MOSCOW, Russia (April 18, 2004).   Golden Telecom, Inc. (“Golden Telecom” or the “Company”) (NASDAQ: GLDN), today announced that Nikolay Tokarev was promoted to Vice President and Finance Director, Russia.

In his new role, Mr. Tokarev will focus on the alignment of corporate reporting within  the operational structure of Russia, consolidation of purchasing on the Russian level, and strategic planning and financing for operating ventures within Russia, Kazakhstan, and Uzbekistan.

Previously Mr. Tokarev held the position of Finance Director of Sovintel, the Company’s largest operating subsidiary. His leadership has been integral in integrating recent acquisitions, including the merger of Comincom and Combellga into Sovintel. 

Mr. Tokarev joined Golden Telecom in 1996 and has held various positions including acting Finance Director of the Company’s former Russian mobile subsidiary and Head of Treasury and Investor Relations for the Company. Prior to working at Golden Telecom, he worked for Coca-Cola Refreshments Moscow.  Mr. Tokarev studied chemistry at Moscow State University and he has an MBA from INSEAD, France.

Brian Rich, Senior Vice President and Chief Financial Officer of Golden Telecom commented, “Nikolay’s appointment reflects Golden Telecom’s commitment to filling senior management positions with key individuals who possess strong leadership skills and proven experience. Nikolay is an exceptional contributor and our operations company-wide will benefit from his diverse experience.”

About Golden Telecom (www.goldentelecom.com):

Golden Telecom, Inc., (NASDAQ: “GLDN”) is 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”).  The Company offers voice, data and Internet services to corporations, operators and consumers using its metropolitan overlay network in major cities including Moscow, Kiev, St. Petersburg, Nizhny Novgorod, Samara, Kaliningrad, Krasnoyarsk, Almaty, and Tashkent, and via intercity fiber optic and satellite-based networks, including approximately 220 combined access points in Russia and other countries of the CIS. The Company offers mobile services in Kiev and Odessa.

For additional information please contact:

Public relations:

Anna Chin Go Pin

e-mail: achin@gldn.net

tel.: +7-501-797-9300

fax: +7-501-797-9332

Investor Relations:

Ranjit Singh

e-mail: ir@gldn.net

tel.: +7-501-797-9300

fax: +7-501-797-9331

www.goldentelecom.com