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Russian Court Issues New Injunction Order with Expanded Restrictions on VimpelCom

AMSTERDAM May 25, 2012 VimpelCom Ltd. ("VimpelCom" or "Company")

May 21, 2012

– Prohibiting the payment of dividends to shareholders of OJSC VimpelCom based on the results of operations in 2011, and the transfer of the cash intended for dividend distribution to the accounts of OJSC VimpelCom or other companies with foreign banks;

– Prohibiting the external auditors elected at the OJSC VimpelCom AGM from exercising the powers conferred on them;

– Prohibiting the board of directors of OJSC VimpelCom elected at the OJSC VimpelCom AGM from exercising their powers pursuant to the charter of OJSC VimpelCom; and

– Prohibiting the taking of other actions and steps designated to transfer the indicated funds out of our Russian subsidiary OJSC VimpelCom.

October 17

The Company intends to appeal the expanded injunction order, but will also work toward reaching an amicable resolution with the relevant regulators as the Company was not directly involved in the transaction between Telenor and Weather.  The Company is currently assessing the scope and potential impact of the expanded injunction on the VimpelCom Group’s general business and financial position, current financing arrangements and future liquidity. 

In connection with this newest injunction by the Russian court, the Company is reviewing and considering the following:

1.  Deferring the payment of the previously declared VimpelCom Ltd. dividend in order to help ensure appropriate liquidity; and

2.  Delaying its annual shareholder meeting until it has more clarity on the scope and impact of all of the injunctions and the claim brought by the FAS.

May 31, 2012

Disclaimer

December 31, 2011

About VimpelCom

Russia Italy Ukraine Kazakhstan Uzbekistan Tajikistan Armenia Georgia Kyrgyzstan Cambodia Laos Algeria Bangladesh Pakistan Burundi Zimbabwe Central African Republic Canada March 31, 2012 http://www.vimpelcom.com

 

 

 

 

SOURCE VimpelCom Ltd.

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