SECURITIES AND EXCHANGE COMMISSION
                              Washington, D.C. 20549
                              ----------------------

                                     FORM 6-K

                          REPORT OF FOREIGN PRIVATE ISSUER

                    Pursuant to Rule 13a-16 or 15d-16 of the
                        Securities Exchange Act of 1934

                              Date: February 17, 2004

                          Commission file number 1-14748

                           OPEN JOINT STOCK COMPANY OF
                         LONG DISTANCE AND INTERNATIONAL
                          TELECOMMUNICATIONS ROSTELECOM
                           Doing Business as Rostelecom
                  (Translation of registrant's name into English)

                             THE RUSSIAN FEDERATION
                         (Jurisdiction of organization)

                         14 1ST TVERSKAYA-YAMSKAYA STR.
                              125047 MOSCOW, RUSSIA
                     (Address of principal executive offices)

         Registrant's telephone number, international: +7 095 973 9940

         Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.

                          Form 20-F   X             Form 40-F   __
                                     ---

         Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.

                          Yes   __                  No   X
                                                        ---

         If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b):  82-________







     On  February  17,  2004,  Open Joint  Stock  Company of Long  Distance  and
International  Telecommunications  Rostelecom (the "Company")  announced results
for the first nine months of 2003 in  accordance  with  International  Financial
Reporting  Standards  (IAS).  A copy of the press release is attached  hereto as
Exhibit 99.





                                 SIGNATURE


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.


Date:    February 17, 2004               By:   /s/ Vladimir I. Androsik
                                             ---------------------------------
                                         Name:  Vladimir I. Androsik
                                         Title: Deputy General Director -
                                                Finance Director






                             EXHIBIT INDEX

The following exhibit has been disclosed as part of this Form 6-K:


Exhibit Number            Description

      99.                 English translation of the press release
                          announcing results for the first nine months
                          of 2003 in accordance with International
                          Financial Reporting Standards (IAS).




                                                                     Exhibit 99

Press-release                                                        ROSTELECOM
-------------------------------------------------------------------------------

   ROSTELECOM REPORTS 20.8% GROWTH IN NINE MONTHS 2003 CONSOLIDATED REVENUE,
          DRIVEN BY TRAFFIC GROWTH, STRONGER COMPETITIVE POSITION AND
                            SETTLEMENT SYSTEM REFORM

     Excluding the effect of the new  settlement  system  introduction  (Note A)
consolidated revenue increased by 13.1%


     Moscow, February 17, 2004: Rostelecom (NYSE: ROS; RTS, MICEX: RTKM, RTKMP),
Russia's national  long-distance  telecommunications  operator,  today announced
results  for  the  first  nine  months  of  2003  based  on  the  principles  of
International Financial Reporting Standards (IFRS):

     o    Consolidated  revenue for the first nine months of 2003  increased  by
          20.8% to USD 738.7 (Note B) million;
     o    Excluding the effect of the introduction of the new settlement system,
          consolidated  revenue totaled USD 691.6 million,  an increase of 13.1%
          year-on-year.  Non-consolidated  revenue  (excluding the effect of the
          new settlement  system) amounted to USD 642.8 million,  an increase of
          8.5% year-on-year;
     o    Domestic long-distance traffic was up 17.3% year-on-year (Note C);
     o    International  outgoing  traffic  grew by  5.6%;  while  international
          incoming traffic grew by 28.7%;
     o    First nine  months  2003  operating  income  before  amortization  and
          depreciation  and loss on disposal of  property,  plant and  equipment
          (OIBDA) (Note D) amounted to USD 292.8 million, an  increase  of  9.8%
          year-on-year;
     o    First  nine  months  2003 net  profit  amounted  to USD  36.4  million
          compared to USD 90.9 million for the same period a year ago.

     Rostelecom's  General  Director  Dmitry Yerokhin  commented,  "The positive
trends that we experienced in the first half of 2003 strengthened going into the
third quarter.  We have stabilized the Moscow market, with increases in revenues
and  traffic  from  Moscow  subscribers.  Domestic  long-distance  traffic  from
regional  markets  continued to grow in double  digits.  Incoming  international
traffic  demonstrated  impressive  growth  accompanied  by further  increases in
Rostelecom's market share."

     Vladimir Androsik,  Rostelecom's  Chief Financial  Officer,  added. "We are
pleased to report  that the new  settlement  system for  domestic  long-distance
traffic  transit  was  successfully  introduced  in the third  quarter  of 2003.
Introduction  of the new system led to a USD 47 million  increase in revenue and
USD 45 million  increase  in costs  (payments  to local  operators).  As we have
stated,  the new  system  is  transparent,  meets  international  standards  and
strengthens Rostelecom's competitive position."

     "OIBDA  increased by 10%, OIBDA margin came to 40%. There was some pressure
on  operating   costs  mainly  due  to  increases  in  non-cash  items  such  as
depreciation  charges  and loss on disposal  of  property  plant and  equipment,
resulting from the Company's  efforts to  decommission  analogue lines and other
underperforming  assets.  It is important to note that,  although these measures
produced a negative effect on the profit and loss  statement,  they will lead to
lower maintenance costs and higher cash flows in the future."


Financial highlights
--------------------------------------------------------------------------------
USD million                               9 mo 2003    9 mo 2002    % change,
                                                                      y-o-y
================================================================================
USD / RUR rate                              30.97        31.21
================================================================================
Inflation index applied to monetary          n/a         1.051
items
================================================================================
Revenue                                       739          612          21%
--------------------------------------------------------------------------------
Revenue (excluding the effect of the          692          612          13%
new settlement system)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating expenses                            675          515          31%
--------------------------------------------------------------------------------
Operating expenses (excluding the             630          515          22%
effect of the new settlement system)
--------------------------------------------------------------------------------
Depreciation                                  206          167          23%
--------------------------------------------------------------------------------
   Loss on disposal of property, plant         24            3         700%
   and equipment
--------------------------------------------------------------------------------
OIBDA                                         293          267          10%
--------------------------------------------------------------------------------
OIBDA Margin, %                                40%          44%
--------------------------------------------------------------------------------
Operating income                               64           96         -33%
--------------------------------------------------------------------------------
Operating Margin, %                             9%          16%
--------------------------------------------------------------------------------
Net profit                                     36           91         -60%
--------------------------------------------------------------------------------
Net Margin, %                                   5%          15%
--------------------------------------------------------------------------------


   Domestic Long-Distance (DLD) Services to Russian Subscribers and Operators
  Improving Market Position in Moscow and Stable Traffic Growth from Regional
              and Alternative Operators Resulted in Revenue Surge

     In August 2003 a transparent  and efficient  new  settlement  mechanism for
domestic  long-distance  traffic  transit  was  introduced.  The new  settlement
mechanism moved Rostelecom and the regional operators to a direct payment system
both  for  traffic  transit  through   Rostelecom's   network  and  for  traffic
termination  through  regional  operators'  networks.  In  accordance  with IFRS
principles,  which  require  recognition  of  revenues  and costs on the accrual
basis,  Rostelecom  results for the first nine months of 2003 include the effect
of the new system introduction effective as of July 1, 2003.

     Non-consolidated DLD revenues for the first nine months of 2003 amounted to
USD 282.5 million, a year-on-year increase of 40.1%. Excluding the effect of the
new settlement system, DLD revenue increased by 16.8% to USD 235.4 million.  DLD
traffic grew by 17.3% to 6,056.4 million minutes.

     DLD traffic from Russian  operators  increased by 19.1% to 5,098.5  million
minutes. First nine months 2003 non-consolidated revenues from Russian operators
for DLD traffic transit amounted to USD 196.9 million,  a year-on-year  increase
of 56.2%.  Excluding the effect of the new settlement system,  revenue increased
by 18.9% to USD 149.8 million (the effect  amounted to USD 47.1  million).  This
strong  performance was due to the positive  revenue dynamics from both regional
and alternative operators.

     2003 nine months DLD revenues from subscribers in Moscow increased by 13.2%
to USD 85.6 million.  This was  accompanied  by traffic  growth of 8.7% over the
same period a year ago to 957.9 million minutes.  Tariff  rebalancing for Moscow
subscribers in May 2003, when peak-hour tariffs were decreased and off-peak hour
rates  increased,  led to growth in traffic volumes and higher  effective tariff
for subscribers.


International Long Distance (ILD) Services to Russian Subscribers and Operators
  Competitive Pricing Strategy Boosts Traffic and Reverses ILD Revenue Decline

     Non-consolidated  ILD revenues from Russian  operators and  subscribers for
the first nine months of 2003 totaled USD 188.9 million, a year-on-year increase
of 0.4%. Outgoing ILD traffic grew by 5.6% to 974.6 million minutes.

     2003 nine months  non-consolidated  revenues from Russian operators for ILD
traffic transit amounted to USD 117.0 million, an increase of 6.1% year-on-year.
Outgoing ILD traffic from  Russian  operators  for the first nine months of 2003
increased by 8.3% to 722.3 million minutes.  Traffic growth was partially offset
by the  reduction in  settlement  rates for  alternative  operators in line with
Rostelecom's competitive pricing policy.

     2003 nine months ILD revenues from  subscribers in Moscow  declined by 7.6%
year-on-year  and  totaled  USD  71.9  million.  ILD  traffic  from  subscribers
decreased by 1.6% to 252.3 million minutes.


      Incoming ILD Traffic Termination Services to International Operators
              New Commercial Approach Continues to Deliver Results

     Active  cooperation  with  international  operators  continued  to  deliver
results:  incoming ILD traffic for the first nine months of 2003 surged by 28.7%
to 877.5 million minutes, reflecting Rostelecom's growing market share.

     Revenues from  international  operators for the termination of incoming ILD
traffic  declined by 6.2%  year-on-year  to USD 90.5 million.  This reflects the
reduction  in  settlement  rates  compared  to the first nine  months of 2002 to
increase competitiveness.

Non-consolidated traffic and revenue dynamics
--------------------------------------------------------------------------------
                                         9mo 2003     9mo 2002     9mo 2003 /
                                                                   9mo 2002, %
--------------------------------------------------------------------------------
DLD traffic
--------------------------------------------------------------------------------
   Traffic, mln min                      6,056.4       5,162.4       17.3%
   Revenue, USD mln                        282.5         201.6       40.1%
   Revenue (excluding the effect of
   the new settlement system), USD mln     235.4         201.6       16.8%
--------------------------------------------------------------------------------
Subscribers
   Traffic, mln min                        957.9         881.3        8.7%
   Revenue, USD mln                         85.6          75.6       13.2%
Local operators
   Traffic, mln min                      5,098.5       4,281.1       19.1%
   Revenue, USD mln                        196.9         126.0       56.2%
   Revenue (excluding the effect of
   the new settlement system), USD mln     149.8         126.0       18.9%
--------------------------------------------------------------------------------
Outgoing ILD traffic
--------------------------------------------------------------------------------
   Traffic, mln min                        974.6         923.1        5.6%
   Revenue, USD mln                        188.9         188.1        0.4%
--------------------------------------------------------------------------------
Subscribers
   Traffic, mln min                        252.3         256.4       -1.6%
   Revenue, USD mln                         71.9          77.8       -7.6%
Local operators
   Traffic, mln min                        722.3         666.7        8.3%
   Revenue, USD mln                        117.0         110.3        6.1%
--------------------------------------------------------------------------------
International operators
--------------------------------------------------------------------------------
   Traffic, mln min                        877.5         681.8       28.7%
   Revenue, USD mln                         90.5          96.4       -6.2%
--------------------------------------------------------------------------------


                        Consolidation Effect on Revenue

     The consolidated financial results of the first nine months of 2003 include
third-party revenues of subsidiaries in the total amount of USD 48.8 million. Of
this amount,  USD 22.8 million (net of  intercompany  settlements) is due to the
consolidation  of  RTComm.RU,  while USD 23.1 million  derives from  revenues of
RTC-Leasing.


                               Operating Expenses

     Operating expenses in the consolidated  financial  statements for the first
nine months of 2003 totaled USD 675.0 million, a year-on-year increase of 31.0%.
Excluding the effect of the new settlement  system,  operating  expenses grew by
22.2% to USD 629.9 million. Operating expenses increased mainly due to growth in
non-cash items: increased  depreciation charges and loss on asset disposals,  as
well as a planned  increase  in staff costs and higher  payments  to  operators,
resulting from increased traffic.

     Payments  to Russian  operators  increased  by 153.1% to USD 90.1  million,
excluding the effect of the new settlement system, payments grew by 26.5% to USD
45.0  million.  This  was due to the  increased  RTComm.RU's  payments  to third
parties,  the  lower-than-normal  payments to MGTS in the beginning of 2002, and
the introduction of alternative satellite channels.

     Payments to international operators grew by 14.8% and amounted to USD 138.0
million.  The  increase  in payments  was driven by the growth in  outgoing  ILD
traffic and increased  effective  settlement  rates due to changes in the mix of
outgoing traffic to more costly destinations.

     Staff costs for the first nine months of 2003 totaled USD 98.4 million,  an
increase of 24.4% year-on-year, due to salary increases for key professionals as
well as efforts to bring average  salaries to market level. At the same time the
Company  continued to reduce  headcount.  Headcount  at  September  30, 2003 was
27,200, versus 30,700 a year earlier.

     Effect  of  consolidation  of  RTC-Leasing  on  operating  costs  excluding
depreciation  and loss on disposal of PP&E totaled USD 11.8  million,  while the
effect produced by RTComm.RU was USD 17.4 million.

     As  a  result  OIBDA  totaled  USD  292.8  million,  an  increase  of  9.8%
year-on-year.

     Non-cash  loss on disposal of property,  plant and  equipment for the first
nine months of 2003 totaled USD 23.5  million,  a  year-on-year  increase of USD
20.6 million. This loss is associated with the decommissioning of analogue lines
and other underperforming assets.

     Depreciation  charges increased by 22.8% and amounted to USD 205.6 million.
In the fourth  quarter of 2002 the  Company  revised the terms of useful life of
some of its assets and consequently  started applying higher  depreciation rates
to those  assets.  There  was also an  additional  depreciation  charge of USD 7
million associated with the revision of the estimated remaining period of use of
certain leased satellite channels, whose use was discontinued in early 2003.

     Thus,  the first nine months  2003  operating  income  amounted to USD 63.7
million, a decrease of 33.9% year-on-year.


                               Other Income/Loss

     Other  income/loss  for the first nine months of 2003  amounted to USD 22.1
million  compared  to USD 44.6  million  for the same  period a year  ago.  This
decline is due to the profit from the sale of 50% in Sovintel in September, 2002
in the amount of USD 56.5 million  reported in the financial  statements for the
first nine months of 2002.

     At the same time, net interest expense  decreased by 65.4%  year-on-year to
USD 3.8 million. The positive trend was due to a surge in short-term deposits.

     In the first half of 2003 Rostelecom restructured debt owed to the Ministry
of Finance.  The positive impact of this restructuring in the amount of USD 23.8
million was reported in the first nine months of 2003.

     Foreign  exchange  loss for the first nine months of 2003  decreased by USD
14.9  million and  amounted to USD 0.4 million due to the  strengthening  of the
Russian ruble against the dollar and Japanese yen,  during the first nine months
of 2003.


                                   Income Tax

     The  income  tax  expense  amounted  to USD 26.2  million,  a  year-on-year
decrease  of 33.6%.  The  decrease  in tax  expense  was caused by the growth in
deferred  tax  benefit to USD 48.2  million  mainly  due to the  above-mentioned
increase in depreciation charges.


                               Minority Interest

     Minority  interest  amounted  to USD 23.2  million,  an  increase of 119.1%
year-on-year. This growth was due to an increase in RTC-Leasing's net profit.


                                   Net Income

     Consolidated  net income for the first nine months of 2003 totaled USD 36.4
million, a decrease of 60.0% year-on-year.



--------------------------------------------------------------------------------
     Rostelecom  will  host a webcast  of the first  nine  months  2003  results
conference call today, Tuesday,  February 17, beginning at 9 AM (Eastern US) / 2
PM (London) / 5 PM (Moscow).  The webcast will be available  both live,  and for
replay   purposes,   on  the  Investor   Center  of   Rostelecom's   website  at
www.rt.ru/en/icenter.
--------------------------------------------------------------------------------

Appendices:

     1.   Consolidated   profit  and  loss  statements  for  nine  months  ended
          September 30, 2002 and 2003 in USD;
     2.   Condensed  consolidated  balance  sheets as of  December  31, 2002 and
          September 30, 2003 in USD.


     Certain statements in this press-release are  "forward-looking  statements"
within the meaning of the U.S.  federal  securities  laws and are intended to be
covered by the safe harbors created thereby.

     These  forward-looking  statements are subject to risks,  uncertainties and
other factors,  which could cause actual results to differ materially from those
expressed or implied by these forward-looking statements.

     These  risks  include  the risk of changes  the  Company's  operations  and
business prospects,  the general financial and economic circumstances,  relating
to  regulation  of the  Russian  telecommunications  industry  and  the  Russian
legislation; the competition and other risks.

     For a more  detailed  discussion  of  these  and  other  factors,  see  the
Company's Annual Report on Form 20-F for its most recently completed fiscal year
and the Company's  other public  filings with The U.S.  Securities  and Exchange
Commission. Many of these factors are beyond the Company's ability to control or
predict. Given these and other uncertainties,  the Company cautions not to place
undue  reliance on any of the  forward-looking  statements  contained  herein or
otherwise.

     The Company  does not  undertake  any  obligation  to release  publicly any
revisions to these forward-looking statements to reflect events or circumstances
after the date  hereof or to reflect the  occurrence  of  unanticipated  events,
except as maybe required under applicable the U.S. federal securities laws.


For further details please contact:

Anna Kareva
Director for public and investor relations
Tel.: + 7 095 973 9920
Fax: + 7 095 787 2850
e-mail: kareva@hq.rt.ru


APPENDICES

Appendix I

Consolidated Profit and Loss Statements for nine months ended September 30, 2002
and 2003 in USD (Note 1)
--------------------------------------- ---------- ---------- ----------
 USD million                             9mo 02     9mo 03     % change,
                                                                y-o-y
======================================= ========== ========== ==========
 USD / RUR rate                           31.21      30.97
======================================= ========== ========== ==========
 Inflation index applied to monetary
 items                                    1.051       n/a
======================================= ========== ========== ==========
 Revenue from local operators             277.6      363.4      30.9%
 Revenue from local operators
 (excluding the effect of the new
 settlement system)                       277.6      316.3      14.0%
     ILD                                  110.3      120.5       9.2%
     DLD                                  126.0      191.7      52.2%
     DLD (excluding the effect of the
     new settlement system)               126.0      144.6      14.8%
     Other (Note 2)                        41.3       51.2      23.9%
 Revenue from subscribers                 199.0      219.5      10.3%
     ILD                                   77.8       72.3      -7.1%
     DLD                                   75.6       86.0      13.8%
     Internet                              18.0       24.7      37.3%
     Other2                                27.6       36.4      31.8%
 Revenue from international operators     113.1      106.3      -6.0%
     Telephone                             96.5       90.9      -5.8%
     Telex, telegraph, etc                 16.6       15.4      -7.3%
 Other                                     22.0       49.6     125.5%
======================================= ========== ========== ==========
======================================= ========== ========== ==========
 Total revenue                            611.7      738.7      20.8%
======================================= ========== ========== ==========
======================================= ========== ========== ==========
 Total revenue (excluding the effect
 of the new settlement system)            611.7      691.6      13.1%
======================================= ========== ========== ==========
======================================= ========== ========== ==========
     Payments to international           (120.1)    (138.0)     14.8%
     operators
     Payments to Russian operators        (35.6)     (90.1)    153.1%
     Payments to Russian operators        (35.6)     (45.0)     26.5%
     (excluding the effect of the new
     settlement system)
     Wages, salaries, etc.                (79.2)     (98.4)     24.4%
     Taxes other than on income           (15.6)     (10.5)    -33.0%
     Bad debt (expense) / recovery         (5.8)     (10.9)     88.9%
     Other operating expenses             (88.7)     (98.0)     10.5%
======================================= ========== ========== ==========
======================================= ========== ========== ==========
 Total operating expenses before         (345.0)    (445.9)     29.2%
 depreciation and loss on disposal
 of PP&E
======================================= ========== ========== ==========
======================================= ========== ========== ==========
 Total operating expenses before
 depreciation and loss on disposal of
 PP&E (excluding the effect of the
 new settlement system)                  (345.0)    (400.8)     16.2%
======================================= ========== ========== ==========
======================================= ========== ========== ==========
 OIBDA                                    266.7      292.8       9.8%
--------------------------------------- ---------- ---------- ----------
--------------------------------------- ---------- ---------- ----------
 OIBDA Margin, %                           43.6%      39.6%
--------------------------------------- ---------- ---------- ----------
---- ---------------------------------- ---------- ---------- ----------
     Depreciation                        (167.4)    (205.6)     22.8%
     Loss on disposal of property,
     plant and equipment                   (2.9)     (23.5)    709.2%
======================================= ========== ========== ==========
======================================= ========== ========== ==========
 Total operating expenses                (515.3)    (675.0)     31.0%
======================================= ========== ========== ==========
======================================= ========== ========== ==========
 Total operating expenses (excluding
 the effect of the new settlement
 system)                                 (515.3)    (629.9)     22.2%
======================================= ========== ========== ==========
======================================= ========== ========== ==========
 Operating profit                          96.4       63.7     -33.9%
--------------------------------------- ---------- ---------- ----------
 Operating Margin, %                       15.8%       8.6%
--------------------------------------- ---------- ---------- ----------
     Net interest income (expense)        (11.1)      (3.8)    -65.4%
     Gain on restructured liabilities        -        23.8       n/a
     Income from Sovintel sale             56.5         -        n/a
     Foreign exchange (loss) / gain       (15.3)      (0.4)    -97.5%
     Other non-operating income (loss)     14.5        2.5     -82.9%
 Non-operating income (loss)               44.6       22.1     -50.5%
 Income before tax and minority
 interest                                 141.0       85.8     -39.1%
     Current tax charge                   (59.5)     (74.4)     25.0%
     Deferred tax benefit / (charge)       20.1       48.2     140.0%
 Income tax (expense) / benefit           (39.4)     (26.2)    -33.6%
 Income / (loss) after taxation           101.5       59.6     -41.3%
     Minority interest                    (10.6)     (23.2)    119.1%
======================================= ========== ========== ==========
======================================= ========== ========== ==========
 Net income / (loss)                       90.9       36.4     -60.0%
======================================= ========== ========== ==========

(Note 1)
     To calculate the dollar  amounts of the profit and loss  statements for the
first nine months of 2002,  inflated  rubles as reported in the full  version of
the  consolidated  financial  statements  for the  period  were  deinflated  and
translated  into USD using average  inflation  indices and exchange rates except
for non-monetary  items  (depreciation  and loss on sale of property,  plant and
equipment)   which  were  deinflated   using   historical   inflation   indices.
Characteristics of economic position of the Russian Federation  demonstrate that
beginning   January  1,  2003  its  economy  ceased  to  be   hyperinflationary.
Respectively,  beginning  January 1, 2003,  the Group does not use provisions of
IAS 29  "Financial  Reporting  in  Hyperinflationary  Economies",  and all ruble
figures in the official  consolidated  financial  statements  for the first nine
months of 2003 have not been  adjusted for  inflation.  To calculate  the dollar
amounts  of the profit and loss  statements  for the first nine  months of 2003,
ruble amounts were translated  into USD using exchange rate for the period.

                                9mo 2002      9mo 2003
Inflation index                   1.051          n/a
USD / RUR rate                    31.21         30.97


(Note 2)
     Beginning  2003  reported  revenue for  television  and radio  broadcasting
transit was  classified as other  revenues from  subscribers.  Previously,  this
revenue had been classified as other revenues from local operators.  In order to
ensure  comparability,  figures in the profit and loss  statements for the first
nine months of 2002 were adjusted accordingly.



Appendix II

Condensed consolidated balance sheets as of December 31, 2002 and September 30,
2003 in USD (Note 1).
------------------------------------- ---------- ---------- ------------
                                      Dec. 31,   Sep. 30,    % change,
USD million                              02         03         y-o-y
------------------------------------- ---------- ---------- ------------
USD / RUR rate                          31.78      30.61
------------------------------------- ---------- ---------- ------------
ASSETS
------------------------------------- ---------- ---------- ------------
Non-current Assets                      1,811      1,831          1%
     Property, plant and equipment      1,629      1,518         -7%
Current Assets                            529        664         26%
     Accounts receivable, net             271        338         25%
        Bad debt provision                 77         75         -3%
     Short-term investments               144        170         18%
     Cash and cash equivalents            115        140         22%
------------------------------------- ---------- ---------- ------------
Total Assets                            2,340      2,495          7%
------------------------------------- ---------- ---------- ------------

------------------------------------- ---------- ---------- ------------
SHAREHOLDERS' EQUITY, MINORITY
INTEREST AND LIABILITIES
------------------------------------- ---------- ---------- ------------
Shareholder's equity                   1,430       1,443          1%
Minority interest                         88         115         30%
Current liabilities                      456         372        -18%
     Current portion of interest
     bearing loans                       143          69        -52%
     Short-term borrowings                48          84         74%
Non-current liabilities                  366         565         54%
     Interest bearing loans - net
     of current portion                   73         261        259%
     Deferred tax liabilities            285         288          1%
------------------------------------- ---------- ---------- ------------
Total Liabilities                        822         937         14%
------------------------------------- ---------- ---------- ------------
Total Shareholders' equity,            2,340       2,495          7%
Minority interest and Liabilities
------------------------------------- ---------- ---------- ------------
Net debt (note 2)                          5      105(Note 3)    n/a
------------------------------------- ---------- ---------- ------------

(Note 1)
     Balance sheets items at December 31, 2002 and June 30, 2003 were translated
into USD using end-of-the-period  exchange rates (31.78 at December 31, 2002 and
30.61 at  September  30, 2003) except for  non-monetary  items (PP&E,  long-term
investments,  inventory,  minority  interest,  deferred taxes, share capital and
retained  earnings),  which were translated into USD using  historical  exchange
rates.

(Note 2)
     Net debt is calculated as the sum of interest  bearing loans and short-term
borrowings minus cash and cash equivalents and short-term investments.

(Note 3)
     The increase in net debt was due to the growth in RTC-Leasing's  borrowings
from third-parties.



NOTES:

(Note A)
     Rostelecom  financial  results  for the first nine months of 2003 take into
account the introduction of the new settlement system for domestic long-distance
traffic  transit  in  August  2003.  In  order  to  ensure   comparability  this
press-release also contains comparable figures for the first nine months of 2003
in accordance with the old settlement system. Please also note that according to
Resolution  of the Russian  Government  settlements  for domestic  long-distance
traffic transit  between Russian  operators are carried out based on the traffic
in the preceding month.  However,  current month traffic is used for preparation
of the financial  statements  based on the  principles of IFRS.  Thus,  reported
financial  results for the first nine  months of 2003  include the effect of the
new settlement system introduction for three months commencing July 1, 2003.


(Note B)
     In  order to  ensure  comparability  of  Rostelecom's  performance  to peer
companies,  all  absolute  figures  in the profit  and loss  statements  and the
balance sheets,  included in the text of the press release as well as Appendices
I and II, are stated in US dollars (USD). To calculate the dollar amounts of the
profit and loss statements for the first nine months of 2002, inflated rubles as
reported in the full version of the  consolidated  financial  statements for the
period were deinflated and translated into USD using average  inflation  indices
and exchange rates except for non-monetary items  (depreciation and loss on sale
of  property,  plant and  equipment)  which  were  deinflated  using  historical
inflation  indices.  Audited  balance  sheets  items at  December  31, 2002 were
translated   into  USD  using   end-of-the-period   exchange   rate  except  for
non-monetary items (PP&E, long-term investments,  inventory,  minority interest,
deferred taxes, share capital and retained earnings), which were translated into
USD using historical exchange rates. Characteristics of economic position of the
Russian Federation demonstrate that beginning January 1, 2003 its economy ceased
to be hyperinflationary.  Respectively, beginning January 1, 2003, the Group did
not  use  provisions  of  IAS  29  "Financial   Reporting  in  Hyperinflationary
Economies",  and  all  ruble  figures  in the  official  consolidated  financial
statements  for the  first  nine  months  of 2003  have  not been  adjusted  for
inflation.  To  calculate  the  dollar  amounts  of the  consolidated  financial
statements for the first nine months of 2003, ruble amounts were translated into
USD using average exchange rate (for P&L items) and  end-of-the-period  exchange
rate (for monetary balance sheets items).


(Note C)
     The press release contains verified traffic data.


(Note D)
     OIBDA is a non-U.S.  GAAP financial  measure,  which the Company defines as
operating income before depreciation, amortization and loss on disposal of PP&E.
We believe that OIBDA provides useful  information to investors because it is an
indicator of the strength and performance of our business operations,  including
our ability to finance capital expenditures,  acquisitions and other investments
and our ability to incur and service  debt.  OIBDA should not be  considered  in
isolation as an alternative to net income, operating income or any other measure
of performance under U.S. GAAP.