<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0607</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2026-05-29</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001468091</issuerCik>
        <issuerName>VEON Ltd.</issuerName>
        <issuerTradingSymbol>VEON</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002130391</rptOwnerCik>
            <rptOwnerName>Gusev Andrei</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>true</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>INDEX TOWER (EAST TOWER), UNIT 1703</rptOwnerStreet1>
            <rptOwnerStreet2>DUBAI (DIFC)</rptOwnerStreet2>
            <rptOwnerCity>DUBAI</rptOwnerCity>
            <rptOwnerNonUSStateTerritory></rptOwnerNonUSStateTerritory>
            <rptOwnerCountry>C0</rptOwnerCountry>
            <rptOwnerZipCode>00000</rptOwnerZipCode>
            <rptOwnerStateDescription>UNITED ARAB EMIRATES</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Phantom Shares</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2027-05-31</value>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>American Depositary Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>90000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each phantom share represents the contingent right to receive a cash payment equivalent to the U.S. dollar value of the average closing price of the Issuer's American Depositary Shares, each representing 25 of the Issuer's common shares, (&quot;ADSs&quot;) on NASDAQ on the applicable vesting date. The phantom shares have no expiration date.</footnote>
    </footnotes>

    <remarks>Exhibit List: Exhibit 24 - Power of Attorney.</remarks>

    <ownerSignature>
        <signatureName>/s/ Charles Alex Gish, as Attorney-in-Fact</signatureName>
        <signatureDate>2026-05-29</signatureDate>
    </ownerSignature>
</ownershipDocument>
