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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 17)*

VIMPELCOM LTD.

(Name of Issuer)

Common Shares, par value US$0.001 per share

Preferred Shares, par value US$0.001 per share

(Title of Class of Securities)

92719A 10 6**

(CUSIP Number)

** CUSIP number of American Depositary Shares listed on the New York Stock Exchange.

The Common Shares and the Preferred Shares are not publicly traded.

Bjørn Hogstad

Telenor ASA

Snarøyveien 30

N-1331 Fornebu, Norway

47-67-89-2547

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

February 15, 2012

(Date of Event which Requires Filing of this Statement)

Copy to:

Peter O’Driscoll

Orrick, Herrington & Sutcliffe LLP

107 Cheapside

London EC2V 6DN

England

44-20-7862-4600

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e) or 240.13d-1(f) or 240.13d-1(g), check the following box.  ¨

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

The information required on the remainder of this “cover page” shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange of 1934 (the “Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

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SCHEDULE 13D

Item 1. Security and Issuer

This Amendment No. 17 (this “Amendment”) to the statement on Schedule 13D (as amended by this Amendment, this “Statement”) relates to the common shares, par value US$0.001 per share (the “Common Shares”), and convertible preferred shares, par value US$0.001 per share (the “Preferred Shares”), of VimpelCom Ltd., a company organized under the laws of Bermuda. The principal business address of VimpelCom Ltd. is Claude Debussylaan 15, 1082 MC, Amsterdam, the Netherlands, and its business telephone number is +31 20 797 7200.

Except as provided herein, this Amendment does not modify any of the information previouly reported in this Statement.

Item 2. Identity and Background

This Statement is being filed jointly by Telenor East Holding II AS (referred to herein as “Telenor East Holding”), Telenor Mobile Holding AS (referred to herein as “Telenor Mobile Holding”), Telenor ASA, Telenor Mobile Communications AS (referred to herein as “Telenor Mobile”) and Telenor East Invest AS (referred to herein as “Telenor East,” and together with Telenor East Holding, Telenor Mobile Holding, Telenor ASA and Telenor Mobile, collectively, the “Reporting Persons”).

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TELENOR EAST HOLDING II AS

N-1331 Fornebu

Norway

EXECUTIVE OFFICERS AND DIRECTORS OF TELENOR EAST HOLDING II AS

(a), (b), (c) and (f) The following information sets forth the name, citizenship, residential address and present principal occupation of each of the directors and executive officers of Telenor East Holding. The business address of each of such persons is Telenor East Holding II AS, c/o Telenor ASA, Snarøyveien 30, N-1331 Fornebu, Norway.

DIRECTORS OF TELENOR EAST HOLDING II AS

(d) During the last five years, none of the above executive officers and directors of Telenor East Holding has been convicted in a criminal proceeding.

(e) During the last five years, none of the above executive officers and directors of Telenor East Holding was a party to a civil proceeding of a judicial or administrative body as a result of which Telenor East Holding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

TELENOR MOBILE HOLDING AS

 N — 1331 Fornebu

 Norway

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(c) Telenor Mobile Holding is engaged principally in the development of and investment in the field of telecommunications through direct and indirect ownership of companies and entering into agreements relating to telecommunications.

(d) During the last five years, Telenor Mobile Holding has not been convicted in a criminal proceeding.

(e) During the last five years, Telenor Mobile Holding was not a party to a civil proceeding of a judicial or administrative body as a result of which Telenor Mobile Holding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

EXECUTIVE OFFICERS AND DIRECTORS OF TELENOR MOBILE HOLDING AS

(f) (a), (b), (c) and (f) The following information sets forth the name, citizenship, residential address and present principal occupation of each of the directors and executive officers of Telenor Mobile Holding. The business address of the directors and executive officers is Telenor Mobile Holding, c/o Telenor ASA, Snarøyveien 30, N — 1331 Fornebu, Norway.

DIRECTORS OF TELENOR MOBILE HOLDING AS

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EXECUTIVE OFFICERS OF TELENOR MOBILE HOLDING AS

(d) During the last five years, none of the above executive officers and directors of Telenor Mobile Holding has been convicted in a criminal proceeding.

(e) During the last five years, none of the above executive officers and directors of Telenor Mobile Holding has been a party to a civil proceeding of a judicial or administrative body as a result of which such executive officer or director was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

TELENOR ASA

 N — 1331 Fornebu

 Norway

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(c) Telenor ASA is engaged principally in the business of production and supply of services in the fields of telecommunications, data services and media distribution.

(d) During the last five years, Telenor ASA has not been convicted in a criminal proceeding.

(e) During the last five years, Telenor ASA was not a party to a civil proceeding of a judicial or administrative body as a result of which Telenor ASA was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

EXECUTIVE OFFICERS AND DIRECTORS OF TELENOR ASA

(a), (b), (c) and (f) The following information sets forth the name, citizenship, residential address and present principal occupation of each of the directors and executive officers of Telenor ASA. The business address of each of such persons is c/o Telenor ASA, Snarøyveien 30, N — 1331 Fornebu, Norway.

DIRECTORS OF TELENOR ASA

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EXECUTIVE OFFICERS OF TELENOR ASA

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(d) During the last five years, none of the above executive officers and directors of Telenor ASA has been convicted in a criminal proceeding.

(e) During the last five years, none of the above executive officers and directors of Telenor ASA has been a party to a civil proceeding of a judicial or administrative body as a result of which such executive officer or director was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

TELENOR MOBILE COMMUNICATIONS AS

N – 1331 Fornebu

Norway

EXECUTIVE OFFICERS AND DIRECTORS OF TELENOR MOBILE COMMUNICATIONS AS

(a), (b), (c) and (f) The following information sets forth the name, citizenship, residential address and present principal occupation of each of the directors and executive officers of Telenor Mobile. The business address of each of such persons is Telenor Mobile Communications AS, c/o Telenor ASA, Snarøyveien 30, N-1331 Fornebu, Norway.

DIRECTORS OF TELENOR MOBILE COMMUNICATIONS AS

EXECUTIVE OFFICERS OF TELENOR MOBILE COMMUNICATIONS AS

(d) During the last five years, none of the above executive officers and directors of Telenor Mobile has been convicted in a criminal proceeding.

(e) During the last five years, none of the above executive officers and directors of Telenor Mobile was a party to a civil proceeding of a judicial or administrative body as a result of which Telenor Mobile was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

TELENOR EAST INVEST AS

N — 1331 Fornebu

Norway

EXECUTIVE OFFICERS AND DIRECTORS OF TELENOR EAST INVEST AS

(a), (b), (c) and (f) The following information sets forth the name, citizenship, residential address and present principal occupation of each of the directors and executive officers of Telenor East. The business address of each of such persons is Telenor East Invest AS, c/o Telenor ASA, Snarøyveien 30, N-1331 Fornebu, Norway.

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DIRECTORS OF TELENOR EAST INVEST AS

EXECUTIVE OFFICERS OF TELENOR EAST INVEST AS

(d) During the last five years, none of the above executive officers and directors of Telenor East has been convicted in a criminal proceeding.

(e) During the last five years, none of the above executive officers and directors of Telenor East was a party to a civil proceeding of a judicial or administrative body as a result of which Telenor East was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Item 4. Purpose of the Transaction

Weather Transactions

On February 15, 2012, Telenor East Holding entered into a Share Purchase Agreement (the “Weather SPA”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein in its entirety, pursuant to which it acquired from Weather Investments II S.à r.l. (“Weather”), the primary selling shareholder in VimpelCom Ltd.’s acquisition of Wind Telecom S.p.A. in April 2011, 234,000,000 of Weather’s Preferred Shares that Weather received in the Wind Telecom transaction (the “Preferred Sale Shares”). The Preferred Sale Shares represent approximately 54.0% of VimpelCom Ltd.’s outstanding Preferred Shares and 11.3% of VimpelCom Ltd.’s outstanding voting shares (the “Preferred Sale Shares”). Telenor East Holding paid Weather an aggregate purchase price of US$374,400,000, or US$1.60 per Preferred Share, to acquire the Preferred Sale Shares under the Weather SPA, which was financed from Telenor East Holding’s cash on hand. Completion of the purchase under the Weather SPA occurred simultaneously with signing on February 15, 2012. The Weather SPA includes customary representations, warranties and indemnities, as well as an undertaking by Telenor East Holding, in the event there is a general meeting of VimpelCom Ltd.’s shareholders held during the six-month period between February 15, 2012 and August 15, 2012 and the agenda of such meeting includes a proposal for the election of a supervisory board, to vote its and its affiliates’ Common Shares and Preferred Shares at such a general meeting, after ensuring the election of three of Telenor East Holding’s candidates, in favor of the election of two candidates proposed or nominated by Weather. Telenor East Holding also undertakes in the Weather SPA to exercise all rights as a shareholder and through its participation on VimpelCom Ltd.’s supervisory board to cause the supervisory board to be composed of eleven members. These undertakings automatically expire without any further action on August 14, 2012.

Telenor East Holding and Weather also entered into an Option Agreement on February 15, 2012 (the “Weather Option Agreement”), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein in its entirety, pursuant to which Telenor East Holding and Weather agreed to a series of put and call options with respect to the Preferred Shares retained by Weather following completion of the Weather SPA and any future preferred shares of VimpelCom Ltd. that are issued to or acquired by Weather or any of its affiliates or related parties.

                Telenor East Holding and Weather agreed to the following put and call options: (i) Weather may exercise a put option with respect to its 71,000,000 Preferred Shares remaining after completion of Telenor East Holding’s purchase of the Preferred Sale Shares and put to Telenor East Holding or its designees the remaining 71,000,000 Preferred Shares at any time from August 15, 2012 until approximately three months prior to the Preferred Shares’ expiration and redemption by VimpelCom Ltd. on April 15, 2016 (the “Weather Put Option”); (ii) Telenor East Holding may exercise a call option with respect to the Preferred Shares subject to the Weather Put Option from January 1, 2015 until approximately three months prior to the Preferred Shares’ expiration and redemption by VimpelCom Ltd. on April 15, 2016, as well as following the occurrence of Weather’s sale of a certain number of Common Shares or Weather’s or any of its affiliate’s receipt of preferred shares from VimpelCom Ltd. (the “First Telenor Call Option”); and (iii) Telenor East Holding may exercise a call option to acquire any new preferred shares received by Weather or its affiliates through April 16, 2015 (the “Second Telenor Call Option”).

In addition, in the Option Agreement, Weather also undertakes not to sell any of its remaining Preferred Shares to anyone other than Telenor East Holding or its nominees until approximately three months prior to their expiration and redemption by VimpelCom Ltd. on April 15, 2016.

Withdrawal of Arbitration Proceedings

As previously described in this Statement, on January 31, 2011, Telenor East Holding commenced an arbitration proceeding against VimpelCom Ltd. and Altimo under the VimpelCom Ltd. Shareholders Agreement in order to preserve Telenor East Holding’s pre-emptive rights in the context of VimpelCom Ltd.’s acquisition of Wind Telecom S.p.A. in April 2011. On October 31, 2011, Telenor East Holding amended its Statement of Claim in the arbitration proceeding to add claims challenging Altimo’s attempt to terminate the VimpelCom Shareholders Agreement. On February 15, 2012, Telenor East Holding notified the arbitration tribunal convened for this proceeding that it was withdrawing all of its claims against VimpelCom Ltd. and Altimo in relation to the Wind Telecom transaction and the termination of VimpelCom’s Shareholders Agreement. In this notice, Telenor East Holding withdrew its request for pre-emptive rights in connection with the Wind Telecom transaction and acknowledged and accepted the termination of VimpelCom’s Shareholders Agreement.

Expansion of VimpelCom’s Supervisory Board and Support for Weather Nominees

In connection with the Weather SPA and the Weather Option Agreement, for a six month period between February 15, 2012 and August 14, 2012, Telenor’s nominees on VimpelCom’s supervisory board intend to propose and support the expansion of the number of members of VimpelCom’s supervisory board to at least eleven members effective after June 10, 2012, the date on which the “Initial Period” ends under Section B of VimpelCom Ltd.’s bye-laws, when the size of VimpelCom’s supervisory board may be expanded beyond nine members. Telenor East Holding intends to support the expansion of VimpelCom’s supervisory board to eleven members in its capacity as a Nominating Shareholder under VimpelCom Ltd.’s bye-laws and the election to VimpelCom’s supervisory board of two candidates supported by Weather, the other Nominating Shareholder under VimpelCom Ltd.’s bye-laws.

On February 15, 2012, Telenor ASA filed a statement with the Oslo Stock Exchange, a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein in its entirety.

In addition to the undertakings described in this statement, the Reporting Persons may, from time to time, and reserve the right to, change their plans or intentions and to take any and all actions that they deem appropriate to maximize the value of their investment in VimpelCom Ltd. In order to maximize the value of their investment in VimpelCom Ltd., the Reporting Persons may, from time to time, consider, evaluate or propose various possible transactions involving VimpelCom Ltd. or its subsidiaries or affiliates, which could include, among other things:

(i) the possible acquisition of additional securities of VimpelCom Ltd. from time to time in the open market, in privately negotiated transactions or otherwise, including, without limitation, through entry into and exercise of call options or other derivative transactions;

(ii) the possible acquisition or disposition of debt securities or other debt instruments of third parties, in each case, that are secured by, convertible into or exchangeable for securities of VimpelCom Ltd., and the enforcement of any such security interest or the exercise of any such exchange or conversion right;

(iii) the possible disposition or exchange of any securities of VimpelCom Ltd. owned by them;

(iv) possible extraordinary corporate transactions (such as a merger, consolidation, reorganization or restructuring) involving VimpelCom Ltd. or any of its subsidiaries, including with other telecommunication companies that may be affiliated with the Reporting Persons;

(v) making or seeking to make changes in or affecting VimpelCom Ltd.’s supervisory board or management;

(vi) possible future litigation or arbitration involving VimpelCom Ltd., its supervisory board and/or its management and/or Altimo Holdings & Investments Ltd. and its affiliates;

(vii) in addition to the Swap Transaction and the JPMorgan Swap Transaction previously described in this Statement, entering into and unwinding derivative transactions with respect to the securities of VimpelCom Ltd.; or

(viii) in addition to the initiatives described herein to expand the size of VimpelCom Ltd.’s supervisory board and elect members to the supervisory board, soliciting the votes of VimpelCom Ltd.’s shareholders in relation to any annual or extraordinary general meeting of shareholders of VimpelCom Ltd.

The Reporting Persons may also, from time to time, formulate other plans or proposals regarding VimpelCom Ltd. or its securities to the extent deemed advisable in light of market conditions, subsequent developments affecting VimpelCom Ltd., the general business and future prospects of VimpelCom Ltd., tax considerations, or other factors.

(a)-(b)

As a result of the transfer pursuant to the Weather SPA, Telenor East Holding became the direct registered holder of 234,000,000 Preferred Shares in addition to its existing holding of 515,578,840 Common Shares, representing approximately 36.4% of VimpelCom Ltd.’s outstanding voting shares, and the other Reporting Persons may be deemed the beneficial owners of, and have sole power to direct the voting and disposition of, these shares, representing approximately 36.4% VimpelCom Ltd.’s outstanding voting shares.

To the best of each Reporting Person’s knowledge, none of the persons identified in Item 2 of this Statement is, or may be deemed to be, the beneficial owner of any securities of VimpelCom Ltd.

Neither the filing of this Statement nor any of its contents will be deemed to constitute an admission that any of the Reporting Persons is the beneficial owner of any shares of VimpelCom Ltd. (other than as described in this Item 5) for the purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, or for any other purposes, and such beneficial ownership is expressly disclaimed.

(c) Except for the transactions described in this Statement, none of the Reporting Persons or, to the best of each Reporting Person’s knowledge, none of the persons identified in Item 2 of the Statement, has engaged in any transactions in the securities of VimpelCom Ltd. during the past 60 days.

(d) Other than the Reporting Persons, to the best of each Reporting Person’s knowledge, no other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Shares or Preferred Shares held by Telenor East Holding.

(e) Not applicable.

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Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

In addition to the transactions and undertakings in connection with the Weather SPA and the Weather Option Agreement described above in this Statement, the Reporting Persons may, from time to time, formulate other plans or proposals regarding VimpelCom Ltd. or its securities in support of these goals to the extent deemed advisable in light of market conditions, subsequent developments affecting VimpelCom Ltd., the general business and future prospects of VimpelCom Ltd. or other factors, or enter into and unwind cash settled equity swap or other similar derivative transactions with respect to the securities of VimpelCom Ltd., which transactions may be significant in amount. These arrangements do not and will not give the Reporting Persons voting or investment control over the securities of VimpelCom Ltd. to which these transactions relate and, accordingly, the Reporting Persons disclaim beneficial ownership of any such securities.

None of the Reporting Persons, and to the best of each Reporting Person’s knowledge, none of the individuals named in Item 2 hereof has entered into any contracts, arrangements, understandings or relationships (legal or otherwise) with any person with respect to any securities of VimpelCom Ltd., including, but not limited to, transfer or voting of any securities, finder’s fees, joint ventures, loan or option arrangement, puts or calls, guarantees of profits, division of profits or losses, or the giving or withholding of proxies.

Item 7. Materials to be Filed as Exhibits

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SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Statement on Schedule 13D is true, complete and correct and that such Statement, as amended hereby, is true, complete and correct.

Dated: February 15, 2012

Exhibit 99.1

CONFORMED COPY

SHARE PURCHASE AGREEMENT dated as of February 15, 2012 (this “Agreement”) between Weather Investments II S.à r.l., a company organized and existing under the laws of the Grand Duchy of Luxembourg (the “Seller”), and Telenor East Holding II AS, a company organized and existing under the laws of the Kingdom of Norway (the “Purchaser” and, together with the Seller, collectively, the “Parties” and, individually, each a “Party”).

W I T N E S S E T H

WHEREAS, the Seller owns beneficially and of record 305,803,396 common shares, par value US$0.001 per share, and 305,000,000 convertible preferred shares, par value US$0.001 per share (the “Preferred Shares”), of VimpelCom Ltd., an exempted company organized under the laws of Bermuda (the “Company”), each having the rights and being subject to the restrictions set out in the Bye-Laws of the Company; and

WHEREAS, the Seller wishes to sell, assign and transfer to the Purchaser, and the Purchaser wishes to purchase, 234,000,000 Preferred Shares (the “Sale Shares”), for the consideration and in the manner specified below.

NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

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If to the Seller:

Weather Investments II S.à r.l.

12, rue Guillaume Kroll

Luxembourg

Facsimile No.: +2 024615164

Attention: Naguib Sawiris

with a copy to:

Cleary Gottlieb Steen & Hamilton LLP

12 rue de Tilsitt

75008 Paris

France

Facsimile No.: +33 (0) 1 40 74 68 88

Attention: Pierre-Yves Chabert and Gamal M. Abouali

If to the Purchaser:

Telenor East Holding II AS

Snarøyveien 30

N-1331 Fornebu

Norway

Facsimile No.: +47 67 89 48 18

Attention: Bjørn Hogstad

with a copy to:

Group Legal, Telenor ASA

Snarøyveien 30

N-1331 Fornebu

Norway

Facsimile No.: +47 67 89 24 32

Attention: Bjørn Hogstad

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and to:

Orrick, Herrington & Sutcliffe LLP

51 West 52^nd Street

New York, New York 10019

United States of America

Facsimile No.: +1 212 506 5151

Attention: Peter O’Driscoll

or such other person or address as the addressee may have specified in a notice duly given to the sender as provided herein.

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

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Annex A

SHARE TRANSFER FORM

The Transferor hereby transfers to the Transferee the shares described above free of all liens, charges and encumbrances and together with all rights now or hereafter attaching thereto, but subject to the Memorandum of Association and Bye-laws of the Company.

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Annex B

[Form of Instruction Letter]

Weather Investments II S.à r.l.

12, rue Guillaume Kroll

Luxembourg

February 15, 2012

MQ Services Ltd.

Victoria Place

31 Victoria Street

Hamilton HM 10

Bermuda

Ladies and Gentlemen:

We refer to our sale and transfer today of 234,000,000 Preferred Shares to Telenor East Holding II AS (the “Transferee”), as described in more detail on the attached Share Transfer Form (the “Transfer”). We hereby instruct you, after giving effect to such Transfer, to cancel the share certificate representing 305,000,000 Preferred Shares. For the avoidance of doubt, the Preferred Shares held by Weather II, and the shares transferred to the Transferee pursuant to the instructions given today shall be held in uncertificated form following such Transfer. After having implemented the Transfer and reflected it on the register of members of the Company (the “Register”), please immediately deliver an updated copy of the Register to the Transferee by fax and e-mail to the address below. The Transferee does not require certificates representing the Preferred Shares to be issued to it.

Telenor East Holding II AS

Fax No. +47 67 89 24 32

e-mail address: bjorn.hogstad@telenor.com

with copies to:

Peter O’Driscoll

Orrick, Herrington & Sutcliffe LLP

Fax No. +1 212 506 5151

e-mail address: podriscoll@orrick.com

and

Pierre-Yves Chabert and Gamal Abouali

Cleary Gottlieb Steen & Hamilton LLP

Fax No. +33 (0) 1 40 74 68 88

e-mail address: pchabert@cgsh.com, gabouali@cgsh.com

Very truly yours,

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Annex C

CROSS-RECEIPT

Reference is made to the Share Purchase Agreement dated as of February 15, 2012 (the “Agreement”) between Weather Investments II S.à r.l., a company organized and existing under the laws of the Grand Duchy of Luxembourg (the “Seller”), and Telenor East Holding II AS, a company organized and existing under the laws of Norway (the “Purchaser”). Unless otherwise defined herein, terms defined in the Agreement are used herein as therein defined.

The Seller hereby acknowledges the receipt from the Purchaser of US$374,400,000 in cash by wire transfer as full consideration for 234,000,000 Sale Shares transferred under the Agreement. The Seller hereby confirms that as a result of such payment all of the Sale Shares transferred by the Seller to the Purchaser pursuant to the Agreement have been fully paid for, and the Purchaser’s payment obligations under the Agreement in respect of the Sale Shares have been fully discharged.

The Purchaser hereby acknowledges the transfer and delivery by the Seller of 234,000,000 Sale Shares under the Agreement, as evidenced by a copy of the Register showing the transfer of the Sale Shares to the Purchaser. The Purchaser hereby confirms that as a result of such transfer all of the Sale Shares required to be transferred by the Seller to the Purchaser pursuant to the Agreement have been so transferred, and the Seller’s transfer and delivery obligations under the Agreement in respect of the Sale Shares have been fully discharged.

Dated: February 15, 2012

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Exhibit 99.2

CONFORMED COPY

OPTION AGREEMENT dated as of February 15, 2012 (this “Agreement”) between Weather Investments II S.à r.l., a company organized and existing under the laws of the Grand Duchy of Luxembourg (“Weather”), and Telenor East Holding II AS, a company organized and existing under the laws of the Kingdom of Norway (“Telenor” and, together with Weather, collectively, the “Parties” and, individually, each a “Party”).

W I T N E S S E T H

WHEREAS, Weather owns beneficially and of record 305,803,396 common shares, nominal value US$0.001 per share (the “Common Shares”), and 305,000,000 convertible preferred shares, nominal value US$0.001 per share (the “Preferred Shares” and, together with the Common Shares, collectively, the “Shares”), of VimpelCom Ltd., an exempted company organized under the laws of Bermuda (the “Company”);

WHEREAS, Weather and Telenor have entered into a Share Purchase Agreement dated as of the date hereof (as amended, supplemented or otherwise modified and in effect from time to time, the “SPA”) pursuant to which, among other things, Telenor will purchase 234,000,000 of the Preferred Shares owned by Weather (the “Sale Shares”); and

WHEREAS, Telenor wishes to grant Weather a put option in respect of certain of the Preferred Shares, and Weather wishes to grant to Telenor various call options in respect of certain of the Preferred Shares and the New Preferred Shares (as defined below), in each case, on and subject to the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

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If to Weather:

Weather Investments II S.à r.l.

12, rue Guillaume Kroll

Luxembourg

Facsimile No.: +2 024615164

Attention: Naguib Sawiris

with a copy to:

Cleary Gottlieb Steen & Hamilton LLP

12 rue de Tilsitt

75008 Paris

France

Facsimile No.: +33 (0) 1 40 74 68 88

Attention: Pierre-Yves Chabert and Gamal M. Abouali

If to Telenor:

Telenor East Holding II AS

Snarøyveien 30

N-1331 Fornebu

Norway

Facsimile No.: +47 67 89 48 18

Attention: Bjørn Hogstad

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with a copy to:

Group Legal, Telenor ASA

Snarøyveien 30

N-1331 Fornebu

Norway

Facsimile No.: +47 67 89 24 32

Attention: Bjørn Hogstad

and to:

Orrick, Herrington & Sutcliffe LLP

51 West 52^nd Street

New York, New York 10019

United States of America

Facsimile No.: +1 212 506 5151

Attention: Peter O’Driscoll

or such other person or address as the addressee may have specified in a notice duly given to the sender as provided herein.

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IN WITNESS WHEREOF, the Parties have executed this Option Agreement as of the date first above written.

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Annex A

NOTICE OF EXERCISE

This Notice of Exercise is delivered pursuant to Section          of the Option Agreement dated as of February 15, 2012 (the “Agreement”) between Weather Investments II S.à r.l., a company organized and existing under the laws of the Grand Duchy of Luxembourg (“Weather”), and Telenor East Holding II AS, a company organized and existing under the laws of Norway (“Telenor”). Unless otherwise defined herein, terms defined in the Agreement are used herein as therein defined.

The undersigned is duly authorized to execute and deliver this Notice of Exercise in accordance with Section          of the Agreement and certifies that this Notice of Exercise is delivered in compliance with the terms and subject to the conditions of the Agreement.

The undersigned further warrants that it has full capacity and authority to [pay the option exercise price indicated above] / [Transfer the Shares indicated above] on the proposed Option Closing Date and to take all other actions contemplated in the Agreement on the Option Closing Date to [acquire] / [Transfer] all right, title and interest in and to the Shares to which this Notice of Exercise relates.

In accordance with Section          of the Agreement, [please advise us in writing not later than the business day prior to the proposed Option Closing Date of the] / [attached please find the] bank account(s) details to which the exercise price indicated above will be transferred on the Option Closing Date.

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Annex B

SHARE TRANSFER FORM

The Transferor hereby transfers to the Transferee the shares described above free of all liens, charges and encumbrances and together with all rights now or hereafter attaching thereto, but subject to the Memorandum of Association and Bye-laws of the Company. [Enclosed herewith are the original certificates representing the Shares that are subject to this Share Transfer Form.]

DATED: [—]

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Annex C

[Form of Instruction Letter]

[Name of Transferor]

[Address]

[DATE]

MQ Services Ltd.

Victoria Place

31 Victoria Street

Hamilton HM 10

Bermuda

Ladies and Gentlemen:

We refer to our sale and transfer today of [—] [un]certificated Preferred Shares to [Name of Transferee] (the “Transferee”), as described in more detail on the attached Share Transfer Form (the “Transfer”). After having implemented the Transfer and reflected it on the register of members of the Company (the “Register”), please immediately deliver an updated copy of the Register to the Transferee by fax and e-mail to the address below. [The Transferee does not require certificates representing the Preferred Shares to be issued to it.][Please send certificates representing the Preferred Shares to the address below.]

[Name of Transferee]

[address]

Fax No. +[—]

e-mail address:

with copies to:

Peter O’Driscoll

Orrick, Herrington & Sutcliffe LLP

Fax No. +1 212 506 5151

e-mail address: podriscoll@orrick.com

and

Pierre-Yves Chabert and Gamal Abouali

Cleary Gottlieb Steen & Hamilton LLP

Fax No. +33 (0) 1 40 74 68 88

e-mail address: pchabert@cgsh.com, gabouali@cgsh.com

Very truly yours,

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Annex D

CROSS-RECEIPT

Reference is made to the Option Agreement dated as of February 15, 2012 (the “Agreement”) between Weather Investments II S.à r.l., a company organized and existing under the laws of the Grand Duchy of Luxembourg (“Weather”), and Telenor East Holding II AS, a company organized and existing under the laws of Norway (“Telenor”). Unless otherwise defined herein, terms defined in the Agreement are used herein as therein defined.

The Parties are delivering this Cross-Receipt in connection with the Option Closing Date occurring on the date hereof pursuant to a Notice of Exercise dated [DATE] which was delivered by [PARTY] to [PARTY] in respect of [—] Preferred Shares (the “Notice of Exercise”).

[PARTY] hereby acknowledges the receipt from [PARTY] of US$[—] in cash by wire transfer as full consideration for [—] Preferred Shares transferred on the date hereof. [PARTY] hereby confirms that, as a result of such payment, all of the Preferred Shares transferred by [[PARTY] or its Affiliate] to [PARTY] pursuant to the Notice of Exercise have been fully paid for, and [PARTY]’s payment obligations for the Preferred Shares which are the subject to the Notice of Exercise have been fully discharged.

[PARTY] hereby acknowledges the transfer and delivery by [PARTY] of [certificates representing [—] Preferred Shares that are the subject of the Notice of Exercise, as evidenced by] a copy of the Register showing the transfer of the Preferred Shares to [[PARTY] or its designee(s)]. [PARTY] hereby confirms that as a result of such transfer, all of the Preferred Shares required to be transferred by [PARTY] to [PARTY] pursuant to the Notice of Exercise have been so transferred, and [PARTY]’s transfer and delivery obligations under the Notice of Exercise have been fully discharged.

Dated: [—]

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Annex E

FORM OF ENDORSEMENT

[date]

The undersigned, a transferee of Preferred Shares of VimpelCom Ltd. (such shares, the “Transferred Shares” and such company, the “Company”), hereby agrees to the terms and conditions of the Option Agreement dated as of February 15, 2012 (the “Option Agreement,” with terms defined in the Option Agreement used herein as therein defined) between Weather Investments II S.à r.l. (“Weather”) and Telenor East Holding II AS (“Telenor”), and (a) agrees to be fully bound by the terms and conditions of the Option Agreement with respect to the Tranferred Shares as if the undersigned were an original signatory thereto, (b) makes as of the date hereof for the benefit of each of the other Parties to the Option Agreement, each of the representations and warranties set forth below and (c) agrees to deliver to each other Party to the Option Agreement within two (2) Business Days after the Transfer a copy of this Endorsement. When executed and delivered, this Endorsement shall form a part of the Option Agreement.

The undersigned hereby represents and warrants as of the date hereof that:

(1) the undersigned is a legal entity duly formed or organized and validly existing under the laws of its jurisdiction of organization, with full power and authority to execute and deliver this Endorsement and to perform its obligations hereunder;

(2) the undersigned has all requisite corporate power and authority to own, use and operate its assets and properties and to carry on its business as it is now being conducted;

(3) the execution, delivery and performance by the undersigned of this Endorsement have been duly authorized by all necessary action on the part of the undersigned, and no further action is required on the part of the undersigned, its board of directors (or similar governing body) or its shareholders or members in connection with the authorization of such execution, delivery or performance;

(4) this Endorsement has been duly and validly executed and delivered by the undersigned and constitutes the valid and binding obligation of the undersigned, enforceable against it in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights and remedies generally and by general equitable principles (whether applied by a court of law or equity), and except as rights to indemnity and contribution may be limited by applicable law or public policy;

(5) the undersigned’s execution, delivery and performance of this Endorsement does not and will not, with or without the giving of notice or the lapse of time, or both, violate, conflict with, or result in the breach of (i) the charter documents, by-laws or other constitutive documents of the undersigned or (ii) any law or regulation to which the undersigned is subject;

(6) the undersigned’s execution, delivery and performance of this Endorsement does not and will not, with or without the giving of notice or the lapse of time, or both, (i) violate, conflict with, result in the breach of or constitute a default under, or give rise to any right of termination, cancellation or acceleration of any obligation of any the undersigned or any Order of any Governmental Entity or any Contract, or (ii) result in the creation of any Lien upon any Transferred Shares under any of the terms, conditions or provisions of any Contract to which the undersigned is a party;

(7) the undersigned is not required to obtain any Authorization in connection with or necessary for its execution, delivery or performance of this Endorsement; and

(8) the undersigned is the record holder and beneficial owner of the Transferred Shares specified below.

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This Endorsement, and any dispute, controversy or claim arising out of, relating to or in connection with this Endorsement, or for the breach or alleged breach thereof, whether in contract, in tort or otherwise, shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any conflicts of laws or other principles thereof that would result in the application of the laws of another jurisdiction. For the avoidance of doubt, the undersigned confirms that it is fully familiar with the provisions of Section 5-1401 of the New York General Obligations Law, and intends to bring this Endorsement within the terms thereof.

Number of Shares:

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Exhibit 99.3

Telenor acquires 234,000,000 VimpelCom preferred shares from Weather Investments II and withdraws arbitration claim

(Fornebu, Norway – 15 February 2012) - Telenor has purchased 234,000,000 VimpelCom preferred shares from Weather Investments II S.a.r.l. (“Weather”), for US$374,400,000, thereby increasing Telenor’s voting share in VimpelCom Ltd. to 36.36%, subject to adjustment arising under certain put and call arrangements. Weather is the investment vehicle through which Mr. Naguib Sawiris and his family hold their interests in VimpelCom Ltd. (“VimpelCom”).

In connection with the transaction, Telenor has withdrawn all its claims against Altimo Holdings & Investments Ltd., Altimo Cooperatief U.A. and VimpelCom Ltd. in the pending arbitration proceeding, and will work to expand the VimpelCom Board to eleven members. Telenor’s withdrawal of its claims will result in the termination of the VimpelCom shareholders agreement.

“This transaction takes Telenor to approximately the same voting position as a successful outcome of the arbitration process would have achieved, and is therefore a commercial solution we are happy with,” said Jon Fredrik Baksaas, Telenor’s CEO. “The withdrawal of the arbitration claim will prevent further dilution of the VimpelCom shareholders, and it will enable a more normal corporate governance situation in VimpelCom. We will work to expand the VimpelCom Board to eleven members. Together with the other shareholders we will continue our contribution to the industrial development of VimpelCom as we always have done.”

“I am very happy about this transaction which will allow Weather to participate actively in the Supervisory Board of VimpelCom, will foster improved corporate governance of the company and ensure a better focus of the management on industrial issues in a context in which the existing disputes among the key shareholders have been resolved,” said Naguib Sawiris.

Simultaneously with Telenor’s purchase of VimpelCom preferred shares from Weather, Telenor and Weather have entered into certain put and call arrangements regarding the remaining 71,000,000 VimpelCom preferred shares held by Weather.

Set out below are the shareholdings in VimpelCom before and after the transaction (prior to any adjustments arising under the put and call arrangements referred to above):

Telenor has filed with the US Securities and Exchange Commission an amendment to Telenor’s filing on Schedule 13D with respect to VimpelCom, attached to which are copies of the share purchase agreement and the option agreement between Telenor and Weather. Free copies of such documents can be obtained at the SEC’s website at www.sec.gov.

Cautionary statement regarding forward-looking statements

This announcement contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts, including statements concerning the expected benefits and costs of the proposed transactions; management plans relating to the proposed transactions; any projections of earnings, revenues, synergies, accretion, margins or other financial items; any statements of operations, including the execution of integration plans; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Any statement in this announcement that expresses or implies Telenor ASA’s intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. Forward-looking statements involve inherent risks, uncertainties and assumptions, including, without limitation, the possibility that the board of directors of VimpelCom Ltd. will not be expanded to eleven members; and other risks and uncertainties that are beyond the parties’ control. If such risks or uncertainties materialize or such assumptions prove incorrect, actual results could differ materially from those expressed or implied by such forward-looking statements and assumptions. The forward-looking statements contained in this announcement are made as of the date hereof, and Telenor ASA expressly disclaims any obligation to update or correct any forward-looking statements made herein due to the occurrence of events after the issuance of this announcement.

Contacts:

Media:

Dag Melgaard, Communication Manager, Telenor Group

tel: +47 901 92 000 / e-mail: dag.melgaard@telenor.com

Analysts and investors:

Marianne Moe, IR Director, Telenor Group

Tel: +47 916 17 631 / e-mail: marianne.moe@telenor.com