Exhibit 4.14


                       DEBT OBLIGATION No. 3 - 1 - 3 - 14

This debt obligation (hereinafter, "Debt Obligation") has been issued by Open
Joint Stock Company of Long Distance and International Telecommunications
Rostelecom (hereinafter, the "Payer") located at: 5 Delegatskaya, Moscow,
103091, Russian Federation, to the Council of Ministers - the Government of the
Russian Federation (hereinafter, the "Government").

The settlements under the Debt Obligation shall be made through the USSR Bank
for External Economic Activities (Vneshekonombank) located: at 9 Sakharova
Prospekt Str., acting as the Government's agent (hereinafter, "the Agent") for
the purposes of this Debt Obligation.

All payments made by the Payer hereunder, less the amounts due to the Agent to
reimburse the expenses of the latter incurred in fulfillment of this Debt
Obligation, shall be received by the Russian Federation Finance Ministry
(hereinafter, "Minfin") acting for and on behalf of the Government for the
purposes of this Debt Obligation.

The Payer, the Agent and Minfin hereby confirm that they have all the rights and
powers required to perform actions related to the fulfillment of the Debt
Obligation in accordance with the following:

                                    Article 1

                         Subject of the Debt Obligation

1.1. The Subject of this Debt Obligation is the Payer's liability to repay to
the Government the amounts paid or to be paid out of the federal treasury of the
Russian Federation (or from other sources at the disposal of the Government) in
favor of the creditor (hereinafter, the "Creditor") under the loan agreement
dated [Sic] 00.00.1994 (hereinafter, the "Agreement") between the Export-Import
Bank of Japan and the Agent inasmuch as payments to the Creditor are made in
connection with the provision by the latter of funds for making payments under
contract No. 1 dated October 11, 1993, amounting to 85% of the total contract
value, which comprises 21,049,989,900 (twenty one billion forty nine million
nine hundred eighty nine thousand and nine hundred) Japanese yens, between the
Payer and Sumitomo Corporation ((hereinafter, the "Supplier"). An advance, which
is equal to 15% of the total contract value and amounts to 3,714,704,100 (three
billion seven hundred fourteen million seven hundred four thousand and one
hundred) Japanese yens, was paid by the Payer to the Supplier in cash in the
full amount.

1.2. The Payer's liability under the Debt Obligation shall extend to:

     - amounts of the principal under the Agreement to be paid to the Creditor,
which make up 85% of the Contract value;

     - interest accrued and to be collected by the Creditor under the Agreement;

     - all commissions accrued and to be collected by the Creditor under the
Agreement;

     - all costs incurred by the Government and/or the Agent in connection with
the fulfillment of this Debt Obligation;

     - all commissions due to Minfin and the Agent hereunder.
<PAGE>

1.3. The amounts due from the Payer hereunder shall be expressed and recorded
in:

     - in rubles or Japanese yens, when they relate to the Agreement and
commissions due to Minfin;

     - in the currency in which the Government and/or the Agent incurred costs,
     when they relate to the reimbursement of the Government's and/or the
     Agent's costs incurred in connection with the fulfillment of this Debt
     Obligation.

                                    Article 2

                               Payer's Obligations

2.1 All payments hereunder shall be made by the Payer, at its option:

- in the currency in which the relevant payment obligations of the Payer are
expressed and recorded;

- in another freely convertible currency at the exchange rate as at the date of
payment to be determined under the "cross-rate method" with the use of market
exchange rates (quoted by the Central Bank of the Russian Federation at such
date) of ruble to the currency in which the relevant obligations of the Payer
are expressed and to the currency used by the Payer to fulfill such payment
obligations; or

- in the national currency of the Russian Federation, at the market exchange
rate of such currency to the currency in which the relevant obligations of the
Payer are expressed, as quoted by the Central Bank of the Russian Federation as
at the date of payment.

2.2. In the event that within the validity period of the Debt Obligation the
Government, Minfin or another body authorized by the Government establishes a
special procedure for the fulfillment of the Debt Obligation by the Payer or if
the current procedures are changed (the "subsidy ratio" for the Payer is changed
and/or "subsidy ratio" is extended to other payments), the amounts of payments
to be made by the Payer hereunder shall be adjusted accordingly on the basis of
a properly executed decision of the Government, Minfin, or another body
authorized by the Government.

2.3 The Payer hereby irrevocably agrees to repay its debt under the Debt
Obligation within the amounts fixed by Article 1 hereof, taking into account the
provisions of clause 2.2 of Article 2 hereof. Payments in repayment of the debt
hereunder shall be made one calendar month earlier than the dates specified in
the Agreement, in accordance with the following payment schedule:

     2.3.1 the equivalent of 317,389,111 Japanese yens in repayment of actually
     accrued interest and commissions shall be paid by December 31, 1994;

     the equivalent of 741,804,007 Japanese yens in repayment of actually
     accrued interest and commissions shall be paid by December 31, 1995;

     the equivalent of 894,319,941 Japanese yens in repayment of actually
     accrued interest and commissions shall be paid by December 31, 1996;

     the equivalent of 4,843,604,674 Japanese yens in repayment of the principal
     plus the equivalent of actually accrued interest and commissions shall be
     paid by October 31, 1997;

     the equivalent of 4,888,862,066 Japanese yens in repayment of the principal
     plus the equivalent of actually accrued interest and commissions shall be
     paid by October 31, 1998;
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     the equivalent of 4,617,317,066 Japanese yens in repayment of the principal
     plus the equivalent of actually accrued interest and commissions shall be
     paid by October 31, 1999;

     the equivalent of 4,526,802,066 Japanese yens in repayment of the principal
     plus the equivalent of actually accrued interest and commissions shall be
     paid by October 31, 2000;

     the equivalent of 4,345,761,966 Japanese yens in repayment of the principal
     plus the equivalent of actually accrued interest and commissions shall be
     paid by October 31, 2001.

2.3.2. The Agent's costs related to the fulfillment of the Debt Obligation shall
be paid in the amounts actually incurred upon presentation by the Agent of the
relevant claims to the Payer as supported by documents.

2.3.3 "Insurance" commission accrued by the Agent on a quarterly basis in favor
of Minfin on the outstanding principal under the Agreement at a rate of 2% per
annum shall be paid by the dates specified in clause 2.3.1.

2.4. The payable amounts of interest and commissions referred to in clause 2.3.1
of this Article 2 shall be determined as they become due, depending on the
payments made by the Payer.

2.5. The Agent shall inform the Payer about the amounts of payable interest and
commissions specified in clauses 2.3.3 and 2.4 of this Article 2 as they mature.

2.6. The maturity dates specified in subclauses 2.3.1 - 2.3.3 of this Article 2
may be revised if the terms and conditions of the Contract and/or Agreement
change. In such case the Agent shall send to the Payer new schedules of payments
hereunder.

2.7. If the Payer fails to make payments provided for by clauses 2.3.1 and 2.3.3
of this Article 2 in the full amount by the dates specified in the relevant
clauses of this Debt Obligation, the unpaid portion of the Payer's debt will be
considered as overdue.

That said:

- if the Agreement provides for the accrual of additional interest on overdue
debt, interest on such overdue debt will be accrued in favor of Minfin at the
rate applied in respect of overdue payments in the currency of the Agreement and
quoted in the international financial market at the date when such debt becomes
overdue, plus 1% of the said interest rate;

- if the Agreement does not provide for the accrual of additional interest on
overdue debt, interest on such debt will be accrued in favor of Minfin at a rate
of 1% per annum, in addition to the "insurance" commission to be accrued at a
rate of 2% per annum.

2.8. All payments hereunder shall be made by the Payer into the accounts
designated by the Agent.

2.9 The Payer undertakes that upon the Agent's request it will immediately and
expeditiously provide the latter with any information about its financial
situation, business operations, legal status and status of bank accounts.

The aforesaid information shall be treated as confidential and shall not be
disclosed by the Agent to any parties other than the Government and Minfin,
except when required in accordance with the legislation, without prior written
consent of the Payer.
<PAGE>

2.10. The Payer grants the Agent the unconditional right to debit, without
further authorization, for the amounts due hereunder, the following account of
the Payer (including the account specified in clause 6.3 of the Debt
Obligation):

- settlement account of the Payer No. 467135 with MKB "Svyaz-Bank",
correspondent account 161448 in the Central Operational Department under the
Central Bank of Russia, MFO 2999112, Moscow.

2.11.The Payer undertakes to ensure that the Agent is provided by the bank
specified in clause 2.10 above with written confirmation of the bank's consent
that the aforesaid account of the Payer may be debited without further
authorization.

                                    Article 3

                            Obligations of the Agent

3.1 THE AGENT UNDERTAKES TO:

3.1. Keep record of the debt to the Creditor under the Agreement and of the
Payer's obligations hereunder and make calculations hereunder.

3.2. When necessary, immediately forward to the Payer schedules of payments
hereunder and/or other information required for complete, accurate and timely
fulfillment of the Debt Obligation by the Payer.

3.3. Upon receipt of funds paid by the Payer in fulfillment of the Debt
Obligation into the accounts kept with the Agent, transfer such funds in the
full amount (less amounts withheld for the purpose of reimbursing the Agent for
the costs incurred in fulfillment of this Debt Obligation):

     into a special account opened with the Agent in the name of Minfin, if the
Payer's payments are in the national currency of the Russian Federation;

     into an account opened with Vneshekonombank in the name of the Government
or Minfin or another account that the Agent will be notified of by the
Government or Minfin, if the Payer's payments are in a freely convertible
currency;

3.4. At least once per quarter (or more frequently, when necessary or requested)
inform the Government or Minfin about the progress of the Debt Obligation
fulfillment.

3.5. On the instructions of the Government or Minfin, request the Payer to
provide information about the financial situation, business activities, legal
status changes and status of the bank accounts of the latter and provide such
information, upon its receipt, to the Government or Minfin.

3.6. Immediately notify the Government or Minfin about any instances of the
Payer's defaulting on the Debt Obligation.

3.7. If the Agent does not receive special instructions from the Government or
Minfin within 15 calendar days of the Government or Minfin being so notified,
the Agent shall immediately bring claims against the Payer in court or
arbitration bodies for unconditional repayment of the debt under this Debt
Obligation and in accordance with effective legislation.

3.8. Immediately notify the Payer in writing about changes in the conditions of
the Debt Obligation fulfillment based on properly executed decisions
(instructions) of the Government or Minfin.
<PAGE>

                                    Article 4

                              Obligations of Minfin

4.1 Minfin irrevocably agrees to provide to the Agent funds in a freely
convertible currency out of the federal treasury of the Russian Federation
and/or from other sources at the disposal of Minfin, in the amounts sufficient
to fully meet the payments due to the Creditor under the Agreement, by the dates
specified in the Agreement and/or separate agreements that may be reached by the
Government and the Creditor with respect to the dates of repayment of the debt
under the said agreement.

4.2 If Minfin or the Government, at the suggestion of Minfin, establishes a
special procedure (changes the existing procedure) for the fulfillment of this
Debt Obligation by the Payer, Minfin shall immediately serve on the Agent a
relevant notice signed by an authorized person.

                                    Article 5

                Liability and Additional Obligations of the Payer

5.1. The Payer shall be liable for the fulfillment of this Debt Obligation with
all its property, assets and all the funds on accounts with banks and/or
financial and lending institutions, upon which, in the event of the Payer's
failure to completely or partially fulfill the Debt Obligation in accordance
with its conditions, a levy may be placed in the amount of the Payer's actual
debt under the Debt Obligation plus all the costs related to the fulfillment of
the Debt Obligation, including costs of litigation (arbitration).

5.2. The Payer recognizes that its obligations to the Government hereunder shall
have priority over any other payment obligations that may be assumed by the
Payer within the period of validity hereof.

The Payer undertakes to notify all its counterparties about such priority of
this Debt Obligation.

Non-receipt or late receipt of such notifications by the Payer's counterparties
shall under no circumstances be treated as an impediment to the exercise of the
Government's priority right to claim property, assets, and funds of the Payer
hereunder.

                                    Article 6

                Recording of Operations Under the Debt Obligation

6.1. Under this Debt Obligation the Agent shall open separate off-balance sheet
accounts to record the Payer's debt to the Government (Minfin) in US dollars or
Russian rubles.

6.2. The following shall provide grounds for recording the amounts of the
Payer's debt in the accounts specified in clause 6.1 of this Article 6:

     a) instructions sent by the Agent to any of the Creditors to make a payment
to the Supplier out of the funds provided by the Creditor to the Agent under the
Agreement; such instructions shall be sent by the Agent based on received
applications for transfer signed by authorized representatives of the Buyer,
containing a reference to the Agreement and this Debt Obligation and signed by
an authorized person from the Ministry of International Economic Relations of
the Russian Federation;

     b) accrual of interest and/or bank commissions in favor of the Creditor in
accordance with the Agreement;

     c) payment of insurance premiums specified in the Agreement, by the
Government or the Agent;
<PAGE>

     d) payment of other costs related to the fulfillment of the Agreement and
this Debt Obligation by the Government or the Agent;

     e) accrual by the Agent of all commissions that are due from the Payer to
Minfin hereunder.

6.3. The Payer shall make payment in fulfillment of the Debt Obligation and in
reduction of the debt recorded in accounts specified in clause 6.1. of this
Article 6 from the Payer's settlement account No. 467135 with MKB "Svyaz Bank",
correspondent account 161448 in the Central Operational Department under the
Central Bank of Russia, MFO 299112 or from other accounts, the details of which
shall be provided by the Payer to the Agent at least 30 calendar days before the
relevant payment is due.

Also, the amounts of the aforesaid payments may be written off by the Agent from
the Payer's accounts held with the Agent provided that relevant written
instructions of the Payer are available.

6.4. If the Payer fails to make relevant payments in full by the dates specified
in Article 2, clause 2.3, hereof, the outstanding debt of the Payer hereunder
shall be considered as overdue and shall be recorded in a separate off-balance
sheet account reflecting the overdue debt of the Payer to the Government to be
opened by the Agent.

Interest shall be accrued on the said debt at the rates specified in clauses 2.4
and 2.7, respectively.

6.5. Account statements in respect to the accounts specified in clauses 6.1 and
6.3 of this Article 6 shall be sent by the Agent to the Payer as operations are
performed, to the following address: 5 Delegatskaya St., Moscow.

The Payer undertakes to provide the Agent with confirmations of the accuracy of
such account statements as of January 1 of each year, within the validity period
hereof.

                                    Article 7

                               General Provisions

7.1. This Debt Obligation comes into effect from the date at which it is signed
by all the Parties, including the Payer, Minfin and the Agent.

7.2. This Debt Obligation shall lose force from the date following the date at
which the Payer will have made all the payments hereunder in the full amounts,
including payments for the reimbursement of all costs incurred by the
Government, Minfin and the Agent in connection with the fulfillment of the Debt
Obligation.

7.3. All legal relations between the Parties arising from the terms and
conditions hereof shall be governed by the laws of the Russian Federation.

7.4. Neither Party shall be entitled to assign its rights or obligations
hereunder to any other party without written consent of Minfin, the Agent, and
the Payer.

7.5. Any disputes and controversies arising from the terms and conditions hereof
shall be negotiated between the parties to reach a mutually acceptable
resolution

Should such resolution be not reached, the relevant dispute or controversy shall
be resolved in court (by arbitration) in accordance with the procedures
established by the laws of the Russian Federation.

This Debt Obligation was made in Moscow in 1994 in three original counterparts
in the Russian language.
<PAGE>

FOR THE PAYER                 FOR MINFIN                    FOR THE AGENT

______/signed/______          ______/signed/______          ______/signed/______
[Seal]                        [Seal]                        [Seal]

[ ] Belov

Director General