Russia-Ukraine War is Crushing These 5 Stocks

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1. VEON Ltd. (NASDAQ:VEON)

Number of Hedge Fund Holders: 11    

Year-to-Date Decline in Share Price as of July 8: 74.30%

VEON Ltd. (NASDAQ:VEON) is a Netherlands-based company that offers telephone and mobile communication services. The firm has heavy exposure to the Russian market and the war in Ukraine has hit this revenue as the West sanctions dealings with Moscow. Per Forbes data, nearly half of the total revenue of the company, which was around $7.8 billion in 2021, came from the Beeline network it operates in Russia. Although the earnings of the firm have grown in local currency in Russia, they have decreased in dollar terms. 

On June 8, VEON Ltd. (NASDAQ:VEON) announced that it had completed the sale of its unit in Georgia. The unit was sold to a former partner of the firm in a deal valued at $45 million. Kaan Terzioglu, the CEO of the firm, said the sale was part of a plan to streamline operations. 

At the end of the first quarter of 2022, 11 hedge funds in the database of Insider Monkey held stakes worth $23 million in VEON Ltd. (NASDAQ:VEON), compared to 15 in the previous quarter worth $52 million.

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