MOSCOW, Russia (June 29, 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 the Company has entered into interconnection agreements with all Russian zonal fixed line telephone operators.  In entering into such agreements, Golden Telecom has fulfilled all requirements of the Russian Ministry of Information Technologies and Communications for implementation of its recently received license for domestic and international long distance services.

The Company has also submitted to Rossvyaznadzor all documentation necessary for operation of its Federal Transit Network and for receipt of access codes for long distance services.