Moscow, Russia (July 20, 2007).Golden Telecom, Inc. (“Golden Telecom” or the “Company”) (NASDAQ: “GLDN”), the leading provider of integrated telecommunications and Internet services in the largest population areas throughout Russia and other countries of the Commonwealth of Independent States (“CIS”), today announces that Golden Telecom sold its stake in MCT Corp. (“MCT”).

The 23% stake in MCT was sold to TeliaSonera for a cash consideration of up to $48 million. Approximately $38 million will be paid at closing with the balance to be paid upon the satisfaction of certain conditions.

Golden Telecom’s investment in MCT had a carrying value of zero in its books and consequently the received amount is expected to be reflected in profit (before taxes) in the 3rd quarter.

Commenting on this Jean-Pierre Vandromme, CEO of Golden Telecom, noted: “Holding a minority stake in MCT was not part of our strategy. Without operational control over its business we could not align their strategy with ours. The proceeds from the sale of our stake in MCT will be used for the financing of our further M&A activities and roll out of FTTB networks in the regions of Russia. Golden Telecom has attained a strong momentum and additional funds will help to facilitate our continued growth”.