Exhibit 1.4 APPROVED by the General Shareholders Meeting of OJSC Rostelecom on June 25, 2005    REGULATIONS on the Management Board of Open Joint Stock Company Long-Distance and International Telecommunications Rostelecom (restated version No. 2)          Moscow 2005       1. General Provisions



1.1
        These  Regulations  on  the  Management  Board  (hereinafter,  the
Regulations),  in  accordance  with the  Civil  Code of the  Russian
Federation, the Federal Law On Joint Stock Companies  (the JSC
Law)  and the Charter of the  Company,  set forth the legal  status of the
Management  Board of the Company and of its members,  including  the time period
and  procedure  for the  convocation  and holding of meetings of the  Management
Board, as well as the decision-making procedure.1.2
        The Management Board is the Companys collective executive body, which manages the day-to-day activities of the Company.1.3
        The members of the Management Board shall be appointed by decision of the Board of Directors for a term not exceeding 1 (one) year. The same member of the Management Board may be reappointed for an unlimited number of terms. The appointment shall be deemed effective from the moment when the relevant decision is adopted by the Board of Directors.The  candidates  for the  Management  Board  shall be  selected  by the  General
Director of the Company from among his or her deputies,  the executive directors
and heads of the Companys structural subdivisions,  and the Companys
shareholders and their representatives.

The   powers  of  a  member   of  the   Management   Board  may  be   terminated
early:



        by decision of the Board of Directors;
        in the event that a member of the Management Board voluntary resigns, of which the resigning member shall notify the other members of the Management Board and the Company;
        in the event that a member of the Management Board dies or is duly declared missing or dead;
        in accordance with a court judgment or decision of an authorized governmental body terminating the powers of that member.

2. Objective and Principles of the Management Board


2.1
        The objective of the Management  Boards  activities shall be to ensure the
Companys effective operation.2.2
        In order to accomplish this objective, the Management Board shall adhere to the following principles:
        promptly  make the most  objective  decisions for the benefit of the Company and
its shareholders;
        promptly,  effectively  and in good faith execute the resolutions of the General
Shareholders Meeting and the Board of Directors of the Company.

3. Chairman of the Management Board


3.1
        The functions of the Chairman of the Management  Board shall be performed by the
person  performing  the  functions of the  Companys  sole  executive
body.3.2
        The Chairman of the  Management  Board shall organize and preside at meetings of
the Management Board, sign all documents on behalf of the Company and minutes of
meetings of the  Management  Board,  and act on behalf of the  Management  Board
without a power of attorney.



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3.3
        When prompt decision-making on any matter is required, in the absence of the Chairman of the Management Board the person acting as the General Director of the Company shall organize and preside at a meeting of the Management Board and sign the minutes of the meeting.

4. Secretary of the Management Board


4.1
        The Secretary of the Management  Board shall provide for record keeping  related
to the operation of the Management Board.The  Secretary of the  Management  Board shall be appointed and dismissed by the
person  performing  the  functions of the  Companys  sole  executive
body.

If a Corporate  Secretarys  Department has been created by decision of the
Board of Directors,  the person  performing the functions of the  Companys
sole executive body shall appoint the Secretary of the  Management  Board
from  among  the  personnel  of the  Corporate  Secretarys  Department  in
accordance with the procedure established by this article.


4.2
        The  Secretary  of the  Management  Board may be dismissed at any time and a new
Secretary of the  Management  Board shall be appointed  in  accordance  with the
procedure set forth in clause 4.1 hereof.In the absence of the Secretary of the  Management  Board,  his or her functions
shall be entrusted  to another  person in the manner  established  in clause 4.1
hereof for the appointment of the Secretary of the Management Board.


4.4
        The Secretary of the Management Board shall have the right:
        to request from the Companys officers information and documents required for the preparation of materials regarding issues on the agenda of meetings of the Management Board;
        to receive remuneration for the performance of his or her duties and reimbursement for expenses related to the performance of functions of the Secretary of the Management Board.4.5
        The Secretary of the Management Board shall:
        keep and draw up minutes of meetings of the Management Board;
        record and keep incoming documentation and copies of the Management Boards outgoing documentation;
        notify members of the Management Board about the meetings of the Management Board in the manner and within the time established by these Regulations;
        provide the members of the Management Board with materials necessary for consideration of issues on the agenda of meetings of the Management Board in the manner and within the time established by these Regulations;
        make extracts from minutes of meetings of the Management Board; and
        perform other functions specified by these Regulations.4.6
        The Secretary of the Management Board shall be paid remuneration for performance of his or her functions and reimbursed for expenses related to the performance of functions of the Secretary of the Management Board.The amount of  remuneration  and  reimbursement  payable to the Secretary of the
Management  Board shall be established by a decision  adopted by a majority vote
of  the  members  of  the  Management  Board  participating  in  the  respective
meeting.




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5. Meetings of the Management Board


5.1
        Meetings  of the Management  Board may be held only in the form of
joint  attendance  of  its  members   (including  video-  or  audio-  conference
call).5.2
        Meetings  of the  Management  Board  shall be held  regularly,  in
accordance with the work plan approved at a meeting of the Management  Board, at
least 1 (one) time a month.  If  required,  the  Management  Board may  consider
issues not included in the work plan.5.3
        A meeting of the  Management  Board  shall be  convened  by the  Chairman of the
Management  Board on his or her own  initiative or at the request of a member of
the Management Board of the Company.Determination of times, convocation of the meeting, the agenda of the meeting, and supervision over the preparation and keeping of the minutes are assigned to the competence of the Chairman of the Management Board.

At the request of members of the Management Board additional issues may be included in agenda of a meeting of the Management Board.

The necessary materials related to issues on the agenda shall be promptly provided to the members of the Management Board in order to enable them to prepare for discussion of them. Proposals regarding items on the agenda of a meeting of the Management Board that are to be decided at the meeting must be received by the Chairman of the Management Board at least 5 (five) days prior to the meeting.


5.4
        The Secretary of the Management Board shall notify the members of the Management
Board in arbitrary  form about the  convocation  of a meeting of the  Management
Board and its  place,  time,  and  agenda at least 3 (three)  days  prior to the
meeting.The above period may be reduced if issues require urgent decision, provided that no member of the Management Board objects.

Together with the notice, the members of the Management Board shall receive full and accurate information and all necessary materials related to the issues on the agenda.

If necessary information is provided late to members of the Management Board and they have insufficient time to review such information, at the request of a member of the Management Board the meeting will be postponed.


5.5
        A quorum for meetings of the Management Board shall be at least one-half of its appointed members.If the number of members of the Management Board becomes less than the number of
members  required  for a quorum,  the  Board of  Directors  shall  decide on the
numerical  membership  of  the  Management  Board  and  appoint  members  of the
Management Board.


5.6
        In the adoption of decisions of the Management Board, the members of the Management Board who are present at the meeting shall express their opinion on agenda issues by voting.5.7
        At meetings of the Management  Board decisions shall be adopted by a majority of
votes of the Management Board members  participating in the  meeting.5.8
        In the adoption of decisions at a meeting of the Management  Board,  each member
of the Management Board shall have one vote.A member of the Management Board may not delegate his or her voting right to another person.

In the event of a tie vote the Chairman of the Management Board shall have a casting vote.



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5.9
        Minutes shall be kept at meetings of the Management Board by the Secretary of the Management Board.The minutes of a Management Board meeting shall be drawn up within 3 (three) business days after the date of the meeting.

The minutes of a meeting shall specify:



        the date, time, and location of the meeting;
        the persons who were present at the meeting;
        the agenda of the meeting;
        the issues put to a vote and the results of voting thereon; and
        the taken decisions.The  minutes  of the  Management  Board  meeting  shall be signed by the  person
presiding   at   the   meeting   and  by  the   Secretary   of  the   Management
Board.

The Company shall keep the minutes of Management  Board meetings at the location
of its  executive  body or at  another  location  known  and  accessible  to the
Companys  shareholders and creditors and other interested  parties, in the
manner and for the period  established  by the  federal  executive  body for the
securities market. If such period is not established, the Company shall keep the
minutes of meetings of the Management Board permanently.

The Company shall provide the members of the Board of Directors and the Auditing
Commission,  the Companys  external auditor,  and shareholders  holding in
aggregate at least 25 (twenty-five)  percent of the Companys voting shares
with access to the minutes of meetings of the Management Board.



6. Reports to the Board of Directors


6.1
        The  operation of the  Management  Board shall be monitored by the
Board of Directors.  The  Management  Board is obliged to report to the
Board of Directors on:a)
        proposed policies of the Company and other material issues relating to future
management (at least once a year unless a change in the Companys  standing
requires immediate submission of such report);b)
        discussion  and approval of the  Companys  annual  budget (at least once a
year prior to the beginning of the budget period),  including reports on adjustments
to the budget (as economically justifiable need arises);c)
        execution  of the  Companys  annual  budget  as a whole  and by  areas  of
operation (in  particular,  with regard to revenues,  expenses,  and progress in
implementing the Company  investment  program) on a quarterly  basis;d)
        actions  which  may  particularly  affect  the  Companys  key  performance
indicators (as soon as practicably  possible to enable the Board of Directors to
form an opinion about such actions before their  commencement).

7. remuneration of Members of the Management Board


7.1
        A member of the Management Board shall receive remuneration for the performance of his functions on a quarterly basis.7.2
        The Board of Directors  shall on a quarterly basis consider the issue of setting
the  aggregate  remuneration  of the  Management  Board,  which  may not  exceed
four-tenths (0.4%) of one percent of the Companys  net profit according to financial  statements for
the quarter for which the amount of remuneration is being determined.

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7.3
        The amount of personal  remuneration  payable to each  Management  Board  member
shall be  proposed by the  Chairman of the  Management  Board  depending  on the
volume and  intensity of the work  performed by that member or may be determined
in   accordance   with  an   internal   document   approved   by  the  Board  of
Directors.A decision on the amount of  personal  remuneration  payable to each  Management
Board  member  shall be made at a meeting  of the  Management  Board by a simple
majority  of votes of the  members of the  Management  Board  taking part in the
meeting.  The member of the Management Board whose remuneration is being decided
shall not participate in the voting.



8. Liability of the Members of the Management Board


8.1
        In  exercising  their  rights and  performing  their  duties the  members of the
Management  Board shall act for the benefit of the  Company and  exercise  their
rights and perform  their duties with respect to the Company  reasonably  and in
good faith.8.2
        The  members of the  Management  Board shall be liable to the Company for losses
caused to the Company by their culpable  actions  (inaction) in accordance  with
federal laws, other legal acts of the Russian  Federation,  and the terms of the
agreement  concluded  between  each  member  of the  Management  Board  and  the
Company.Members of the Management  Board who voted against a decision that caused losses
to  the  Company  or  who  did  not  participate  in  the  voting  shall  not be
liable.


8.3
        When determining the grounds and extent of Management Board members liability, usual business conditions and other relevant circumstances shall be taken into account.8.4
        In the event that several persons are liable under this article, their liability to the Company shall be joint and several.8.5
        The Company or a shareholder(s) holding in aggregate at least 1 (one) percent of the Companys voting shares may file a suit against a member of the Management Board claiming for damages caused to the Company, in the cases contemplated by clause 8.2 of these Regulations.8.6
        The members of the Management Board shall be responsible for maintaining secrecy and for the prompt development and implementation of measures necessary to protect state secrets in accordance with the requirements of the legal acts of the Russian Federation governing the protection of state secrets.8.7
        Management Board members shall not disclose privileged information
on the  Companys  activities  that becomes  known to them in the course of
fulfilling  their duties as members of the Management  Board and to which access
is  limited  in  accordance  with the  laws of the  Russian  Federation  and the
Companys internal documents.8.8
        Management  Board  members  shall notify the Secretary of the Board of Directors
(Corporate  Secretary)  in writing  about (i)  holding  of  securities of the
Company,  (ii)  intentions to  execute  transactions  with  securities of the
Company  and its  affiliates,  and  (iii) executed  transactions  with  such
securities,  in the  manner  established  by the  applicable  internal  document
approved by the Board of Directors.

9.Approval of Amendments and Additions to the Regulations


9.1
        These Regulations shall be approved by the General Shareholders Meeting by
a majority of the votes of shareholders holding voting shares of the Company and
participating in the meeting.


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9.2
        These Regulations may be amended by the General Shareholders  Meeting by a
majority of the votes of  shareholders  holding voting shares of the Company and
participating in the meeting.9.3
        If changes in the  legislation of the Russian  Federation or the  Companys
Charter  causes  certain  provisions of these  Regulations to come into conflict
with  them,  such  provisions  shall  cease to be in  effect,  and  until  these
Regulations  have been amended the members of the Management  Board shall act in
accordance  with the  effective  legal acts of the  Russian  Federation  and the
Companys Charter.



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