in our plans from Russia this year. Okay. Thank you. Thanks very much. The next question is from Tammy Lloyd. Hi there. Thanks for the call. I also have a couple, if that's okay. You recently announced that you've taken out loans with Russian banks, which are now sanctioned. Can you talk a little bit about what might happen with these loans and your ability to keep borrowing in Russia? The second thing is, can you just remind us, following on from the Russian cash flow, about cash flow from the other operations for the full year and what your expectations are to be able to get cash out of your other operations? Just alluding to the comment earlier that you don't expect the shareholder to be an issue, is that because LetterOne owns less than 50% of VEON and the rest is owned in a shifting with an independent board? Thank you. Yes. Let me start with the last question, and then I will give the word to Serkan. As we have rightly summarized, we don't have a controlling shareholder and we have an independent board in place. That's basically. Yeah. If you allow me, I want to give a little bit detail so that that can shed also some light about to César's question on how floating interest rates will impact our overall cost of debt. Currently we have, as I said, bonds in ruble, so they are not affected from the sanctions, so they will be staying in place. We have loans from three Russian banks amounting to RUB 120 billion. Depending on what rate you use, it's around $1.5 billion before today's depreciation in the currency. These banks are Sberbank, VTB, and Alfa-Bank. The way that we read these sanctions as of today, we can borrow cash from two out of three banks that I just named. For the VTB Bank, our loans from VTB Bank is amounting RUB 30 billion, which we have refinanced in February this year, after the invasion. Most probably that amount should be repaid to VTB within the deadline put as per the sanctions, which will be most probably before end of March. That's RUB 120 billion. I would appreciate if we could all put ourselves on mute if we are not speaking. Sorry, go on. After repaying VTB by the end of March, as per the sanctions regulation, our borrowing from two Russian banks will be RUB 90 billion, and most of it will be floating. However, I want to link this to César's question. Assuming that we will repay VTB RUB 30 billion by the end of March, our cost of debt, which is currently 6.9% overall group cost of debt, after this 20% revised interest rate in Russia, will only increase to 7.5%. The immediate impact on our cost of debt will be 60 basis points roughly, which will start to be impacting us starting from April this year, because there will be a gradual transition to the new interest rates. That would be my answer for one—for the first question. Regarding the second, as I mentioned, Russia is within itself cash flow sufficient. We are not expecting any cash upstreaming from Russia as in dividends. Apart from Russia, we don't see any issue of upstreaming cash in, for example, Kazakhstan, Pakistan and other countries that we are aware operating. So the only question mark is Ukraine. And we need to wait and see what's gonna happen in Ukraine. As I said at the beginning, we have $1.6 billion cash at the HQ, and we want to keep this as our cash flow source for the future. Maybe just to be very clear, we were not planning to upstream cash from Russia and we will not. Yes, that's correct. Thank you. Is that everything, Tammy? Yes. Thank you. Thank you very much, Tammy. Okay, thanks. The next question is from Tae Heung Kim. Hi. Hello. Thank you very much for the opportunity. Can I just follow up on this, timeline of no cash upstream from Russia? Is it just for this year or it's also kinda longer term plan, so concerns 2023 as well? My second question, on Pakistani spectrum. Just wanted to make sure that you're going to go with a scheme where you pay 50% upfront, and then you delay another 50% into installments over five years. And then lastly, on dividends, just based on the way you formulated it in the press release, do I understand correctly that, say, you wouldn't have paid a dividend, regardless, the war and what's going on right now, based on your leverage being above 2.4 times? Thank you very much. Let me start with Pakistan, then I will continue. Unlike the last license renewal, this time actually the license renewal process is very predictable. As it is expected, you know, we'll be paying 50% cash by the end of July, and the rest will be over years. This is in line with our plans and predictions. There won't be any surprises this time. Cem. For your first question, I think it is too early to comment on 2023 cash upstream. I'm afraid I cannot answer to that one with precise guidance. For the dividend, regarding the year 2021, your understanding is correct. We are not going to pay dividend for 2021. Of course, subject to board and AGM approval. Thank you. Can I then follow up if, just with another question. On towers, do you plan still any tower sales in Pakistan or Bangladesh, given the macro and a lot higher rates? Thank you very much. We believe, you know, our asset value crystallization intent is still valid. We are working actually on Bangladesh and Pakistan and Kazakhstan in terms of taking these assets into the market. It will probably be slower with our intent in Ukraine, but our project of crystallizing the value and monetizing our assets and delayering our telecom operations is still valid. Hi there. Afternoon, everyone, and many thanks for the presentation. I had two follow-up questions on the financing side, if you don't mind. So firstly, could you just perhaps give a bit more specific information on how much you've been able to upstream from Pakistan over the past year and whether you've been able to get anything from Bangladesh. Just in terms of the Pakistan macro situation, would you expect to be able to upstream in 2022? The second question was, I noticed your earlier comment about planning to draw on the RCF and to pay the bond that's due tomorrow. Can I just confirm, do you need to get any approvals today to draw on the RCF, or are you know, pretty confident that that's 100% available to you, to make that payment tomorrow? Thanks. Bangladesh, we are not upstreaming dividends from Bangladesh for the moment because we are in the investment phase. For Pakistan, our company there is distributing dividends as 100% of net profit available. We haven't seen any problem in upstreaming cash out of Pakistan during the last couple of years, and we do not expect any problem in the year as well. Regarding the amount of the dividend upstreaming, as I mentioned, once we close the numbers in Pakistan, probably it will be 100% of the net profit available for the shareholders. RCF draw down, of course, we have initiated the draw down request at the end of last week. We haven't faced any issue up to now. Of course, I can only confirm that we utilized the RCF when I see the funds in our bank. Thank you. If it's possible to ask one follow-up. I appreciate your earlier comment about there being no controlling shareholder in VEON. I guess I could say there's perhaps still some concerns on the market about the combined shareholding across both entities. We've obviously seen some comments from the EU over the weekend about potential sanctions on two partners at LetterOne. Would you be able to give us any more color on the breakdown of shareholdings at the LetterOne level so that the market could assess the risk for VEON? I think really, as the situation evolves, we need to be a little bit patient in terms of making any, speculations around this topic. I will ask your permission to wait for a while so that we see everything, and we will be back to you then. Thank you very much. The last question is from Angelica D'Agostino. Is that it? Hi. Hope you can hear me. I have two questions. You mentioned that the cash holdings that you have are in Europe. Would you mind sharing which countries and which banks those accounts are with? Also, which banks are behind the RCF that you are drawing to pay the bond tomorrow? Thank you. I can. Unfortunately, I cannot answer either questions, but maybe I can try to answer a little bit overall. First of all, we have multiple banks, around 6-10 banks. All are in Europe, European countries. All I can say EU countries, and some of them are in U.K. Without naming the banks of Europe. Regarding RCF banks, again, we have 10 RCF banks. They are from U.S., EU, U.K., and Asia. Without again naming the banks. We banks. We have 10 banks across the globe. Okay. Thank you. Just in terms of the banks in Europe that you have the accounts, are any of them some of the Russian banks and local subsidiaries that potentially are all under sanctions? For our cash that we are keeping, there is no Russian bank. Okay. Okay, great. Thank you. I wanna thank you all of yourselves again, and looking forward to talking to you in next quarter. Thank you very much, and we will close the call here today. Thank you.