Exhibit 8

LIST OF SUBSIDIARIES

Below is a list of our subsidiaries and their
jurisdiction of incorporation as of April 15, 2012.



|                                      |  |                         
|------------------------------------- |  | ------------------------
|Subsidiaries                          |  | Country of Incorporation
|OJSC VimpelCom                        |  | Russia                  
|PJSC Kyivstar                         |  | Ukraine                 
|Staravto SC                           |  | Ukraine                 
|Ararima Enterprises Limited           |  | Cyprus                  
|Atlas Trade Limited                   |  | BVI                     
|Sotelco Ltd.                          |  | Cambodia                
|Fortland Limited (BVI)                |  | BVI                     
|LLC Kolangon-optim                    |  | Russia                  
|LLC Intervest                         |  | Russia                  
|LLC ElcomLine                         |  | Russia                  
|LLC Dial-Impex                        |  | Russia                  
|LLC MediaInform                       |  | Russia                  
|LLC PrimeTime                         |  | Russia                  
|LLC Aston                             |  | Russia                  
|VimpelCom Finance B.V.                |  | Netherlands             
|VC ESOP N.V.                          |  | Belgium                 
|VimpelCom B.V.                        |  | Netherlands             
|VimpelCom Ltd.                        |  | Bermuda                 
|Takom LLC                             |  | Tadjikistan             
|Cosiniad Investments Limited          |  | Cyprus                  
|Limnotex Developments Ltd.            |  | Cyprus                  
|Irington Developments Ltd.            |  | Seychelles              
|Wenthorp Industries Ltd.              |  | Seychelles              
|Kar-Tel TOO                           |  | Kazakhstan              
|Teta-Telecom TOO                      |  | Kazakhstan              
|Prunescom Ltd.                        |  | BVI                     
|CJSC Altaigrif                        |  | Russia                  
|LLC Antares E                         |  | Russia                  
|LLC CKN                               |  | Russia                  
|OJSC STC                              |  | Russia                  
|CJSC Belgorodskie cifrovie magistrali |  | Russia                  
|CJSC Business Communications Agency   |  | Russia                  
|CJSC Informtechnology                 |  | Russia                  
|LLC VimpelCom Finance                 |  | Russia                  
|LLC VimpelCom-Invest                  |  | Russia                  
|LLC Beeline Ventures                  |  | Russia                  
|LLC Investroysvyaz                    |  | Russia                  
|CJSC Makrocom                         |  | Russia                  
|CJSC ST Mobile                        |  | Russia                  
|OJSC Polarcom                         |  | Russia                  
|Golden Telecom, Inc.                  |  | USA (Delaware)          
|Cell Ukraine Ltd.                     |  | USA (Delaware)          
|Invest Holding LLC                    |  | Ukraine                 
|GTS Ukranian TeleSystems LLC.         |  | USA (Delaware)          
|Golden Telecom LLC                    |  | Ukraine                 
|TTK LLC                               |  | Ukraine                 
|Golden Fiber LLC                      |  | Ukraine                 
|Golden Telecom Limited (BVI)          |  | BVI                     
|GTS Finance, Inc.                     |  | USA (Delaware)          
|ROL Holdings Ltd. (Cyprus)            |  | Cyprus                  
|Golden Telecom Group, Inc.            |  | USA (Delaware)          



---

|                               |  |                                 
|------------------------------ |  | --------------------------------
|Golden TeleServices, Inc.      |  | USA (Delaware)                  
|SFMT-CIS, Inc.                 |  | USA (Delaware)                  
|LLC Dicom                      |  | Russia                          
|S-Line LLC                     |  | Ukraine                         
|Platinum Internet LLC          |  | Ukraine                         
|Golden Holdings, Inc.          |  | USA (Delaware)                  
|Agama Limited (Cyprus)         |  | Cyprus                          
|CJSC Cityline                  |  | Russia                          
|SFMT-Rusnet, Inc.              |  | USA (Delaware)                  
|ST Holding s.r.o.              |  | Czech Republic (Prague city)    
|CJSC Samara Telecom            |  | Russia                          
|JSC FTK                        |  | 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                          
|LLC Kubtelecom                 |  | Russia                          
|CJSC Kubintersvyaz             |  | Russia                          
|LLC SatilCenter                |  | Russia                          
|LLC Alkar                      |  | Russia                          
|LLC JV Sakhalin Telecom        |  | Russia                          
|LLC Territory of contracts     |  | Russia                          
|LLC Loyalty Partners Vostok    |  | Russia                          
|CJSC National Service Company  |  | Russia                          
|Watertrail Industries Ltd.     |  | BVI                             
|M.I.P.R. INVESTMENTS LTD       |  | Cyprus                          
|Mobitel Ltd.                   |  | Georgia                         
|Menacrest Limited              |  | Cyprus                          
|NOUSE LIMITED                  |  | Cyprus                          
|Sky Mobile LLC                 |  | Kyrgyzstan                      
|Aridus Corporation             |  | Seychelles                      
|Armenia Telephone Company CJSC |  | Armenia                         
|ArmenCell CJSC                 |  | Armenia                         
|Freevale Enterprises           |  | BVI                             
|Silkway Holding B.V.           |  | Netherlands                     
|Unitel LLC                     |  | Uzbekistan                      
|Wintop Management Ltd.         |  | Cyprus                          
|Crayola Properties Ltd.        |  | Cyprus                          
|Cellcroft Holdings Ltd.        |  | Cyprus                          
|Crisden Holdings Ltd.          |  | Cyprus                          
|Cradel Investments Ltd.        |  | Cyprus                          
|Ukrainian Radiosystem PJSC     |  | Ukraine                         
|CJSC Firm Messenger            |  | Russia                          
|CJSC ELTEL                     |  | Russia                          
|LLC URAL-NET                   |  | Russia                          
|LLC Izhsviazinvest             |  | Russia                          
|OJSC NTC                       |  | Russia                          
|LLC Novaya svyaz               |  | Russia                          
|LLC Gelios-TV                  |  | Russia                          
|LLC NeoTel                     |  | Azerbaijani Republic (Baku city)



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|                                                                           |  |                               
|-------------------------------------------------------------------------- |  | ------------------------------
|VimpelCom Lao Co., Ltd.                                                    |  | Laos                          
|VimpelCom Holding Laos B.V.                                                |  | Netherlands                   
|2Day Telecom LLP                                                           |  | Kazakhstan                    
|S&G LLP                                                                    |  | Kazakhstan                    
|WIND Telecom S.p.A.                                                        |  | Italy                         
|Weather Capital S.à.r.l                                                    |  | Luxembourg                    
|Klarolux Investments S.à.r.l                                               |  | Luxembourg                    
|Orascom Telecom Services Europe S.A.S                                      |  | France                        
|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                    
|Orascom Telecom Holding S.A.E (OTH)                                        |  | Egypt                         
|International Wireless Communications Pakistan Limited                     |  | Malta                         
|Telecom Management Group Limited                                           |  | Malta                         
|Pakistan Mobile Communications Limited                                     |  | Pakistan                      
|Global Entity for Telecom Trade FZE                                        |  | UAE                           
|Ring Dubai                                                                 |  | UAE                           
|Business & Communication Systems (Pvt) Ltd                                 |  | Pakistan                      
|Link Direct International (Private) Limited                                |  | Pakistan                      
|LinkdotNET Pakistan (Pvt) Ltd                                              |  | Pakistan                      
|LinkDotNet Telecom Limited                                                 |  | Pakistan                      
|Waseela Bank                                                               |  | Pakistan                      
|Mobitalk (Pvt) Ltd                                                         |  | Pakistan                      
|Mobilink Foundation                                                        |  | Pakistan                      
|Orascom Telecom Netherlands B.V.                                           |  | The Netherlands               
|Telecel International Ltd. S.A.                                            |  | Switzerland                   
|Telecel International Services S.A.                                        |  | Switzerland                   
|Telecel Globe Limited                                                      |  | Malta                         
|Telecel Centrafrique S.A.                                                  |  | Central African Republic (CAR)
|U-com Burundi S.A.                                                         |  | Burundi                       
|Orascom Telecom Ventures Ltd.                                              |  | Malta                         
|Orascom Telecom Bangladesh Limited                                         |  | Bangladesh                    
|Oratel International Inc. Limited                                          |  | Malta                         
|Moga Holding Ltd                                                           |  | Malta                         
|Orascom Telecom Algeria S.p.A.                                             |  | Algeria                       
|Orascom Telecom Holding Canada (Malta) Limited                             |  | Malta                         
|Orascom Telecom Holding (Canada) Limited                                   |  | Canada                        
|Orascom Telecom S.à.r.l                                                    |  | Luxembourg                    
|Orascom Telecom Finance S.C.A                                              |  | Luxembourg                    
|Orascom Luxembourg S.à.r.l                                                 |  | Luxembourg                    
|Orascom Luxembourg Finance S.C.A.                                          |  | Luxembourg                    
|Orascom Telecom Oscar S.A.                                                 |  | Luxembourg                    
|Orascom Telecom CS Limited (previously Cortex Services Limited)            |  | Malta                         
|Cortex for Services & Consultations S.A.E.                                 |  | Egypt                         
|Orascom Iraq Holding Limited                                               |  | Malta                         
|Orascom Telecom Iraq Corp. Limited                                         |  | Malta                         
|Ring for Distribution S.A.E                                                |  | Egypt                         
|Multi Media Mega Stores                                                    |  | Egypt                         
|Ring Iraq                                                                  |  | Iraq                          
|Ring for Handset Service (CaRing)                                          |  | Egypt                         
|Advanced Electronic Industries                                             |  | Egypt                         
|Egyptian Company for Marketing and Telecommunication and Service Connect |  | Egypt                         
|The Phone Company FZO                                                      |  | Freezone                      
|Ring Distribution (Private) Limited                                        |  | Pakistan                      



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|                                                    |  |           
|--------------------------------------------------- |  | ----------
|CaRing (Private) Limited                            |  | Pakistan  
|R&D S.à.r.l                                         |  | Tunisia   
|Ring Algeria LLC                                    |  | Algeria   
|Ring Algeria Services                               |  | Algeria   
|Ring Maintenance (CaRing)                           |  | Algeria   
|Ring Distribution (Private) Limited                 |  | Bangladesh
|Orascom Telecom Acquisition S.à.r.l                 |  | Luxembourg
|Orascom Telecom One S.à.r.l                         |  | Luxembourg
|Orascom Telecom Services L.L.C                      |  | Egypt     
|Database Management Services Limited                |  | Malta     
|Database Management Services Algeria                |  | Algeria   
|M-Link Ltd                                          |  | Malta     
|Sawyer Limited                                      |  | Malta     
|Orascom Telecom Eurasia Limited                     |  | Malta     
|Minimax Ventures Limited                            |  | Malta     
|Financial Powers Plan Limited                       |  | Malta     
|Orascom Telecom ESOP Ltd.                           |  | Malta     
|Orascom for International Investment Holding        |  | Malta     
|Wind Acquisition Finance S.A.                       |  | Luxembourg
|International Telecommunications Consortium Limited |  | UK        
|Consortium Algerien de Telecomunications S.p.a.     |  | Algeria   
|Ring Tunisia S.à.r.l (Ring Tunisie)                 |  | Tunisia   
|Ring Distribution Tunisia                           |  | Tunisia   
|Ring Distribution Detail S.à.r.l (Ring Retail)      |  | Tunisia