MOSCOW, Russia (December 18, 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”), announces that Minister of the Russian Federation for Communications and Informatization Leonid D. Reiman said today at the press conference on 2006 preliminary results of telecom industry development that a Resolution allocating access codes to Golden Telecom had been signed.

Golden Telecom is expecting the official confirmation from the Ministry.