Exhibit 4.12



MINISTRY OF THE RUSSIAN FEDERATION

FOR TELECOMMUNICATIONS AND INFORMATION TECHNOLOGIES



LICENSE



|         |  |          
|-------- |  | ---------
|A 025009 |  | No. 25341



In accordance with
the applicable laws of the Russian Federation

this permission is given to



Open Joint Stock Company

Vimpelcom-Region



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Legal Address:



10, 8 Marta street, bldg. 14, Moscow 127083



Type of Operations:



Data Transmission Services



Conditions for carrying out this type of activity and the territory

are set forth in the attachment which is an integral part hereof



|                                                                                            |  |             |  |                     
|------------------------------------------------------------------------------------------- |  | ----------- |  | --------------------
|Term of validity of the License:                                                            |  |             |  | until August 1, 2007
|                                                                                            |  |            
|Services to be rendered as of (no later than):                                              |  |             |  | March 14, 2004      
|                                                                                            |  |            
|Date of registration of the License in the Unified
Register of Telecommunications Licenses: |  |             |  | March 14, 2003      
|                                                                                            |  |            
|First Deputy Minister of the
Russian Federation for Telecommunications
and                  |  | [Signature] |  | B.D. Antonyuk       
|Information Technologies                                                                    |  | [Seal]      |  |                     



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Ministry of the Russian Federation for Telecommunications and Information Technologies



CONDITIONS FOR CARRYING OUT ACTIVITIES

UNDER LICENSE NO. 25341



1. OJSC Vimpelcom-Region (the Licensee) is hereby authorized to provide data transmission services in the territory specified in clause 38.



2. Data transmission services shall be provided with the involvement of Licensees data transmission network.



The installed subscribers capacity of Licensees network
shall enable the activation of at least 2,000 subscribers by end of the license period, and at least 100 subscribers by end of 2004.



3. The Licensee must provide services on the licensed territory to any person requiring such services, provided the corresponding technical capacity is
available.



The Licensee shall have the right to refuse to
provide the services in the following circumstances:



-
provision of service may create danger to the security and defense of the state, health and security of people;



- provision of service is impossible due to physical, topographic or other natural obstacles;



- the consumer without reasonable cause disagrees with the terms of provision
of service, or does not make timely payments for the provided service;



- the consumer utilizes or intends to utilize communications equipment for any illegal purposes, receives communication services through unlawful methods, operates the provided equipment in violation of the rules of technical operation, or
utilizes uncertified equipment.



Refusal in each specific case
must have a basis.



4. The Licensee shall have the right to
connect data transmission equipment to the general access telephone network, the portion of the Iskra network used for commercial purposes, and AT/Telex network, and to use the communication channels and the physical links of the general
access network.



5. Connection of Licensees data
transmission equipment to the general access telephone network, the portion of the Iskra network used for commercial purposes, and AT/Telex network shall only be effected on the basis of subscriber units.



The use of dial-up channels of the above networks for internodal and gateway
connections is not allowed.



6. Connection of Licensees
data transmission equipment to the general access telephone network, the portion of the Iskra network used for commercial purposes, and the



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Ministry of the Russian Federation for Telecommunications and Information Technologies



AT/Telex network, the use of communications channels and physical links of the general access telephone network for
transmission of telecommunications signals shall be effected under agreements with operators of the relevant networks and subject to tariffs applicable to the given category of users.



7. Use of technical means of communication owned by the Licensee or users shall be allowed subject to availability of
compliance certificate of Svyaz Compulsory Certification System.



8. Provision of services using the communications facilities hereunder may be commenced only subject to availability of telecommunication network operating permission issued by the Russian state communications and
information technologies control authority.



9. Interaction of
Licensees network with other data transmission networks shall not involve the use of identification codes and address space owned by foreign-based networks.



10. Connection of Licensees network to other communication networks in the Russian Federation shall be allowed only
subject to availability of the license of the Russian Ministry For Telecommunications and Information Technologies (Russian Ministry of Telecommunications, State Committee of the Russian Federation for Telecommunications and Information
Technologies, State Committee of the Russian Federation for Telecommunications) issued to the corresponding operators.



11. The throughput of international telex traffic generated by the users shall be effected only through the international station of the Russian
Federation Telex network.



12. Wireless data transmission
equipment operating at 2400-2483.5 MHz may be used, subject to the permission issued by the state radiofrequencies services of the Ministry of the Russian Federation for Telecommunications and Information Technologies.



13. The Licensee shall provide telecommunication services provided for in
this license 24 hours a day on a daily basis, except for interruptions for necessary maintenance and repairs to be scheduled so as to minimize damage caused to the users.



14. The Licensee is required to provide users with telecommunication services which comply with the quality standards,
technical parameters, certificates, and terms of the agreement for provision of telecommunication services.



15. The Licensee shall be liable to the users for failure to perform or improper performance of its obligations pursuant to the procedure and to the
extent specified by the applicable laws of the Russian Federation.



16. The Licensee shall comply with the requirements of the Agency of Telecommunications of the Russian Federation with respect to the traffic priority and provision of services.



17. In situations set forth by the laws of the Russian Federation the centralized management of Licensees
telecommunication networks shall be effected directly by the Ministry of the Russian Federation for Telecommunications and Information Technologies.



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Ministry of the Russian Federation for Telecommunications and Information Technologies



18. Expenses associated with design and construction of Licensees data transmission network,
connection thereof to the general access networks in the Russian Federation and settlements with operators of general access networks in the Russian Federation shall be at Licensees cost.



19. The tariffs for communications services shall be established on the
contractual basis.



In cases stipulated by the legislation of
the Russian Federation with regard to specific types of communications services provided by communications enterprises, the tariffs may be regulated by the state.



Payments for interconnections between the networks shall be established on the basis of contracts, conditions and provisions
agreed among communications enterprises. Disputes on such matters shall be considered pursuant to the applicable laws of the Russian Federation.



20. Specific categories of state officers, diplomatic and consulate representatives of foreign states, representatives of international organizations, as
well as specific groups of individuals may have certain privileges and priorities while using telecommunications in terms of the order of priority, procedure of use and the amount of payment for communication services.



The list of privileges as well as categories of officers and individuals who
are entitled to such privileges and priorities shall be determined by the legislation of the Russian Federation and normative legal acts of the political subdivisions of the Russian Federation, as well as by international treaties and agreements of
the Russian Federation.



21. The Licensee shall provide for
strict confidentiality of communications.



Any information on
messages being transmitted through the communication network of the Licensee, as well as the messages themselves may be disclosed only to the senders and addressees or their legal representatives.



Any tapping of telecommunications messages or any other limitation of
communication confidentiality shall be permitted only on the basis of the applicable legislation of the Russian Federation.



22. The Licensee shall not prevent any reviews of the technical parameters of the network by the State Telecommunications and Information Technologies
Control agencies of the Russian Federation, and, if necessary, must provide such agencies with access to its measuring devices to be used for such work.



23. During development, creation and operation of the communication network, the Licensee shall, pursuant to the legislation of the Russian Federation,
render assistance and provide the criminal investigation agencies with the possibility of carrying out such investigations using the communication network, and shall take measures to keep confidential all organizational and tactic methods of
carrying out of the mentioned activities.



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Ministry of the Russian Federation for Telecommunications and Information Technologies



Should communication means be used for criminal purposes harmful for interests of individuals,
society and the state, operation of the networks and communications equipment of the Licensee may be suspended by the state bodies authorized thereto in accordance with legislation of the Russian Federation.



Provision of communications channels to the users shall be effected after
requirements of the Law of the Russian Federation On Investigation Activities in the Russian Federation are met.



24. The Licensee shall be obliged to take measures to prevent any unauthorized access to management of the network and any unauthorized control over its
operations.



Licensees data transmission network centers
shall be located in the Russian Federation.



25. In case of
Acts of God, quarantine or any other natural or industrial force majeure events, the governmental authorities authorized thereto shall have the right of priority utilization and suspension of the operation of the Licensees network and
telecommunication means.



26. Licensee shall provide an
absolute priority for all emergency messages related to personal safety at sea, or land, in the air or space, carrying out of emergency measures in the area of defense, security and law and order enforcement in the Russian Federation, as well as for
messages on significant accidents, catastrophes, epidemics, epizootic and acts of God.



27. Licensee shall provide free of charge telecommunication services required for administrative purposes as prescribed by the Ministry of the Russian Federation for Telecommunications and Information Technologies.



28. At the request of the Ministry of the Russian Federation
for Telecommunications and Information Technologies, the Licensee shall provide information on the technical condition and development prospects of the network, conditions for the provision of telecommunication services and existing tariffs.



29. The Licensee shall give priority to the use of
telecommunication means manufactured in the Russian Federation pursuant to the Federal Law On Communications.



30. Licensees technical facilities can be constructed only upon availability of design documents prepared in compliance with Construction Norms and
Rules and Industrial Technological Design Norms (SniP, VNTP) effective in the Russian Federation, and duly obtained approval of such design documents.



31. This License shall be governed, construed and performed in accordance with the applicable legislation of the Russian Federation.



32. The Licensee shall operate in accordance with the regulatory acts and
applicable legislation of the Russian Federation.



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Ministry of the Russian Federation for Telecommunications and Information Technologies



33. The Ministry of the Russian Federation for Telecommunications and Information Technologies
reserves the right to introduce any amendments or supplements to this license due to any changes in the applicable legislation of the Russian Federation.



34. The Licensee shall submit to local statistical agencies and to the Ministry of the Russian Federation for Telecommunications and Information
Technologies periodic and annual state statistical reports on communications in accordance with the procedure established by the State Committee for Statistics of the Russian Federation.



Violation of the procedure for submitting of statistical reports shall result in administrative liability in accordance with
the applicable legislation.



35. This License is not assignable
to any other entity.



36. The Licensee shall effect payments
out of revenues received for the rendered communications and information technologies services to the account of the Ministry of the Russian Federation for Telecommunications and Information Technologies, pursuant to the standards established under
Decree No. 380 of the Government of the Russian Federation of April 28, 2000.



Such transfers shall be effected on a monthly basis subject to the actual revenues received for the telecommunications and information technologies services rendered in the preceding calendar month, no later than the
20thday of the subsequent month. The amount to be transferred shall be adjusted on a quarterly basis upon the
provision of accounting reports to the tax agencies.



With a
view to effecting control over the adequacy of cash transfers to the account of the Ministry of the Russian Federation for Telecommunications and Information Technologies, the Licensee shall, upon written request of the management of the department
for control over telecommunications and information technologies in the relevant political subdivision of the Russian Federation, provide the corresponding accounting report form which reflects the revenues from the provided telecommunications and
information technologies services.



37. The License shall be
registered upon its issuance with the relevant state communications and information technologies control agency of the Russian Federation.



In case of any changes in the mailing or banking requisites or the telephone numbers, or in case of reorganization or liquidation of the legal entity, the
Licensee shall inform the Ministry of the Russian Federation for Telecommunications and Information Technologies and the territorial department of the state communications and information technologies control service thereof.



38. The licensed area includes:



|           |  |                                                                                                        
|---------- |  | -------------------------------------------------------------------------------------------------------
|Republics: |  | Karelia;                                                                                               
|           | 
|Oblasts:   |  | Arkhangelskaya, Vologodskaya, Kaliningradskaya, Leningradskaya, Murmanskaya, Novgorodskaya, Pskovskaya;



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Ministry of the Russian Federation for Telecommunications and Information Technologies



|             |  |                 |  | 
|------------ |  | --------------- |  | 
|Aut. Okrugs: |  | Nenets;         |  | 
|             |  |                
|Cities:      |  | St. Petersburg. |  | 

|                                                                                                    |  |             |  |              
|--------------------------------------------------------------------------------------------------- |  | ----------- |  | -------------
|                                                                                                    |  |            
|First Deputy Minister of the Russian
Federation for Telecommunications and Information
Technologies |  | [Signature] |  | B.D. Antonyuk
|                                                                                                    |  |            
|Head of the Department of the
Organization                                                          |  | [Signature] |  | N.M. Popov   
|of Licensing Activity                                                                               |  | [Seal]      |  |              



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