Moscow, Russia (January 24, 2007).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 will provide domestic long distance and international long distance services throughout Russia starting January 29, 2007, one month after the Company received its access codes.

On December 15, 2006, the Russian Ministry of Information Technologies and Communications issued access codes to Golden Telecom according to Resolution No.171 which was registered by the Ministry of Justice of the Russian Federation on December 28, 2006.

Golden Telecom will offer domestic long distance (“DLD”) under the code «51» and international long distance services (“ILD”) under the code «56». All 32 million residential Russian telecom users and 1.5 million companies are from now on able to choose Golden Telecom as their DLD\ILD services provider.

The receipt of the access codes and provision of DLD\ILD services will allow the Company to start realizing additional revenues from its international and domestic long distance operations. Golden Telecom is the third long distance telecommunication operator after Rostelecom and MTT and the first truly independent operator in Russia to launch DLD\ILD services. Based on Golden Telecom’s existing client base, its highly-skilled sales force, and an effective marketing campaign, Golden Telecom expects to capture at least a 20% market share of the total DLD/ILD market in Russia by the end of 2010. According to management estimates, the total market for such services will reach approximately $5 billion by the end of 2010.

Commenting on the launch, Mr. Jean-Pierre Vandromme, Chief Executive Officer of Golden Telecom, noted, “In 2006, Golden Telecom constructed its own FTN which covers all 88 regions of Russia and is capable of providing a full range of long distance services. Golden Telecom is a customer-oriented Company which offers its clients flexible payment options, such as a universal payment card, and wide distribution network with more than 4,000 agents and approximately 30,000 points of sale throughout Russia. Golden Telecom’s long distance communication rates will on average be 10% lower for domestic calls and between 10% and 65% lower for international calls than those of the incumbent operator, Rostelecom. The launch of our DLD/ILD service perfectly fits within our strategy to expand our services from the corporate to the residential mass market.”