Document:

Exhibit 4.3

                            OPEN JOINT STOCK COMPANY
         LONG-DISTANCE AND INTERNATIONAL TELECOMMUNICATIONS "ROSTELECOM"
                                   (as seller)

                                       and

                           CLOSED JOINT STOCK COMPANY
                             RAIFFEISENBANK AUSTRIA
                                   (as buyer)

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                        STOCK SALE AND PURCHASE AGREEMENT
   ---------------------------------------------------------------------------
<PAGE>

                        STOCK SALE AND PURCHASE AGREEMENT
                                  No. 449-03-4

This Stock Sale and Purchase Agreement ("Agreement") is made on this 27 day of
October 2003 in Moscow by and between:

(1)  Closed Joint Stock Company "Raiffeisenbank Austria" (the "Buyer")
     established under the laws of Russian Federation, acting on the basis of
     Brokerage Agreement dated September 08, 2003 # 70066 (concluded between the
     Buyer acting as a broker and a client of the Buyer (the "Client"),
     represented by Michel P. Perhirin, Chairman of the Board, acting on the
     basis of the Charter, and

(2)  Open Joint Stock Company Long-Distance and International Telecommunications
     "Rostelecom" (the "Seller") organised in accordance with the laws of the
     Russian Federation represented by Mr. Sergei Ivanovich Kouznetsov, General
     Director, acting on the basis of the Charter,

(together, the "Parties" and separately, a "Party").

THE PARTIES AGREE as follows:

1.   SUBJECT OF AGREEMENT

The Seller agrees to transfer title to and the Buyer, acting in its own name and
at the expense of the Client, agrees to accept and pay for 460 319 (four hundred
sixty thousand three hundred nineteen) common registered non-documentary shares
in the Open Joint Stock Company "RTC-Leasing" (of which 54 000 (fifty four
thousand) shares are shares of the second issue, and 406 319 (four hundred six
thousand three hundred nineteen) shares are shares of the third issue) (state
registration numbers of the issues, respectively: 73-1-7973 of 17 April 1997 and
1-03-01154-N of 21 February 2002), nominal value 10 Rubles per share (the
"Shares"), comprising, as rounded to one thousandth of percent, 11,026 (eleven
26/1000) percent of the charter capital of Open Joint Stock Company
"RTC-Leasing" (the "Company"), on the terms and conditions of this Agreement.

2.   TRANSFER OF TITLE

(1)  All rights to the Shares shall be transferred to the Buyer as of the moment
     of making the entry in the register of shareholders of the Company (the
     "Shareholders' Register") from the Seller's name to the Buyer's name.

(2)  The Seller shall file the transfer order in respect of the Shares in
     accordance with legislation of the Russian Federation in force and
     requirements of the registrar (the "Registrar") maintaining the
     Shareholders' Register as well as any documents to be presented to transfer
     the rights to the Shares with the Shareholders' Register, within 5 (five)
     business days from the execution date of this Agreement. The Seller shall
     indicate in the transfer order the information set forth in Schedule A
     hereto.

(3)  The Seller shall provide the Buyer with the Registrar's notice (the
     "Registrar's Notice") of transfer of the title to the Shares to the Buyer.
     If the Seller is unable to provide the Seller with the Registrar's Notice
     within five (5) business days following the date of transfer of the title
     to the Shares to the Buyer, the Seller shall, (i) without delay, notify the
     Buyer of this fact, and provide the Buyer with a copy of the Sellers'
     request for the Registrar's Notice delivered to the Registrar, and (ii) use
     any and all possible efforts to furnish or make available to the Buyer, at
     the Seller's cost and expense, information of the Registrar duly executed
     and signed by an authorised representative of the Registrar, received by
     request of the Company, with a statement that the Buyer is a registered
     person in respect of the Shares in accordance with the Shareholders'
     Register. Notwithstanding any provisions herein to the contrary,

                                       1
<PAGE>

     the Buyer shall request the Registrar for a extract from the Shareholders'
     Register within three (3) business days of receipt of the notice of the
     Seller mentioned in section (i) of clause 2 (3) hereof.

3.   PAYMENTS

(1)  The Buyer shall pay to the Seller for the transfer of title to the Shares
     the amount (the "Purchase Price") of 301 481 481 (three hundred one million
     four hundred eighty one thousand four hundred eighty one) Russian rubles
     within 2 (two) business days (i) following the date of receipt of the
     Registrar's Notice by the Buyer, or (ii) from the date on which the Buyer
     receives the information of the Registrar as set out in section (ii) of
     clause 2 (3) of this Agreement, or (iii) following the date on which the
     Buyer receives the extract from the Shareholders' Register stating that the
     Buyer is a registered person in respect of the Shares in accordance with
     the Shareholders' Register, whichever shall occur earlier.

(2)  Amounts to be paid under this Agreement shall be paid by bank transfer to
     the relevant account set out at the end of this Agreement. The Seller's
     obligation to pay the Purchase Price or any part of the Purchase Price
     shall be considered to have been fulfilled as of the moment when (i) the
     monetary funds are credited to the Buyer's bank account if a fund transfer
     is executed over Parties' accounts open within a credit institution, or
     (ii) in any other cases, when the monetary funds are credited to the
     correspondent account of the credit organization servicing the Buyer's bank
     account.

(3)  All payments hereunder shall be effected in the Russian rubles.

4.   DEFAULT

If the Seller has committed a material breach of provisions of this Agreement
and such breach remains uncured for thirty (30) calendar days as of the date of
receipt by the Seller of the Buyer's notice, then the Buyer, by written notice
to the Seller and without recourse to courts, may at its discretion either
proceed with the fulfillment of this Agreement or terminate this Agreement
pursuant to clause 5 of this Agreement.

If:

-    The Buyer fails to pay any sum due from it as specified in this Agreement;
     or

-    any representation or warranty made by the Buyer in this Agreement is or
     proves to have been incorrect or misleading when made, provided that such
     incorrect or misleading representation or warranty has a material adverse
     effect on the Buyer 's ability to duly perform its obligations and/or on
     the rights of the Seller hereunder; or

-    the Buyer is unable to make payments under this Agreement as they fall due,
     or any steps are taken by the Buyer, any Russian agency or any third party
     for the liquidation of or for the appointment of a receiver, administrator
     or similar official of the Buyer; or

-    the Buyer has committed a material breach of provisions of this Agreement
     and and such breach remains uncured for thirty (30) calendar days as of the
     date of receipt by the Buyer of the Seller's notice;

then, and in any such case, the Seller, by written notice to the Buyer and
without recourse to courts, may at its discretion either proceed with the
fulfillment of this Agreement or terminate this Agreement pursuant to clause 5
of this Agreement.

                                       2
<PAGE>

5.   TERMINATION AND INDEMNITY

(1)  If any Party terminates this Agreement pursuant to clause 4 (1) or 4 (2) of
     this Agreement, the other Party shall indemnify the terminating Party
     against all its reasonable costs relating to the negotiation, preparation,
     signing, or termination of this Agreement.

(2)  Upon termination as provided by clause 4 (1) or 4 (2) hereof, this
     Agreement shall be of no further force or effect, and no Party shall have
     any further obligation for further performance of this Agreement or any of
     its terms, except for clauses 5, 8, 10, 12 and 13 hereof, which shall
     survive the termination of this Agreement.

(3)  Upon termination of this Agreement by either Party, each Party shall be
     required to return to the other Party everything received from the other
     Party. For the avoidance of doubt, upon termination by either Party, the
     Buyer shall transfer the Shares back to the Seller, and the Seller shall
     return to the Buyer the amounts paid towards the Purchase Price by the
     Buyer, in addition to any indemnity provisions set out below.

(4)  The Seller and the Buyer agree that:

     -    The Buyer shall be liable to indemnify and hold harmless the Seller
          from and against losses in full, including those associated with any
          claims, losses, liabilities, damages, reasonable costs and reasonable
          expenses, arising out of the termination of this Agreement pursuant to
          clause 4 (2) hereof. Money becoming due from the Buyer to the Seller
          under the indemnities contained in this clause shall be paid on demand
          made by the Seller and shall be paid together with interest thereon at
          double interest rate of the Central Bank of the Russian Federation
          from the date of demand to the date of payment by the Buyer to the
          Seller, and

     -    The Seller shall be liable to indemnify and hold harmless the Buyer
          from and against losses in full, including those associated with any
          claims, losses, liabilities, damages, reasonable costs and reasonable
          expenses, arising out of the termination of this Agreement pursuant to
          clause 4 (1) hereof. Money becoming due from the Seller to the Buyer
          under the indemnities contained in this clause shall be paid on demand
          made by the Seller and shall be paid together with interest thereon at
          double interest rate of the Central Bank of the Russian Federation
          from the date of demand to the date of payment by the Seller to the
          Buyer.

6.   FORCE MAJEURE

(1)  The parties shall not be liable for the consequences of any delay, failure
     or inability to discharge an obligation under this Agreement for reasons
     beyond their reasonable control. Such events will include, but not be
     limited to any law, order, regulation or threat of any governmental or
     other authority prohibiting activities which are the subject of this
     Agreement, or actions of the Registrar which prevent completion of this
     Agreement (a "Force Majeure Event").

(2)  If either Party becomes aware of a Force Majeure Event it shall, on
     becoming so aware, notify the other Party of the event.

(3)  If a Force Majeure Event causes a delay in the performance of this
     Agreement the Parties may agree to terminate this Agreement.

7.   WARRANTIES

The Seller and Buyer represent and warrant that they have the requisite power to
enter into this Agreement and perform their obligations under this Agreement and
that this power is duly established and not in violation of any agreements or
the legislation of the Russian Federation.

                                       3
<PAGE>

The Seller represents and warrants that it has the requisite power to dispose of
the Shares, and the Seller is the owner of the Shares.

The Seller represents and warrants that the Shares are free and clear from any
third party lien, charge interest or encumbrance or other Shares interest.

The Buyer represents and warrants that Brokerage Agreement dated September 08,
2003 # 70066 concluded between the Buyer and the Client provides that the broker
shall perform any securities transactions with third persons in its own name and
at the expense of the Client.

The Buyer represents and warrants that it has duly opened and maintains an
account with the Registrar in order to receive the Shares upon their transfer
from the Seller.

The Parties hereby acknowledge that their respective representations and
warranties set out in this Clause 7 are true, accurate and not misleading as of
the date of signing of this Agreement; such representations and warranties shall
be deemed repeated in full at (i) the date of the transfer of title to the
Shares, and (ii) except for the representations and warranties made by the
Seller in clauses 7 (2) and 7 (3) hereof, the date of payment of the Purchase
Price.

8.   CONFIDENTIALITY

(1)  Neither Party shall disclose any information about the other Party obtained
     as a result of, or in connection with, entry into this Agreement, except as
     provided for in this Agreement or where required by the Client or according
     to applicable legislation or any court order or when required to do so by
     any fiscal or regulatory body.

(2)  No public announcement, communication or circular concerning the
     transactions referred to in this Agreement may be made or dispatched at any
     time by either Party without having first obtained written consent of the
     other Party, which must not unreasonably withhold or delay giving consent.

9.   ASSIGNMENT

Neither Party may assign or transfer any of its rights and obligations under
this Agreement without the prior written consent of the other Party.

10.  NOTICES

Except as otherwise expressly provided in this Agreement, all notices shall be
in writing and mailed, telecopied or hand delivered to the address set out below
in this clause 10. All such notices shall be effective when received by the
receiving Party.

With respect to the Buyer to:

     ZAO Raiffeisenbank Austria
     Russian Federation
     129090 Moscow
     17/1 Troitskaya
     Fax: (095) 721 99 01
     Attn: Head of Securities Operations and Custody Service Dept.

                                       4
<PAGE>

With respect to the Seller to:

     OAO Rostelecom
     Russian Federation
     125047 Moscow
     14, ul. 1st Tverskaya-Yamskaya
     Fax: (095) 787 2850
     Attn: Finance Director

11.  FURTHER ASSURANCE

Each Party shall, at its own expense, promptly take such steps and execute such
documents as shall be necessary or desirable to give effect to the provisions of
this Agreement.

12.  GOVERNING LAW

This Agreement shall be governed by and construed in accordance with legislation
of Russia. Any dispute arising under this Agreement shall be resolved
exclusively through the International Commercial Arbitration court at the
Chamber of Commerce and Industry of the Russian Federation, Moscow, Russian
Federation without resort to other courts.

13.  MISCELLANEOUS

     (1)  Each of the Parties shall pay its own expenses which may arise in
          connection with this Agreement as well as expenses relating to the
          negotiation, preparation, signing and implementation by the Parties of
          this Agreement and of all other documents referred to in it.

     (2)  Amendments and additions to this Agreement will only be valid if they
          are in written form and signed by duly authorized representatives of
          both Parties.

     (3)  This Agreement is valid from the date of its signing by both Parties
          and shall be valid until all obligations of the Parties under it have
          been fulfilled or the Agreement is terminated by the agreement of both
          Parties or in accordance with clause 4 of this Agreement.

     (4)  This Agreement is made in two originals, one for each Party. The
          originals of the Agreement shall have equal legal force.

     (5)  In the event of any inconsistency between the English and Russian
          texts of this Agreement, the Russian shall prevail.

          On behalf of the Seller:                    On behalf of the Buyer:
          Authorized Signatory:                       Authorized Signatory:

          _______/signed/____________                 _______/signed/___________
          S.I. Kouznetsov                             Michel P. Perhirin
          General Director                            Chairman of the Board

          Authorized Signatory:                       Authorized Signatory:

          _______/signed/____________                 _______/signed/___________
          A.A. Lutsky                                 E.Yu. Soukhoveeva
          Chief Accountant                            Chief Accountant

          [Seal]                                      [Seal]

                                       5Exhibit 4.4

                              TERMINATION AGREEMENT

THIS TERMINAITON AGREEMENT (this "Agreement") is made on October 2, 2003,
between:

(1)  OPEN JOINT STOCK COMPANY RTC-LEASING (the "Lessor"), located at: 5
     Delegatskaya, Moscow 127091, Russian Federation, represented by Director
     General Mikhail Grigoryevich Trufanov acting pursuant to the Charter, and

(2)  OPEN JOINT STOCK COMPANY OF LONG DISTANCE AND INTERNATIONAL
     TELECOMMUNICATIONS ROSTELECOM (the "Lessee"), located at: 5 Delegatskaya,
     Moscow 127091, Russian Federation, represented by General Director Sergey
     Ivanovich Kuznetsov acting pursuant to the Charter,

(jointly referred to as the "Parties" and individually, as a "Party")

WHEREAS:

     -    on May 24, 1999, the Parties entered into Financial Lease Agreement
          No.100-204/99/419-2.4 (with subsequent amendments, including the
          agreement to amend the financial lease agreements between OJSC
          RTC-Leasing and OJSC Rostelecom, dated September 28, 2001)
          (hereinafter, the "Lease Agreement") whereunder the Lessor undertook
          to the Lessee to acquire title to the Property specified by the Lessee
          from the Seller specified by the Lessee and to provide such Property
          to the Lessee for temporary possession and use, while the Lessee
          undertook to make Lease Payments in favor of the Lessor;

     -    As of the date hereof, the total amount of the Lease Payments due from
          the Lessee to the Lessor is one billion four hundred sixteen million
          four hundred nine thousand five hundred fourteen rubles and forty
          kopeks (RUR1,416,409,514.40), which amount includes value-added tax;

     -    The Lessee owns four (4) promissory notes, the maker of which notes is
          the Lessor, worth the total note amount of three hundred two million
          eight hundred fifty thousand rubles (RUR302,850,000), details and
          other information of which notes are specified in Exhibit 1 hereto
          (the "Promissory Notes");

     -    The Lessee intends to transfer the Promissory Notes, and the Lessor
          desires to accept the Promissory Notes from the Lessee;

     -    The Parties intend to terminate a part of the Lessee's obligations on
          making the Lease Payments in favor of the Lessor;

     -    On October 1, 2003, the General Meeting of Shareholders of OJSC
          RTC-Leasing adopted a resolution on approval of this Agreement
          (Minutes No.6 of October 1, 2003);

     -    On September 29, 2003, the Board of Directors of OJSC Rostelecom
          adopted a resolution on approval of this Agreement (Minutes No. 6 of
          September 29, 2003);

THREFORE THE PARTIES AGREE AS FOLLOWS:
<PAGE>

1.        USE OF TERMS

The terms defined in the Lease Agreement shall have the same meanings herein.

2.        TERMINATION OF OBLIGATIONS

2.1       The Lessee's obligations on payment of a portion of the Lease Payments
          remaining unpaid as of the date of this Agreement, which portion
          totals three hundred two million eight hundred fifty thousand rubles
          (RUR302,850,000) inclusive of value-added tax ("VAT") and comprises
          the following payments due from the Lessee to the Lessor: (i) the
          amount of seventy million eight hundred one thousand six hundred
          sixty-seven rubles (RUR70,801,667) exclusive of VAT, specified by
          number 32 in the Payment Time-Table, the date of payment of which
          amount falls on the fifth week of 2008, and making eighty-four million
          nine hundred sixty-two thousand rubles and forty kopeks
          (RUR84,962,000.40) inclusive of VAT, (ii) the amount of seventy
          million rubles (RUR70,000,000) exclusive of VAT, specified by number
          33 in the Payment Time-Table, the date of payment of which amount
          falls on the eighteenth week of 2008, and making eighty four million
          (RUR84,000,000) inclusive of VAT, (iii) the amount of seventy million
          rubles (RUR70,000,000) exclusive of VAT, specified by number 34 in the
          Payment Time-Table, the date of payment of which amount falls on the
          thirty first week of 2008, and making eighty four million
          (RUR84,000,000) inclusive of VAT, and (iv) a part of the amount
          specified by number 35 in the Payment Time-Table, the date of payment
          of which amount falls on the forty-fourth week of 2008, making
          forty-one million five hundred seventy-three thousand three hundred
          thirty-three rubles (RUR41,573,333) exclusive of VAT, or forty-nine
          million eight hundred eighty-seven thousand nine hundred ninety-nine
          rubles and sixty kopeks (RUR49,887,999.60) inclusive of VAT (the
          "Initial Obligations"), shall be terminated by transferring the
          Promissory Notes by the Lessee to the Lessor on the terms established
          herein.

2.2.      The Initial Obligations shall be deemed terminated on the date on
          which the Parties sign the Acknowledgement of Transfer and Acceptance
          in accordance with Article 3.2 hereof.

3.        TRANSFER OF THE NOTES

3.1.      The Lessee undertakes to transfer all the Promissory Notes to the
          Lessor within three (3) business days following the date of this
          Agreement.

3.2       The transfer of the notes to the Lessor (i) shall involve putting of a
          duly perfected endorsement specifying the Lessor as endorsee and
          containing stipulation "without recourse to OJSC Rostelecom on each
          of the Promissory Notes, certified with the Lessee's seal and
          signature of an authorized representative and chief accountant of the
          Lessee and specifying the date of the endorsement execution, and (ii)
          shall be certified by an acknowledgement of acceptance and transfer of
          the promissory notes (the "Acknowledgement of Acceptance and
          Transfer") in the form contained in Exhibit 2 hereto.

3.3.      The Lessee hereby represents and warrants to the Lessor that none of
          the Promissory Notes has been sold, transferred or assigned, become a
          subject of dispute, is a subject of pledge, nor it has been attached
          or encumbered otherwise, and no third parties have acquired rights to
          or under the Promissory Notes.

4.        PERFORMANCE OF THE LEASE AGREEMENT

4.1.      After termination of the Initial Obligations, the aggregate amount of
          the Lease Payments remaining unpaid as of the date hereof, reduced by
          the amount of the Initial Obligations, shall be subject to payment by
          the Lessee to the Lessor in accordance with the terms of the Lease
          Agreement.

                                       2
<PAGE>

4.2.      In connection with termination of the Initial Obligations since the
          date of signing of the Acknowledgement of Acceptance and Transfer, the
          Payment Time-Table shall be amended as follows:

4.2.1.    The dates and amounts of the Lease Payments specified by numbers 32,
          33 and 34 in the Payment Time-Table shall be removed; and

4.2.2.    The initial amount of the Lease Payment specified by number 35 in the
          Payment Time-Table shall be replaced with the amount of twenty eight
          million four hundred twenty-six thousand six hundred sixty-seven
          rubles (RUR28,426,667).

5.        FORCE MAJEURE

5.1.      In the event that any of the Parties is unable to perform its
          obligations under this Agreement for the reason of inception of any
          event or circumstance beyond of such Party's control, which event or
          circumstances could not be foreseen as of the date of this Agreement
          and which include, inter alia, any change of the applicable
          legislation as well as any action or inaction by governmental
          authorities, then the term of performance by such Party of its
          obligations under this Agreement shall be prolonged for a period
          during which such circumstance or event are in effect

5.2.      Neither of the Parties shall be entitled to refer to the circumstances
          or events specified in Article 5.1 above if such Party shall have
          failed to notify the other Party of such circumstances or events
          within five (5) business days of the date of inception thereof.

5.3.      If the above circumstances or events continue for more than one year,
          then either Party shall be entitled to terminate this Agreement by
          sending a written notice to the other Party in advance.

6.        NOTICES

Any notice or any other communication under this Agreement or in connection
herewith must be made in writing and delivered either in person or sent by
registered mail or tested facsimile communication with confirmation of its
receipt at the correct number of the Party which is to receive the notification
or communication at its address specified in this Article 6 or at any other
address specified by such Party in a written notice to the other Party.

          For the Lessor:

          OJSC RTC-LEASING 42
          Moscow 129110,
          Shepkina Street, bldg. 2A
          Russian Federation
          Fax: (095) 777-0333
          Attention: Leasing Operations Director

          For the Lessee:

          OJSC "Rostelecom"
          Moscow 125047
          14, 1-ya Tverskaya-Yamskaya
          Russian Federation
          Fax: (095) 787-2850
          Attention: Financial Director
          Copy: Head of Treasury

                                       3
<PAGE>

7.        MISCELLANEOUS

7.1 Should any controversies arise in connection with the performance of
obligations under this Agreement, the Parties shall apply their best efforts to
resolve the disputes through negotiations. In the event that the Parties are
unable to reach a settlement on the subject matter of a dispute within sixty
(60) days since the date the negotiations commenced, such dispute shall be
referred for resolution to the Arbitrazh Court of the City of Moscow.

7.2       Neither of the Parties is entitled to transfer its rights and/or
          obligations under this Agreement to a third party without preliminary
          written consent of the other Party

7.3.      Amendments and supplements to this Agreement shall be legally valid
          provided they are made in writing and signed by duly authorized
          representatives of the Parties.

7.4.      All exhibits to this Agreement shall make an integral part hereof.

7.5.      This Agreement shall enter into force as of the date of its execution.

7.6.      This Agreement is made in two copies having equal legal force, one
          copy for each Party.

IN WITNESS WHEREOF this Assignment is signed by duly authorized representatives
of the Parties on the date first written above:

For the Lessor:                                   For the Lessee:

_________/signed/_________                        _________/signed/_________
Mikhail Grigorievich Trufanov                     Sergey Ivanovich Kuznetsov
General Director                                  General Director

_________/signed/_________                        _________/signed/_________
Natalia Yevgenievna Kolesnikova                   Alexander Alexandrovich Lutsky
Chief Accountant                                  Chief Accountant
[Seal]                                            [Seal]

                                       4
<PAGE>

                                                                       EXHIBIT 1
                                                    to the Termination Agreement
                                                              of October 2, 2003

<TABLE>
<CAPTION>
                                              LIST OF PROMISSORY NOTES

-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
                                                                                Date and place
  No.             Drawer            No. of Note       Note amount of Note        of execution        Due date
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
<S>      <C>                           <C>        <C>                            <C>             <C>
   1     Open Joint Stock              0370         Eighty-four million nine      November 23,    At sight, but
         Company RTC-LEASING                       hundred sixty-two thousand    2001, Moscow      not earlier
                                                     roubles forty kopecks                       than January 28,
                                                       (RUR84,962,000.40)                              2008
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
   2     Open Joint Stock              0371       Eighty-four million roubles     November 23,    At sight, but
         Company RTC-LEASING                           (RUR84,000,000.00)        2001, Moscow      not earlier
                                                                                                  than April 28,
                                                                                                       2008
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
   3     Open Joint Stock              0372       Eighty-four million roubles     November 23,    At sight, but
         Company RTC-LEASING                           (RUR84,000,000.00)        2001, Moscow      not earlier
                                                                                                   than July 28,
                                                                                                       2008
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
   4     Open Joint Stock              0373         Forty-nine million eight      November 23,    At sight, but
         Company RTC-LEASING                          hundred eighty-seven       2001, Moscow      not earlier
                                                     thousand nine hundred                             than
                                                   ninety-nine roubles sixty                       September 27,
                                                   kopecks (RUR49,887,999.60)                          2008
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
</TABLE>

Total: Four (4) promissory notes worth the total note amount of three hundred
two million eight hundred fifty thousand rubles (RUR302,850,000).

For the Lessor:                                For the Lessee:

_________/signed/_________                     _________/signed/_________
Mikhail Grigorievich Trufanov                  Sergey Ivanovich Kuznetsov
General Director                               General Director

_________/signed/_________                     _________/signed/_________
Natalia Yevgenievna Kolesnikova                Alexander Alexandrovich Lutsky
Chief Accountant                               Chief Accountant
[Seal]                                         [Seal]

                                       5
<PAGE>

                                                                       EXHIBIT 2
                                                    to the Termination Agreement
                                                              of October 2, 2003

        FORM OF ACKNOWLEDGEMENT OF ACCEPTANCE AND TRANSFER OF PROMISSORY
                                     NOTES

Moscow                                                         ____________ 2003

(1) OPEN JOINT STOCK COMPANY RTC-LEASING (the "Lessor"), located at: 5
Delegatskaya, Moscow 127091, Russian Federation, represented by
____________________ acting pursuant to __________, and

(2) OPEN JOINT STOCK COMPANY OF LONG DISTANCE AND INTERNATIONAL
TELECOMMUNICATIONS ROSTELECOM (the "Lessee"), located at: 5 Delegatskaya, Moscow
127091, Russian Federation, represented by _____________________ acting pursuant
to ___________,

(jointly referred to as the "Parties" and individually, as a "Party")

have signed this acknowledgement of acceptance and transfer of promissory notes
(the "Acknowledgement") on the following:

The Lessee transferred to the Lessor the following promissory notes worth the
total note amount of three hundred two million eight hundred fifty thousand
rubles (RUR302,850,000):

<TABLE>
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
                                                                                Date and place
  No.             Drawer            No. of note       Note amount of note        of execution        Due date
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
<S>      <C>                           <C>        <C>                             <C>            <C>
   1     Open Joint Stock              0370         Eighty-four million nine      November 23,     At sight, but
         Company RTC-LEASING                       hundred sixty-two thousand    2001, Moscow      not earlier
                                                     roubles forty kopecks                       than January 28,
                                                       (RUR84,962,000.40)                              2008
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
   2     Open Joint Stock              0371       Eighty-four million roubles     November 23,    At sight, but
         Company RTC-LEASING                          (RUR84,000,000.00)        2001, Moscow      not earlier
                                                                                                  than April 28,
                                                                                                       2008
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
   3     Open Joint Stock              0372       Eighty-four million roubles     November 23,    At sight, but
         Company RTC-LEASING                           (RUR84,000,000.00)        2001, Moscow      not earlier
                                                                                                   than July 28,
                                                                                                       2008
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
   4     Open Joint Stock              0373         Forty-nine million eight      November 23,     At sight, but
         Company RTC-LEASING                         hundred eighty-seven         2001, Moscow      not earlier
                                                     thousand nine hundred                              than
                                                   ninety-nine roubles sixty                        September 27,
                                                   kopecks (RUR49,887,999.60)                           2008
-------- ------------------------- -------------- ----------------------------- ---------------- -----------------
</TABLE>

Total: Four (4) promissory notes worth the total note amount of three hundred
two million eight hundred fifty thousand rubles (RUR302,850,000).

                                       6
<PAGE>

Signing this Act, the Parties acknowledge the due fulfillment of the Lessee's
obligations on the transfer of the promissory notes in accordance with Article 3
of the Termination Agreement made between the Lessee and the Lessor on October
2, 2003.

This Acknowledgement is made in two copies having equal legal force, one copy
for the Lesser and one copy for the Lessee.

For the Lessor:                                            For the Lessee:
Signature:                                                 Signature:
Title:                                                     Title:

Signature:                                                 Signature:
Chief Accountant:                                          Chief Accountant:
(Seal)                                                     (Seal)

                                       7

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