Exhibit 1.4  APPROVEDby Annual General Shareholders Meetingof OJSC Rostelecom held on June 16, 2007Minutes No. 1 dated June 29, 2007   REGULATIONS  ON THE MANAGEMENT BOARD OF
THE OPEN JOINT STOCK COMPANY
LONG-DISTANCE AND INTERNATIONAL TELECOMMUNICATIONS ROSTELECOM  (restated version No. 4)   Moscow 2007


1.GENERAL
PROVISIONS  1.1These
Regulations on the Management Board (hereinafter, Regulations) shall, in
accordance with the Civil Code of the Russian Federation, the Federal Law On
Joint Stock Companies and the Charter of the Company, determine the legal
status of the Management Board of the Company and of its members, including the
term and procedure for the convocation and holding of meetings of the
Management Board, as well as the decision-making procedure.  1.2The
Management Board is a collegial executive body of the Company, which carries
out the management of day-to-day activities of the Company.  1.3Members
of the Management Board shall be appointed by decision of the Board of
Directors of the Company for a term not exceeding one (1) 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 composition of
candidates for the Management Board shall be selected by the General Director
of the Company from among the Deputies of the General Director, executive
directors, 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 subject to early termination:  by
decision of the Board of Directors;  in
the event when a member of the Management Board voluntary resigns, of which a
member of the Management Board shall notify in writing other members of the
Management Board and the Company;  in
the event 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
on termination of the powers of a member of the Management Board.  2.PURPOSE
AND PRINCIPLES OF OPERATION OF THE MANAGEMENT BOARD  2.1The
purpose of the Management Boards activities shall be the procurement of the
Companys effective operation.  2.2In
order to accomplish its purpose, the Management Board shall follow the
following principles:  prompt
making of the most objective decisions for the benefit of the Company and its
shareholders;  fair,
timely and efficient fulfillment of resolutions of the general meeting of
shareholders and the Board of Directors of the Company.   2


3.CHAIRMAN
OF THE MANAGEMENT BOARD   3.1The
functions of the Chairman of the Management Board of the Company shall be
performed by the person carrying out the functions of the Companys one-person
executive body.  3.2The
Chairman of the Management Board shall organize and chair 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 of
the Company without a power of attorney.  3.3If
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 chair the meeting of the Management Board and
sign the minutes of the meeting.  4.SECRETARY
OF THE MANAGEMENT BOARD  4.1The
Secretary of the Management Board of the Company shall provide for the record
keeping related to the operation of the Management Board of the Company.  The Secretary of
the Management Board shall be appointed or dismissed by the person carrying out
the functions of the Companys sole executive body.  In the case of
creation of the Corporate Secretary Service by the decision of the Board of
Directors the person carrying out the functions of the Companys sole executive
body appoints the Secretary of the Management Board out of personnel of the
Corporate Secretary Service in an order set by this article.  4.2The
Secretary of the Management Board may be dismissed at any time and a new
Secretary of the Management Board have to be appointed in accordance with the
procedure set forth in Section 4.1 hereof for the appointment of the Secretary
of the Management Board.  In the absence of
the Secretary of the Management Board, his or her functions shall be imposed on
another person in the manner specified in Section 4.1 hereof for the appointment
of the Secretary of the Management Board.  4.3     The Secretary of the Management Board shall
have the right:  to
request from Company officers the information and documents required for the
preparation of materials on the issues of agenda of meetings of the Management
Board;  to
receive remuneration for the performance of his or her duties and compensation
of expenses related to the performance of the functions of the Secretary of the
Management Board.  4.4     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 term specified in these Regulations;  3


provide
the members of the Management Board with materials necessary for consideration
of the issues of agenda of meetings of the Management Board in the manner and
within the term specified in these Regulations;  make
and sign extracts from minutes of meetings of the Management Board; and  perform
other functions specified in these Regulations.  4.5 The Secretary of the Management Board shall be
paid remuneration for performance of his or her functions and compensation of
expenses related to the performance of the functions of the Secretary of the
Management Board.  The amount of remuneration and compensation payable to the Secretary of
the Management Board shall be determined by decision adopted by a majority vote
of the members of the Management Board participating in the meeting.  5.MEETING
OF THE MANAGEMENT BOARD  5.1Meetings
of the Management Board may be held only in the form of a joint presence of its
members (including video- or audio- conference call).  As an
extraordinary event if agreed by the Chairman of the Management Board the
member of the Management Board may submit the completed absentee voting opinion
which should be provided to the Secretary of the Management Board before the
meeting by fax, courier service or e-mail. The original absentee voting opinion
should be provided to the Secretary of the Management Board within 3 business
days.  5.2Meetings
of the Management Board shall be held regularly, in accordance with the working
schedule approved by the meeting of the Management Board, but no less than 1
(one) time a month. If required, the Management Board shall consider issues
that are not included in the working schedule.  5.3A
meeting of the Management Board shall be convened by the Chairman of the
Management Board on its own initiative, at the request of a member of the
Management Board of the Company, at the request of a member of the Board of
Directors and its committees and a member of the Audit Commission.  Determination of
the term, convocation of the meeting, the agenda of the meeting and supervision
of making and keeping of minutes is in the terms of reference 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 the issues of agenda shall be promptly provided to the
members of the Management Board in order to enable them to prepare for a
discussion. Proposals on the issues of agenda of a meeting of the Management
Board that should be decided at the meeting must be received by the Chairman of
the Management Board at least five (5) days prior to the date of the meeting.  5.4Secretary
of the Management Board shall notify the members of the Management Board in
free form about the convocation of a meeting of the Management Board, its
place, time and agenda at least 3 (three) days prior to the date of the
meeting.  4


The above term may
be reduced if any issues are required to be settled urgently provided that none
of the members of the Management Board objects.  Together with the
notice, members of the Management Board shall receive full and accurate
information and all necessary materials related to the issues of agenda, which
shall be submitted to the members of the Management Board.  In case, when
necessary information was provided to the members of the Management Board
untimely and the members of the Management Board did not have sufficient time
to review this information, the meeting of the Management Board shall be
postponed at the request of a member(s) of the Management Board.  5.5The
quorum for meetings of the Management Board shall be at least one-half of the
appointed members of the Management Board.  In case, when the
number of members of the Management Board is less than the number of members
that constitute the quorum, the Board of Directors of the Company shall decide
on determination of numerical composition of the Management Board and shall
appoint the members of the Management Board of the Company.  5.6At
the adoption of decisions of the Management Board, members of the Management
Board that participate in the meeting shall express their opinion on agenda
issues by voting.  5.7At
the meetings of the Management Board decisions shall be adopted by a majority
of votes of the Management Board members participating in the meeting and
members submitted absentee voting opinions in accordance with item 5.1. of
these Regulations.  5.8At
the adoption of the decisions at the meeting of the Management Board, each
member of the Management Board shall have one vote.  A member of the
Management Board may not delegate its right to vote to another person.  In the event of a
tie vote the Chairman of the Management Board shall have the deciding vote.  During the meeting
of the Management Board the Secretary of the Management Board shall keep the
minutes of this meeting.  The minutes of a
Management Board meeting shall be drawn up no later than three (3) business
days of the date of the meeting.  The minutes of a
meeting shall specify:  location
and time of the meeting;  persons
who were present at the meeting;  agenda
of the meeting;  issues
put to a vote and the voting results; and  taken
decisions.  The minutes of the
Management Board meeting shall be signed by the person presiding over the
meeting and by the Secretary of the Management Board.  The Company shall
keep minutes of the Management Board meetings at the location of its executive
body or at another location known and accessible to the Companys shareholders,
creditors of the Company and other interested parties, in accordance with the
procedure and during the period determined by the federal executive body for
the securities market. If such  5


period is not
determined, the Company shall keep the minutes of meetings of the Management
Board permanently.  The Company shall
provide the members of the Board of Directors, the Auditing Commission, the
external auditor of the Company and the shareholders holding in aggregate not
less than 25 percent of the Companys voting shares with access to minutes of
the meetings of the Management Board.  6.REPORTS
TO THE BOARD OF DIRECTORS  6.1The
Board of Directors shall exercise control over the operation of the Management
Board. The Management Board is obliged to submit reports to the Board of
Directors on:  (a)prospective
policy of the Company and other substantial issues of prospective management
(not less than one time 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 (not less than once a year prior to
budget period would commence), including reports on budget corrections (as such
economically justifiable need arises);  (c)execution of the
annual budget as a whole and with regard to separate financial indicators (such
as revenues, expenses and capital expenditure program) on 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  The Companys
Board of Directors shall decide on the remuneration of the members of the
Companys Management Board pursuant to an internal document to be approved by
the Companys Board of Directors.  8.LIABILITY
OF THE MEMBERS OF THE MANAGEMENT BOARD  8.1In
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.  8.2The
members of the Management Board shall be liable to the Company for losses
caused to the Company by actions (inaction) through their fault in accordance
with federal laws, other legal acts of the Russian Federation and terms of the
agreement concluded between each member of the Management Board and the
Company.  Members of the
Management Board who voted against the decision that caused losses to the
Company or who did not participate in the voting shall not be liable.  8.3At
the determination of the grounds and the amount of Management Board members
liability, the usual business conditions and other relevant circumstances shall
be taken into account.  6


8.4In
case several persons are liable under this Section, they will be jointly liable
to the Company.  8.5The
Company or the shareholder/s holding in aggregate at least one (1) percent of
the Companys voting shares shall have the right to file a suit against a
member of the Management Board claiming for damages caused to the Company, in
cases specified in Section 7.2 of these Regulations.  8.6The
members of the Management Board shall be responsible for the maintenance of
secrecy and for the prompt development and implementation of measures to
protect state secrets in accordance with the requirements of the legal acts of
the Russian Federation governing the protection of state secrets.  8.7The
Management Board members shall not disclose non-public and confidential
information (as stipulated by the applicable legislation and internal
documents) on the activities of the Company became known to him or her as
fulfilling his or her duties as a member of the Management Board.  8.8The
Management Board members shall notify in writing the Corporate Secretary about
(i) possession of securities of the Company, (ii) intentions to conduct deals
with securities of the Company and its affiliates, and (iii) executed
transactions with such securities  in an order set by applicable internal
document, approved by the Board of Directors.  9.APPROVAL
OF AMENDMENTS AND ADDITIONS TO THE REGULATIONS  9.1The
Regulations shall be approved at the general meeting of shareholders by a majority
of votes of the shareholders holding the Companys voting shares and
participating in the meeting.  9.2Amendments
and additions to the Regulations may be adopted at the general meeting of
shareholders by a majority of votes of the shareholders holding the Companys
voting shares and participating in the meeting.  9.3In
the event of changes in the legislation of the Russian Federation or the
Company Charter, as a result of which certain provisions of the Regulations
will not comply with such legislation or the Charter, the above provisions
shall cease to be in effect, and until the Regulations are amended accordingly
the members of the Management Board shall act in accordance with effective
legal acts of the Russian Federation and the Company Charter.  7