Moscow – June 26, 2007 – OJSC Rostelecom (the “Company”) (NYSE: ROS; RTS and MICEX: RTKM, RTKMP), Russia’s national long-distance telecommunications operator, today announced that the Company’s Board of Directors on June 15, 2007 discussed in absentia the status of the Company’s American Depositary Receipt (Level II) (“ADR”) program.

The Board of Directors instructed the Company’s management to consider different options with respect to the further development of the Company’s ADR program and present a range of proposals to the Strategic Planning and Audit Committees for their preliminary review.

As announced earlier, the Company does not expect to timely file its Annual Report on Form 20-F for the fiscal year ended December 31, 2006 (“Form 20-F”) with the U.S. Securities and Exchange Commission (the “SEC”) by June 30, 2007. The anticipated late filing of Form 20-F is due to the inability of the Company to complete the evaluation of its internal control over financial reporting by June 30, 2007.