Russia approves Veon’s sale of Vimpelcom to management

A Russian government commission has approved the sale of telecoms company Vimpelcom to senior managers by its Dutch owner Veon, the Russian economic news outlet RBC reported, citing two unnamed sources.

Veon said in November that it would sell Vimpelcom to a team led by CEO Aleksander Torbakhov for 130 billion roubles ($2.2 billion), joining a long list of Western firms that have sold up in Russia since it invaded Ukraine almost a year ago.