Moscow and New York (February 3, 2006) - Open Joint Stock Company Vimpel-Communications ("VimpelCom" or the "Company") (NYSE: VIP)announced that in accordance with Russian law and consistent with its fiduciary duty to 45 million customers, 13,000 employees and thousands of shareholders, management will continue to operate in the ordinary course of business within the guidelines of the 2006 annual budget as proposed to the Board.

The VimpelCom Board failed, for the second time, to approve the 2006 annual budget. In accordance with the VimpelCom charter 8 of 9 directors must vote in favor to approve the annual budget. In addition, the Board failed to approve separate country budgets.

"Despite the Board's failure to approve the budget, management will continue to operate within the parameters of the draft 2006 budget," said David Haines, Chairman of the Board of VimpelCom.