MOSCOW, Russia (February 1, 2006). Golden Telecom, Inc. (NASDAQ: GLDN), today announced that Boris Svetlichny, a United States citizen, has been appointed as Senior Vice President, Chief Financial Officer (CFO) and Treasurer of Golden Telecom, Inc.  In January 2006, the Company had appointed Nikolay Tokarev, Financial Director of Russia, as interim CFO and Treasurer of the Companyuntil Mr. Svetlichny commences his responsibilities, which is expected to be no later than March 15, 2006.

From October 2004 to the present time, Mr. Svetlichny served as the Financial Controller of Bulgarian Telecommunications Company Plc (“BTC”), the Bulgarian incumbent telecommunications operator.  Prior to joining BTC, Mr. Svetlichny was a Partner from 2003 to 2004 with VSRK Associates Ltd., a United Kingdom based management consulting company.  From 2000 to 2003, Mr. Svetlichny was the Director and Vice President of Finance of Ventelo (UK) Ltd., and from 1994 to 2000, Mr. Svetlichny served in a variety of positions with Global Telesystems, Inc. (GTS), including Director of Finance of GTS’ Business Services and Finance Director of Sovintel.  GTS was the former parent of Golden Telecom.  Mr. Svetlichny holds a BBA in Accounting from the University of Massachusetts and a MSIA (MBA) from Carnegie-Mellon University.

Jean-Pierre Vandromme, Chief Executive Officer of Golden Telecom, Inc. commented: “We believe that Boris possesses both the experience and technical knowledge required for the demanding CFO position at Golden Telecom. His previous work experience and his familiarity with our largest subsidiary, Sovintel, will be invaluable, and we look forward to Boris’ return to the Company.”

Boris Svetlichny added: “This is an exciting move for me. I am glad to rejoin the Company with which I am familiar and where I know many of the employees.  Golden Telecom has excellent growth potential, as well as a strong reputation for corporate governance, and I am looking forward to making my own contribution to the further development of Golden Telecom in Russia and the CIS.”