Exhibit 8

LIST OF SUBSIDIARIES

Below is a list of our subsidiaries and their
jurisdiction of incorporation as of March 18, 2015.



|                                |  |                             
|------------------------------- |  | ----------------------------
|Subsidiaries                    |  | Country of Incorporation    
|OJSC VimpelCom                  |  | Russia                      
|PJSC Kyivstar                   |  | Ukraine                     
|Staravto SC                     |  | Ukraine                     
|Ararima Enterprises Limited     |  | Cyprus                      
|B.V. VimpelCom Finance S.a.r.l. |  | The Netherlands             
|VC ESOP N.V.                    |  | Belgium                     
|VimpelCom B.V.                  |  | The Netherlands             
|Takom LLC                       |  | Tajikistan                  
|Limnotex Developments Ltd.      |  | Cyprus                      
|Irington Developments Ltd.      |  | Seychelles                  
|Wenthorp Industries Ltd.        |  | Seychelles                  
|Kar-Tel LLP                     |  | Kazakhstan                  
|Teta-Telecom LLP                |  | Kazakhstan                  
|Prunescom Ltd.                  |  | BVI                         
|LLC CKN                         |  | Russia                      
|LLC VimpelCom Finance           |  | Russia                      
|LLC VimpelCom-Invest            |  | Russia                      
|LLC Beeline Ventures            |  | Russia                      
|Golden Telecom, Inc.            |  | USA (Delaware)              
|Cell Ukraine Ltd.               |  | USA (Delaware)              
|Invest Holding LLC              |  | Ukraine                     
|GTS Ukrainian TeleSystems LLC.  |  | USA (Delaware)              
|Golden Telecom LLC              |  | Ukraine                     
|Golden Telecom Limited (BVI)    |  | BVI                         
|GTS Finance, Inc.               |  | USA (Delaware)              
|Golden Telecom Group, Inc.      |  | USA (Delaware)              
|Golden TeleServices, Inc.       |  | USA (Delaware)              
|SFMT-CIS, Inc.                  |  | USA (Delaware)              
|LLC DICOM                       |  | Russia                      
|LLC NeoTel                      |  | Azerbaijan                  
|Golden Holdings, Inc.           |  | USA (Delaware)              
|Agama Limited (Cyprus)          |  | Cyprus                      
|SFMT-Rusnet, Inc.               |  | USA (Delaware)              
|ST Holding s.r.o.               |  | Czech Republic (Prague city)
|CJSC Samara Telecom             |  | Russia                      
|CJSC WBT                        |  | Russia                      
|GTI Russian Ltd.                |  | BVI                         
|GTI Kaztel Ltd.                 |  | BVI                         
|Buzton JV Ltd.                  |  | Uzbekistan                  
|Clafdor Investments Limited     |  | Cyprus                      
|Comnidor Holdings Limited       |  | Cyprus                      
|BARDYM ENTERPRISES LIMITED      |  | Cyprus                      
|LLC Sovintel Group              |  | Russia                      
|Antel Rascom Ltd.               |  | BVI                         
|CJSC RASCOM                     |  | Russia                      



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|                                                       |  |                         
|------------------------------------------------------ |  | ------------------------
|Subsidiaries                                           |  | Country of Incorporation
|LLC Kubtelecom                                         |  | Russia                  
|CJSC Kubintersvyaz                                     |  | Russia                  
|LLC JV Sakhalin Telecom                                |  | Russia                  
|CJSC National Service Company                          |  | Russia                  
|Mobitel LLC.                                           |  | Georgia                 
|Investico Alliance Ltd.                                |  | BVI                     
|Menacrest Limited                                      |  | Cyprus                  
|Sky Mobile LLC                                         |  | Kyrgyzstan              
|Armenia Telephone Company CJSC                         |  | Armenia                 
|Freevale Enterprises                                   |  | BVI                     
|Silkway Holding B.V.                                   |  | The Netherlands         
|Unitel LLC                                             |  | Uzbekistan              
|VimpelCom Lao Co., Ltd.                                |  | Laos                    
|VimpelCom Holding Laos B.V.                            |  | The Netherlands         
|2Day Telecom LLP                                       |  | Kazakhstan              
|TNS-Plus LLP                                           |  | Kazakhstan              
|Wind Telecom S.p.A.                                    |  | Italy                   
|Weather Capital S.à.r.l                                |  | Luxembourg              
|Klarolux Investments S.à.r.l                           |  | Luxembourg              
|WIND Acquisition Holdings Finance S.p.A.               |  | Italy                   
|WIND Telecomunicazioni S.p.A.                          |  | Italy                   
|WIND Retail S.r.l.                                     |  | Italy                   
|Weather Capital Special Purpose I S.A.                 |  | Luxembourg              
|Global Telecom Holding S.A.E (GTH)                     |  | Egypt                   
|International Wireless Communications Pakistan Limited |  | Malta                   
|Telecom Management Group Limited                       |  | Malta                   
|Pakistan Mobile Communications Limited                 |  | Pakistan                
|Business & Communication Systems (Pvt) Ltd.            |  | Pakistan                
|LinkdotNET Pakistan (Pvt) Ltd.                         |  | Pakistan                
|LinkDotNet Telecom Limited                             |  | Pakistan                
|Waseela Microfinance Bank Limited                      |  | Pakistan                
|Global Telecom Netherlands B.V.                        |  | The Netherlands         
|Telecel International Ltd. S.A.                        |  | Switzerland             
|Telecel International Services S.A.                    |  | Switzerland             
|Telecom Ventures Ltd.                                  |  | Malta                   
|Banglalink Digital Communications Limited              |  | Bangladesh              
|Oratel International Inc. Limited                      |  | Malta                   
|Moga Holding Ltd.                                      |  | Malta                   
|Omnium Telecom Algeria S.p.A.                          |  | Algeria                 
|Telecom Holding Canada (Malta) Limited                 |  | Malta                   
|Global Telecom S.à.r.l                                 |  | Luxembourg              
|Global Telecom Finance S.C.A                           |  | Luxembourg              
|Global Luxembourg S.à.r.l                              |  | Luxembourg              
|Global Luxembourg Finance S.C.A.                       |  | Luxembourg              
|Global Telecom Oscar S.A.                              |  | Luxembourg              
|Telecom CS Limited                                     |  | Malta                   
|Cortex for Services & Consultations S.A.E.             |  | Egypt                   
|Iraq Holding Limited                                   |  | Malta                   
|Telecom Iraq Corp. Limited                             |  | Malta                   
|Ring for Distribution S.A.E                            |  | Egypt                   
|Multi Media Mega Stores                                |  | Egypt                   



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|                                                    |  |                         
|--------------------------------------------------- |  | ------------------------
|Subsidiaries                                        |  | Country of Incorporation
|Ring for Handset Service (CaRing)                   |  | Egypt                   
|Advanced Electronic Industries                      |  | Egypt                   
|The Phone Company FZO                               |  | UAE                     
|R&D S.à.r.l                                         |  | Tunisia                 
|Ring Algeria LLC                                    |  | Algeria                 
|Ring Algeria Services                               |  | Algeria                 
|Ring Maintenance (CaRing)                           |  | Algeria                 
|Ring Distribution (Private) Limited                 |  | Bangladesh              
|Global Telecom Acquisition S.à.r.l                  |  | Luxembourg              
|Global Telecom One S.à.r.l                          |  | Luxembourg              
|Sawyer Limited                                      |  | Malta                   
|Telecom Eurasia Limited                             |  | Malta                   
|Minimax Ventures Limited                            |  | Malta                   
|Financial Powers Plan Limited                       |  | Malta                   
|Telecom ESOP Ltd.                                   |  | Malta                   
|Wind Acquisition Finance S.A.                       |  | Luxembourg              
|International Telecommunications Consortium Limited |  | UK                      
|Consortium Algerien de Telecomunications S.p.a.     |  | Algeria                 
|Med Cable Limited                                   |  | UK                      
|VimpelCom (BVI) Ltd.                                |  | BVI                     
|Watertrail Industries Limited                       |  | BVI                     
|VimpelCom Amsterdam B.V.                            |  | The Netherlands         
|VimpelCom Holdings B.V.                             |  | The Netherlands         
|VimpelCom Amsterdam Finance B.V.                    |  | The Netherlands         
|VimpelCom International Services B.V.               |  | The Netherlands         
|VimpelCom Telecom Holding B.V.                      |  | The Netherlands         
|GTH Canada B.V.                                     |  | The Netherlands         
|VimpelCom Georgia Holdings B.V.                     |  | The Netherlands         
|GTH Global Telecom Finance (B.C.) Limited           |  | Canada                  
|VimpelCom Cyprus Finance Limited                    |  | Cyprus                  
|VimpelCom Cyprus Holding Limited                    |  | Cyprus                  
|Orascom Holding Handset Investment Company          |  | Egypt                   
|VimpelCom Armenia Holding B.V.                      |  | The Netherlands         
|VimpelCom Micro Holdings B.V.                       |  | The Netherlands         
|VimpelCom Kazakhstan Holding B.V.                   |  | The Netherlands         
|VimpelCom Kyrgyzstan Holding B.V.                   |  | The Netherlands         
|VIP Kazakhstan Holding A.G.                         |  | Switzerland             
|VIP Kyrgyzstan Holding A.G.                         |  | Switzerland             
|LinkDotNet Pakistan (Private) Limited               |  | Pakistan                
|Kubintersvyaz                                       |  | Russia                  
|Wind Acquisition Finance II S.A.                    |  | Luxembourg              
|Wind Acquisition Holdings Finance S.A.              |  | Luxembourg              
|Wind Acquisition Holdings Finance II S.A.           |  | Luxembourg              
|Wind Finance SL S.A.                                |  | Luxembourg              



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