Why Veon Stock Just Rocketed 29%
Beeline, VimpelCom, Veon (NASDAQ: VEON) -- what do these three things have in common? They're the three names that have been used to refer to one of Russia's largest cellphone providers -- before the arrival of Vladimir Putin in the Kremlin, at least. And before the war in Ukraine.
Ever since Putin took the presidency, however, and especially ever since he sent Russian troops and tanks into Ukraine, Veon has been distancing itself from its Russian roots. In 2010, for example, Veon moved its headquarters entirely out of Russia, to Amsterdam, and in 2017, it officially changed its name to Veon.
Now, Veon is cutting ties with Russia entirely -- and as of 10:55 a.m. ET, its stock is up 29%.
Source Fool.com
