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EXHIBIT 21.1 LIST OF SUBSIDIARIES OF GOLDEN TELECOM, INC.
AS OF DECEMBER 31, 2004 COMPANY
    
    JURISDICTIONGolden Telecom Group, Inc.
    
    DelawareSFMT-CIS, Inc.
    
    DelawareGTS Finance, Inc.
    
    DelawareGTS Ukrainian TeleSystems LLC
    
    DelawareGTS Mobile Services, Inc.
    
    DelawareGolden TeleServices, Inc.
    
    DelawareSFMT-Rusnet, Inc.
    
    DelawareCellUkraine Ltd.
    
    DelawareGolden Holdings, Inc.
    
    DelawareMCT Corp.
    
    DelawareROL Holdings Ltd.
    
    CyprusAgama Ltd.
    
    CyprusGTS-Vox Ltd.
    
    England & WalesGolden Telecom Limited
    
    British Virgin IslandsST Holdings, s.r.o.
    
    Czech RepublicEDN Sovintel LLC
    
    RussiaSovintel, St.Petersburg Branch
    
    RussiaSovintel, Irkutsk Branch
    
    RussiaSovintel, Khabarovsk Branch
    
    RussiaSovintel, Arkangelsk Branch
    
    RussiaSovintel, Ufa Branch
    
    RussiaSovintel, Krasnodar Branch
    
    RussiaSovintel, Kaliningrad Branch
    
    RussiaSovintel, Krasnoyarsk Branch
    
    RussiaSovintel, Voronezh Branch
    
    RussiaSovintel, Tyumen Branch
    
    RussiaSovintel, Ekaterinbourg Branch
    
    RussiaSovintel, Vladivostok Branch
    
    RussiaSovintel, Novosibirsk Branch
    
    RussiaSovintel, Nizhny Novgorod Branch
    
    RussiaSovintel, Samara Branch
    
    RussiaSovintel, Volgograd Branch
    
    RussiaSovintel, Syktyvkar Branch
    
    RussiaSovintel, Novorossiysk Branch
    
    RussiaSovintel, Kemerovo Branch
    
    RussiaZAO TeleRoss-Vladivostok
    
    RussiaZAO TeleRoss-Novosibirsk
    
    RussiaZAO TeleRoss-Tiumen
    
    RussiaZAO TeleRoss-Kubanelectrosvyaz
    
    RussiaZAO TeleRoss-Ekaterinburg
    
    RussiaZAO TeleRoss-Komi
    
    RussiaZAO TeleRoss-Voronezh
    
    RussiaZAO TeleRoss-Volgograd
    
    RussiaZAO TeleRoss-Samara
    
    RussiaZAO Samara Telecom
    
    RussiaOOO SibChallenge-Telecom
    
    RussiaOOO TEL
    
    Russia




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COMPANY
    
    JURISDICTIONAgency of Business Communication (ADS) LLC
    
    RussiaZAO Transsvyaz
    
    RussiaFirst Telecommunications Company (PTK) ZAO
    
    RussiaUralRelcom LLC
    
    RussiaCityline ZAO
    
    RussiaCityline Kuban ZAO
    
    RussiaCityline, St. Petersburg Branch
    
    RussiaCityline, Kaliningrad Branch
    
    RussiaCityline Tyumen ZAO
    
    RussiaInforis ZAO
    
    RussiaOAO Balticom Mobile
    
    RussiaZAO WestBalt Telecom
    
    RussiaOOO Bashinsviaz
    
    RussiaGolden Telecom LLC
    
    UkraineGolden Telecom, Lvov Branch
    
    UkraineGolden Telecom, Odessa Branch
    
    UkraineGolden Telecom, Dnepropetrovsk Branch
    
    UkraineGolden Telecom, Donetsk Branch
    
    UkraineGolden Telecom, Kharkov Branch
    
    UkraineGolden Telecom, Zaporozhie Branch
    
    UkraineInvest Holding LLC
    
    UkraineSA-Telcom LLP
    
    KazakhstanJoint Venture Buzton, LLC
    
    UzbekistanBuzton, Samarkand Branch
    
    UzbekistanBuzton, Ugrench Branch
    
    UzbekistanBuzton, Namangan Branch
    
    UzbekistanBuzton, Andizhan Branch
    
    UzbekistanBuzton, Bukhara Branch
    
    UzbekistanBuzton, Nukus Branch
    
    UzbekistanBuzton, Naroi Branch
    
    UzbekistanBuzton, Gulistan Branch
    
    UzbekistanBuzton, Karshi Branch
    
    UzbekistanBuzton, Termez Branch
    
    UzbekistanBuzton, Jizzakh Branch
    
    UzbekistanBuzton, Fergana Branch
    
    Uzbekistan