Exhibit 4.50  [STATE EMBLEM OF THE REPUBLIC OF
ARMENIA]  REPUBLIC OF ARMENIA MINISTRY OF TRANSPORT AND
COMMUNICATION  LICENSE No. 765 FOR PROVISION OF TELEPHONE
SERVICES  Issued to:  K-Telecom Closed Joint-Stock Company (Licensee) 50 Khanjian Str., Yerevan, Republic of Armenia  Type of activity:  Global System for Mobile communications (GSM) Services,i.e.public mobile communication services in 900/1800 MHz radiofrequency
band, which are provided through an international cellular radio communication
system built in accordance with the technical specifications of GSM (Global
System for Mobile communications), as published from to time by the European
Telecommunication Standards Institute.  For the purposes of this License, the term public
mobile services shall mean such radio telecommunication services, for which
the service providers shall be entitled to offer and provide to the public paid
mobile telecommunication services, cellular telephone services, paging,
personal communication services, specialized mobile radio, GSM, mobile
satellite services or other mobile radio services, for which licenses may be
issued and frequencies may be allocated by state authorities.  Place of Business:Territory
of the Republic of Armenia  Term of Validity of the License:15
years  The term of the License shall be extended for fifteen
(15) years upon written application of the Licensee, which shall be submitted
not earlier than twenty-four (24) months and not later than twelve (12) months
before the date of expiration of the current validity of the License, unless
the Ministry of Transport and Communication or any other authority authorized
by Government of the Republic of Armenia or the Laws of the Republic of Armenia
to regulate the sector of the telecommunication of Armenia, not later then six (6) months
before the expiration of the respective term of the License (the Regulator) raises
material objections against renewal of the License. If the objections are
raised in connection with the events occurring within six (6) months
preceding the expiration of the respective term of the License, then the above
mentioned time limits shall not apply.  With respect to such application for extending the
validity, the Licensee shall be entitled to extension, if during the validity of
the License the actions of the Licensee complied in all


material respects with the provisions of the License
and other applicable laws, regulations and rules.  In determining the terms and conditions of any
renewal, the Regulator may take into account any change in circumstances,
including technological advancements.  The Regulator shall discuss submitted application as
expeditiously as possible, provided that the Regulator may require the Licensee
to submit any documents or other necessary information, which are reasonably
required for verifying above mentioned compliance of the Licensees activity.  No fee shall be charged for renewing the License.  Issue Date:04.11.2004  Mandatory Terms and Conditions of the Licensees
Activity:  a.The Licensee shall be governed in its activities by the requirements of
the legislation of the Republic of Armenia, including the regulation adopted by
the Regulator, as well as the provisions related to the obligations of the
second GSM operator stipulated by the amended and re-approved version of the
License 60 of Armentel JV Closed Joint-Stock company as approved by the
Government of the Republic of Armenia on the 3d of November 2004.  b.The License may be transferred to another owner (including through the
judiciary act) only upon written consent of the Regulator or through
succession. In any other cae, the License shall be subject to termination.  MINISTER OF TRANSPORT AND COMMUNICATION
OF THE REPUBLIC OF ARMENIA  [Signature]A.MANUKYAN  [Round Seal with the State Emblem of the Republic of Armenia
reading Ministry of Transport and Communication of the
Republic of Armenia in Armenian, English and Russian
languages]  04 November2004