MOSCOW, Russia (October 2, 2006)— Golden Telecom, Inc. (“Golden Telecom” or the “Company”) (NASDAQ: “GLDN”), a leading facilities-based provider of integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the Commonwealth of Independent States (“CIS”), today announced that it has completed the interconnection process with all zonal fixed-line operators in Russia.

Golden Telecom has fulfilled all the requirements set by the Ministry of Information Technologies and Communications of the Russian Federation in relation to the construction and interconnection of Golden Telecom’sdomestic long distance/international long distance (“DLD/ILD”) network deployed in accordance with its license which allows the company to provide DLD/ILD services in Russia. On September 27, 2006, documentation verifying physical interconnection with all zonal fixed-line operators in Russia was submitted to the State Telecommunication Committee (Rossvyaznadzor). The Company expects to receive a response within a month.

Jean-Pierre Vandromme, Chief Executive Officer of Golden Telecom, said, “In full compliance with existing regulations, Golden Telecom has constructed its own Federal Transit Network which covers all regions of Russia and is capable of providing a full range of DLD/ILD services. We hope that there will be no administrative obstacles and that we will be able to offer our services to clients throughout the country in the coming months.”