Exhibit 4.4


                              TERMINATION AGREEMENT

THIS TERMINAITON AGREEMENT (this "Agreement") is made on October 2, 2003,
between:

(1)  OPEN JOINT STOCK COMPANY RTC-LEASING (the "Lessor"), located at: 5
     Delegatskaya, Moscow 127091, Russian Federation, represented by Director
     General Mikhail Grigoryevich Trufanov acting pursuant to the Charter, and

(2)  OPEN JOINT STOCK COMPANY OF LONG DISTANCE AND INTERNATIONAL
     TELECOMMUNICATIONS ROSTELECOM (the "Lessee"), located at: 5 Delegatskaya,
     Moscow 127091, Russian Federation, represented by General Director Sergey
     Ivanovich Kuznetsov acting pursuant to the Charter,

(jointly referred to as the "Parties" and individually, as a "Party")

WHEREAS:

     -    on May 24, 1999, the Parties entered into Financial Lease Agreement
          No.100-204/99/419-2.4 (with subsequent amendments, including the
          agreement to amend the financial lease agreements between OJSC
          RTC-Leasing and OJSC Rostelecom, dated September 28, 2001)
          (hereinafter, the "Lease Agreement") whereunder the Lessor undertook
          to the Lessee to acquire title to the Property specified by the Lessee
          from the Seller specified by the Lessee and to provide such Property
          to the Lessee for temporary possession and use, while the Lessee
          undertook to make Lease Payments in favor of the Lessor;

     -    As of the date hereof, the total amount of the Lease Payments due from
          the Lessee to the Lessor is one billion four hundred sixteen million
          four hundred nine thousand five hundred fourteen rubles and forty
          kopeks (RUR1,416,409,514.40), which amount includes value-added tax;

     -    The Lessee owns four (4) promissory notes, the maker of which notes is
          the Lessor, worth the total note amount of three hundred two million
          eight hundred fifty thousand rubles (RUR302,850,000), details and
          other information of which notes are specified in Exhibit 1 hereto
          (the "Promissory Notes");

     -    The Lessee intends to transfer the Promissory Notes, and the Lessor
          desires to accept the Promissory Notes from the Lessee;

     -    The Parties intend to terminate a part of the Lessee's obligations on
          making the Lease Payments in favor of the Lessor;

     -    On October 1, 2003, the General Meeting of Shareholders of OJSC
          RTC-Leasing adopted a resolution on approval of this Agreement
          (Minutes No.6 of October 1, 2003);

     -    On September 29, 2003, the Board of Directors of OJSC Rostelecom
          adopted a resolution on approval of this Agreement (Minutes No. 6 of
          September 29, 2003);

THREFORE THE PARTIES AGREE AS FOLLOWS:
<PAGE>

1.        USE OF TERMS

The terms defined in the Lease Agreement shall have the same meanings herein.

2.        TERMINATION OF OBLIGATIONS

2.1       The Lessee's obligations on payment of a portion of the Lease Payments
          remaining unpaid as of the date of this Agreement, which portion
          totals three hundred two million eight hundred fifty thousand rubles
          (RUR302,850,000) inclusive of value-added tax ("VAT") and comprises
          the following payments due from the Lessee to the Lessor: (i) the
          amount of seventy million eight hundred one thousand six hundred
          sixty-seven rubles (RUR70,801,667) exclusive of VAT, specified by
          number 32 in the Payment Time-Table, the date of payment of which
          amount falls on the fifth week of 2008, and making eighty-four million
          nine hundred sixty-two thousand rubles and forty kopeks
          (RUR84,962,000.40) inclusive of VAT, (ii) the amount of seventy
          million rubles (RUR70,000,000) exclusive of VAT, specified by number
          33 in the Payment Time-Table, the date of payment of which amount
          falls on the eighteenth week of 2008, and making eighty four million
          (RUR84,000,000) inclusive of VAT, (iii) the amount of seventy million
          rubles (RUR70,000,000) exclusive of VAT, specified by number 34 in the
          Payment Time-Table, the date of payment of which amount falls on the
          thirty first week of 2008, and making eighty four million
          (RUR84,000,000) inclusive of VAT, and (iv) a part of the amount
          specified by number 35 in the Payment Time-Table, the date of payment
          of which amount falls on the forty-fourth week of 2008, making
          forty-one million five hundred seventy-three thousand three hundred
          thirty-three rubles (RUR41,573,333) exclusive of VAT, or forty-nine
          million eight hundred eighty-seven thousand nine hundred ninety-nine
          rubles and sixty kopeks (RUR49,887,999.60) inclusive of VAT (the
          "Initial Obligations"), shall be terminated by transferring the
          Promissory Notes by the Lessee to the Lessor on the terms established
          herein.

2.2.      The Initial Obligations shall be deemed terminated on the date on
          which the Parties sign the Acknowledgement of Transfer and Acceptance
          in accordance with Article 3.2 hereof.

3.        TRANSFER OF THE NOTES

3.1.      The Lessee undertakes to transfer all the Promissory Notes to the
          Lessor within three (3) business days following the date of this
          Agreement.

3.2       The transfer of the notes to the Lessor (i) shall involve putting of a
          duly perfected endorsement specifying the Lessor as endorsee and
          containing stipulation "without recourse to OJSC Rostelecom on each
          of the Promissory Notes, certified with the Lessee's seal and
          signature of an authorized representative and chief accountant of the
          Lessee and specifying the date of the endorsement execution, and (ii)
          shall be certified by an acknowledgement of acceptance and transfer of
          the promissory notes (the "Acknowledgement of Acceptance and
          Transfer") in the form contained in Exhibit 2 hereto.

3.3.      The Lessee hereby represents and warrants to the Lessor that none of
          the Promissory Notes has been sold, transferred or assigned, become a
          subject of dispute, is a subject of pledge, nor it has been attached
          or encumbered otherwise, and no third parties have acquired rights to
          or under the Promissory Notes.

4.        PERFORMANCE OF THE LEASE AGREEMENT

4.1.      After termination of the Initial Obligations, the aggregate amount of
          the Lease Payments remaining unpaid as of the date hereof, reduced by
          the amount of the Initial Obligations, shall be subject to payment by
          the Lessee to the Lessor in accordance with the terms of the Lease
          Agreement.

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<PAGE>

4.2.      In connection with termination of the Initial Obligations since the
          date of signing of the Acknowledgement of Acceptance and Transfer, the
          Payment Time-Table shall be amended as follows:

4.2.1.    The dates and amounts of the Lease Payments specified by numbers 32,
          33 and 34 in the Payment Time-Table shall be removed; and

4.2.2.    The initial amount of the Lease Payment specified by number 35 in the
          Payment Time-Table shall be replaced with the amount of twenty eight
          million four hundred twenty-six thousand six hundred sixty-seven
          rubles (RUR28,426,667).

5.        FORCE MAJEURE

5.1.      In the event that any of the Parties is unable to perform its
          obligations under this Agreement for the reason of inception of any
          event or circumstance beyond of such Party's control, which event or
          circumstances could not be foreseen as of the date of this Agreement
          and which include, inter alia, any change of the applicable
          legislation as well as any action or inaction by governmental
          authorities, then the term of performance by such Party of its
          obligations under this Agreement shall be prolonged for a period
          during which such circumstance or event are in effect

5.2.      Neither of the Parties shall be entitled to refer to the circumstances
          or events specified in Article 5.1 above if such Party shall have
          failed to notify the other Party of such circumstances or events
          within five (5) business days of the date of inception thereof.

5.3.      If the above circumstances or events continue for more than one year,
          then either Party shall be entitled to terminate this Agreement by
          sending a written notice to the other Party in advance.

6.        NOTICES

Any notice or any other communication under this Agreement or in connection
herewith must be made in writing and delivered either in person or sent by
registered mail or tested facsimile communication with confirmation of its
receipt at the correct number of the Party which is to receive the notification
or communication at its address specified in this Article 6 or at any other
address specified by such Party in a written notice to the other Party.

          For the Lessor:

          OJSC RTC-LEASING 42
          Moscow 129110,
          Shepkina Street, bldg. 2A
          Russian Federation
          Fax: (095) 777-0333
          Attention: Leasing Operations Director

          For the Lessee:

          OJSC "Rostelecom"
          Moscow 125047
          14, 1-ya Tverskaya-Yamskaya
          Russian Federation
          Fax: (095) 787-2850
          Attention: Financial Director
          Copy: Head of Treasury

                                       3
<PAGE>

7.        MISCELLANEOUS

7.1 Should any controversies arise in connection with the performance of
obligations under this Agreement, the Parties shall apply their best efforts to
resolve the disputes through negotiations. In the event that the Parties are
unable to reach a settlement on the subject matter of a dispute within sixty
(60) days since the date the negotiations commenced, such dispute shall be
referred for resolution to the Arbitrazh Court of the City of Moscow.

7.2       Neither of the Parties is entitled to transfer its rights and/or
          obligations under this Agreement to a third party without preliminary
          written consent of the other Party

7.3.      Amendments and supplements to this Agreement shall be legally valid
          provided they are made in writing and signed by duly authorized
          representatives of the Parties.

7.4.      All exhibits to this Agreement shall make an integral part hereof.

7.5.      This Agreement shall enter into force as of the date of its execution.

7.6.      This Agreement is made in two copies having equal legal force, one
          copy for each Party.

IN WITNESS WHEREOF this Assignment is signed by duly authorized representatives
of the Parties on the date first written above:

For the Lessor:                                   For the Lessee:

_________/signed/_________                        _________/signed/_________
Mikhail Grigorievich Trufanov                     Sergey Ivanovich Kuznetsov
General Director                                  General Director

_________/signed/_________                        _________/signed/_________
Natalia Yevgenievna Kolesnikova                   Alexander Alexandrovich Lutsky
Chief Accountant                                  Chief Accountant
[Seal]                                            [Seal]

                                       4
<PAGE>

                                                                       EXHIBIT 1
                                                    to the Termination Agreement
                                                              of October 2, 2003

<TABLE>
<CAPTION>
                                              LIST OF PROMISSORY NOTES

-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
                                                                                Date and place
  No.             Drawer            No. of Note       Note amount of Note        of execution        Due date
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
<S>      <C>                           <C>        <C>                            <C>             <C>
   1     Open Joint Stock              0370         Eighty-four million nine      November 23,    At sight, but
         Company RTC-LEASING                       hundred sixty-two thousand    2001, Moscow      not earlier
                                                     roubles forty kopecks                       than January 28,
                                                       (RUR84,962,000.40)                              2008
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
   2     Open Joint Stock              0371       Eighty-four million roubles     November 23,    At sight, but
         Company RTC-LEASING                           (RUR84,000,000.00)        2001, Moscow      not earlier
                                                                                                  than April 28,
                                                                                                       2008
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
   3     Open Joint Stock              0372       Eighty-four million roubles     November 23,    At sight, but
         Company RTC-LEASING                           (RUR84,000,000.00)        2001, Moscow      not earlier
                                                                                                   than July 28,
                                                                                                       2008
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
   4     Open Joint Stock              0373         Forty-nine million eight      November 23,    At sight, but
         Company RTC-LEASING                          hundred eighty-seven       2001, Moscow      not earlier
                                                     thousand nine hundred                             than
                                                   ninety-nine roubles sixty                       September 27,
                                                   kopecks (RUR49,887,999.60)                          2008
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
</TABLE>

Total: Four (4) promissory notes worth the total note amount of three hundred
two million eight hundred fifty thousand rubles (RUR302,850,000).

For the Lessor:                                For the Lessee:

_________/signed/_________                     _________/signed/_________
Mikhail Grigorievich Trufanov                  Sergey Ivanovich Kuznetsov
General Director                               General Director

_________/signed/_________                     _________/signed/_________
Natalia Yevgenievna Kolesnikova                Alexander Alexandrovich Lutsky
Chief Accountant                               Chief Accountant
[Seal]                                         [Seal]

                                       5
<PAGE>

                                                                       EXHIBIT 2
                                                    to the Termination Agreement
                                                              of October 2, 2003

        FORM OF ACKNOWLEDGEMENT OF ACCEPTANCE AND TRANSFER OF PROMISSORY
                                     NOTES

Moscow                                                         ____________ 2003

(1) OPEN JOINT STOCK COMPANY RTC-LEASING (the "Lessor"), located at: 5
Delegatskaya, Moscow 127091, Russian Federation, represented by
____________________ acting pursuant to __________, and

(2) OPEN JOINT STOCK COMPANY OF LONG DISTANCE AND INTERNATIONAL
TELECOMMUNICATIONS ROSTELECOM (the "Lessee"), located at: 5 Delegatskaya, Moscow
127091, Russian Federation, represented by _____________________ acting pursuant
to ___________,

(jointly referred to as the "Parties" and individually, as a "Party")

have signed this acknowledgement of acceptance and transfer of promissory notes
(the "Acknowledgement") on the following:

The Lessee transferred to the Lessor the following promissory notes worth the
total note amount of three hundred two million eight hundred fifty thousand
rubles (RUR302,850,000):

<TABLE>
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
                                                                                Date and place
  No.             Drawer            No. of note       Note amount of note        of execution        Due date
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
<S>      <C>                           <C>        <C>                             <C>            <C>
   1     Open Joint Stock              0370         Eighty-four million nine      November 23,     At sight, but
         Company RTC-LEASING                       hundred sixty-two thousand    2001, Moscow      not earlier
                                                     roubles forty kopecks                       than January 28,
                                                       (RUR84,962,000.40)                              2008
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
   2     Open Joint Stock              0371       Eighty-four million roubles     November 23,    At sight, but
         Company RTC-LEASING                          (RUR84,000,000.00)        2001, Moscow      not earlier
                                                                                                  than April 28,
                                                                                                       2008
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
   3     Open Joint Stock              0372       Eighty-four million roubles     November 23,    At sight, but
         Company RTC-LEASING                           (RUR84,000,000.00)        2001, Moscow      not earlier
                                                                                                   than July 28,
                                                                                                       2008
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
   4     Open Joint Stock              0373         Forty-nine million eight      November 23,     At sight, but
         Company RTC-LEASING                         hundred eighty-seven         2001, Moscow      not earlier
                                                     thousand nine hundred                              than
                                                   ninety-nine roubles sixty                        September 27,
                                                   kopecks (RUR49,887,999.60)                           2008
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
</TABLE>

Total: Four (4) promissory notes worth the total note amount of three hundred
two million eight hundred fifty thousand rubles (RUR302,850,000).

                                       6
<PAGE>

Signing this Act, the Parties acknowledge the due fulfillment of the Lessee's
obligations on the transfer of the promissory notes in accordance with Article 3
of the Termination Agreement made between the Lessee and the Lessor on October
2, 2003.

This Acknowledgement is made in two copies having equal legal force, one copy
for the Lesser and one copy for the Lessee.

For the Lessor:                                            For the Lessee:
Signature:                                                 Signature:
Title:                                                     Title:

Signature:                                                 Signature:
Chief Accountant:                                          Chief Accountant:
(Seal)                                                     (Seal)

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