Document:

Exhibit 4.13.1

                          REGISTRATION RIGHTS AGREEMENT

                           Dated as of August 19, 2003

                                between and among

                              Golden Telecom, Inc.,

                              Alfa Telecom Limited,

                           Nye Telenor East Invest AS,

                                 OAO Rostelecom,

    Capital International Global Emerging Markets Private Equity Fund, L.P.,

                           Cavendish Nominees Limited

                                       and

                          First NIS Regional Fund SICAV
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                                TABLE OF CONTENTS

1.       DEFINITIONS AND INTERPRETATION........................................1

1.1      DEFINITIONS...........................................................1
1.2      INTERPRETATION........................................................4

2.       SECURITIES SUBJECT TO THIS AGREEMENT..................................4

3.       DEMAND REGISTRATION...................................................5

3.1      DEMAND REQUESTS.......................................................5
3.2      CERTAIN COMPANY OBLIGATIONS...........................................5
3.3      EFFECTIVE REGISTRATION STATEMENT......................................5
3.4      NUMBER OF, AND LIMITATIONS ON, REGISTRATIONS..........................5
3.5      EXPENSES..............................................................6
3.6      SELECTION OF UNDERWRITERS.............................................6
3.7      CIRCUMSTANCES AND EFFECT OF WITHDRAWAL OF DEMAND REGISTRATION.........6

4.       INCIDENTAL REGISTRATION...............................................6

4.1      REQUEST FOR REGISTRATION..............................................6
4.2      EXPENSES..............................................................7

5.       REGISTRATION PROCEDURES...............................................7

6.       EXPENSES.............................................................11

7.       INDEMNIFICATION......................................................11

7.1      INDEMNIFICATION BY THE COMPANY.......................................11
7.2      INDEMNIFICATION BY SHAREHOLDERS......................................12
7.3      CONDUCT OF INDEMNIFICATION PROCEEDINGS...............................12
7.4      CONTRIBUTION.........................................................12

8.       TRANSFER OF REGISTRATION RIGHTS......................................13

9.       NO INCONSISTENT AGREEMENTS...........................................13

10.      TERM AND TERMINATION.................................................13

11.      MISCELLANEOUS........................................................13

11.1     SPECIFIC PERFORMANCE.................................................13
11.2     WAIVERS; REMEDIES....................................................14
11.3     AMENDMENTS...........................................................14
11.4     NO ASSIGNMENT; BINDING EFFECT; NO THIRD PARTY BENEFICIARIES..........14
11.5     SEVERABILITY.........................................................14
11.6     FURTHER ASSURANCES...................................................14
11.7     ENTIRE AGREEMENT.....................................................14
11.8     NOTICES..............................................................14
11.9     GOVERNING LAW........................................................18
11.10    ARBITRATION; WAIVER OF SOVEREIGN IMMUNITY............................18
11.11    COUNTERPARTS; LANGUAGE...............................................20

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REGISTRATION RIGHTS AGREEMENT dated as of August 19, 2003 (this "Agreement")
between and among Golden Telecom, Inc., a corporation organized under the laws
of the State of Delaware, United States of America (the "Company"), Alfa Telecom
Limited, a company organized under the laws of the British Virgin Islands
("Alfa"), Nye Telenor East Invest AS, a company organized under the laws of
Norway ("Telenor"), OAO Rostelecom, an open joint stock company organized under
the laws of the Russian Federation ("RTK"), Capital International Global
Emerging Markets Private Equity Fund, L.P., a limited partnership organized
under the laws of the State of Delaware, United States of America ("CIG"),
Cavendish Nominees Limited, a limited liability company organized under the laws
of Guernsey ("Cavendish"), and First NIS Regional Fund SICAV, a private
institutional fund organized under the laws of Luxembourg ("First NIS" and,
together with Cavendish, collectively, "Barings").

                                   WITNESSETH

     WHEREAS, Telenor has agreed to sell to the Company, and the Company has
agreed to purchase from Telenor, all of the shares of capital stock of Open
Joint Stock Company "Comincom" pursuant to the Share Exchange Agreement dated as
of the date hereof between the Company and Telenor (the "Share Exchange
Agreement"); and

     WHEREAS, it is a condition precedent to the obligations of the Company and
Telenor under the Share Exchange Agreement that the Company and the Shareholders
enter into this Agreement.

     NOW, THEREFORE, in consideration of the premises and the mutual agreements
contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties hereby agree as
follows:

1.   DEFINITIONS AND INTERPRETATION

1.1  Definitions

     As used in this Agreement, the following terms shall have the following
meanings:

     "Advice" has the meaning specified in the last paragraph of Section 5.

     "Affiliate" means, with respect to any Person, any other Person who
directly or indirectly controls, or is under common control with, or is
controlled by, such Person, including, if such Person is an individual, any
relative or spouse of such Person, or any relative of such spouse of such
Person, any one of whom has the same home as such Person, and also including any
trust or estate for which any such Person or Persons specified herein, directly
or indirectly, serves as a trustee, executor or in a similar capacity
(including, without limitation, any protector or settlor of a trust) or in which
any such Person or Persons specified herein, directly or indirectly, has a
substantial beneficial interest, and any Person who is controlled by any such
trust or estate; provided always that, in the case of CIG, an Affiliate of CIG
shall include only those Affiliates in which Capital International, Inc. holds,
directly or indirectly, through one or more intermediaries, more than a majority
of the outstanding economic ownership interests of that Person. As used in this
definition, "control" (including, with its correlative meanings, "controlled by"
and "under common control with") means, with respect to any Person, the
possession, directly or indirectly, of power to direct or cause the direction of
management or policies (whether through ownership of securities or partnership
or other ownership interests, by contract or otherwise) of a Person.

     "Agents" means any Person authorized to act and who acts on behalf of a
Shareholder with respect to the transactions contemplated by this Agreement.

     "Agreement" has the meaning specified in the preamble hereto.

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     "Alfa" has the meaning specified in the preamble hereto.

     "Barings" has the meaning specified in the preamble hereto.

     "Business Day" means a day other than a Saturday, a Sunday or any day on
which banks located in Moscow, Russia, Oslo, Norway, London, England or New
York, New York are authorized or obliged to close.

     "Cavendish" has the meaning specified in the preamble hereto.

     "CIG" has the meaning specified in the preamble hereto.

     "Common Stock" means shares of the Company's common stock, par value $.01
per share, as the same may be constituted from time to time.

     "Company" has the meaning specified in the preamble hereto.

     "Controlled Affiliate" means, with respect to any Person, any Affiliate of
such Person in which such Person owns or controls, directly or indirectly, more
than fifty percent (50%) of the securities having ordinary voting power for the
election of directors or other governing body thereof or more than fifty percent
(50%) of the partnership or other ownership interests therein (other than as a
limited partner).

     "Controlling Person" means, with respect to any Person, any other Person
which owns or controls, directly or indirectly, more than fifty percent (50%) of
the securities having ordinary voting power for the election of directors or
other governing body of such first Person or more than fifty percent (50%) of
the partnership or other ownership interests therein (other than as a limited
partner of such first Person).

     "Demand Registration" has the meaning specified in Section 3.1.

     "Demand Request" has the meaning specified in Section 3.1.

     "Effective Date" means the latter to occur of (a) the date on which the
board of directors of RTK has ratified and approved RTK's execution of this
Agreement and the other Principal Agreements to which RTK is a party and (b) the
date on which the Closing under (and as defined in) the Share Exchange Agreement
has occurred.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder.

     "Existing Registration Rights Agreements" means (a) the Registration Rights
Agreement, dated as of October 5, 1999 between GTI and First NIS Regional Fund
SICAV, as amended by the Assignment and Amendment Agreement dated as of May 11,
2001 among GTI, Baring Vostok Private Equity Fund L.P., Cavendish and First NIS,
(b) the Registration Rights Agreement dated as of October 5, 1999 between GTI
and Global TeleSystems Group, Inc., as assigned by the Shareholders Agreement
dated as of May 11, 2001 among GTI, Global TeleSystems Europe Holdings, B.V.,
Alfa, CIG, Cavendish and First NIS, (c) the Registration Rights Agreement dated
as of October 5, 1999 between GTI and Baring Vostok Private Equity Fund, L.P.,
as amended by the Assignment and Amendment Agreement dated as of May 11, 2001
among GTI, Baring Vostok Private Equity Fund, L.P., Cavendish and First NIS, (d)
the Shareholders and Registration Rights Agreement dated as of December 23 1999
among GTI, Global TeleSystems Group, Inc. and CIG, as assigned by the
Shareholders Agreement dated as of May 11, 2001 among GTI, Global TeleSystems
Europe Holdings, B.V., Alfa, CIG, Cavendish and First NIS and (e) the
Registration Rights Agreement dated September 5, 2002 between RTK and GTI.

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     "First NIS" has the meaning specified in the preamble hereto.

     "Participating Shareholder" has the meaning specified in Section 5(a).

     "Parties" means the Company, Alfa, Telenor, RTK, CIG, Cavendish and First
NIS, provided that a Shareholder shall cease to be a Party when such Shareholder
ceases to hold any Registrable Securities.

     "Permitted Transferee" means, with respect to any Shareholder, any
Controlling Person of such Shareholder, or any Controlled Affiliate of any such
Controlling Person or Shareholder; provided that (a) in the case of Cavendish,
Baring Vostok Private Equity Fund, L.P.1, Baring Vostok Private Equity Fund,
L.P.2, Baring Vostok Private Equity Fund L.P.3, Baring Vostok Fund Co-Investment
L.P., the NIS Restructuring Facility and First NIS Regional Fund SICAV shall
also constitute Permitted Transferees, and (b) in the case of RTK, if the
conditions set forth in Section 4.2(b) of the Shareholders Agreement have been
satisfied (as determined by a majority of the Disinterested Directors, in their
sole discretion), any RTK Transferee shall also constitute a Permitted
Transferee.

     "Person" means any natural person, corporation, partnership, limited
liability company, proprietorship, other business organization, trust, union,
association or Governmental or Regulatory Authority, whether incorporated or
unincorporated.

     "Principal Agreements" means this Agreement, the Share Exchange Agreement,
the Shareholders Agreement and the Standstill Agreement.

     "Prospectus" means the prospectus included in any Registration Statement,
as amended or supplemented by any prospectus supplement with respect to the
terms of the offering of any portion of the Registrable Securities covered by
the Registration Statement and all other amendments and supplements to the
Prospectus, including post-effective amendments and all material incorporated by
reference in such Prospectus.

     "Registrable Securities" means (a) in aggregate, the 10,840,647 shares of
Common Stock held by Alfa, the 4,024,067 shares of Common Stock held by RTK, the
2,166,405 shares of Common Stock held by CIG, the 2,569,676 shares of Common
Stock held by Barings, and the shares of Common Stock to be acquired by Telenor
pursuant to the Share Exchange Agreement, (b) any shares of Common Stock
acquired in connection with the exercise by any of such Parties of its rights
under Section 3.4 of the Shareholders Agreement, and (c) any securities issued
or issuable with respect to any such shares of Common Stock by way of a stock
dividend or stock split or in connection with a combination of shares,
recapitalization, merger, consolidation or other reorganization.

     "Registration Expenses" has the meaning specified in Section 6.

     "Registration Statement" means any registration statement of the Company
which covers Registrable Securities pursuant to the provisions of this
Agreement, including (a) the Prospectus, (b) any amendments and supplements to
such Registration Statement, (c) any post-effective amendments, (d) all exhibits
and all material incorporated by reference in such Registration Statement and
(e) any registration statement pursuant to a Demand Registration.

     "Requesting Shareholder" has the meaning specified in Section 3.1.

     "RTK" has the meaning specified in the preamble hereto.

     "RTK Transferees" means RTC-Leasing OJSC, RosTelecComLeasing Ltd., Zurich,
RosTeleComLeasing (Cyprus) Limited and Russian Telecommunications Development
Corporation.

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     "Securities Act" means the United States Securities Act of 1933, as
amended, and the rules and regulations promulgated thereunder.

     "SEC" means the United States Securities and Exchange Commission.

     "Share Exchange Agreement" has the meaning specified in the first recital
hereto.

     "Shareholders" means Alfa, Telenor, RTK, CIG and Barings.

     "Shareholders Agreement" means the Shareholders Agreement dated as of the
date hereof between and among the Company and the Shareholders.

     "Telenor" has the meaning specified in the preamble hereto.

     "Termination Agreement" means the Termination Agreement dated as of the
date hereof between and among the Company, Alfa, RTK, CIG, First NIS and
Cavendish.

     "UNCITRAL Rules" has the meaning specified in Section 11.10(a).

     "Underwritten Offering" means the offering and sale of securities of the
Company covered by any Registration Statement pursuant to a firm commitment
underwriting to an underwriter at a fixed price for reoffering or pursuant to
agency or best efforts arrangement with an underwriter.

1.2  Interpretation

     Unless the context of this Agreement otherwise requires, the following
rules of interpretation shall apply to this Agreement:

     (a) the singular shall include the plural, and the plural shall include the
singular;

     (b) words of any gender shall include the other gender;

     (c) the words "hereof", "herein", "hereby", "hereto" and similar words
refer to this entire Agreement and not to any particular Section or any other
subdivision of this Agreement;

     (d) a reference to any "Article" or "Section" is a reference to a specific
Article or Section of this Agreement;

     (e) a reference to any law, statute, regulation, notification or statutory
provision shall include any amendment, modification or re-enactment thereof, any
regulations promulgated thereunder from time to time, and any interpretations
thereof from time to time by any regulatory or administrative authority;

     (f) a reference to any agreement, instrument, contract or other document
shall include any amendment, amendment and restatement, supplement or other
modification thereto; and

     (g) a reference to any Person shall include such Person's successors and
permitted assigns under any agreement, instrument, contract or other document.

2.   SECURITIES SUBJECT TO THIS AGREEMENT

     The securities entitled to the benefits of this Agreement are the
Registrable Securities but, with respect to any particular Registrable Security,
only until (a) it has been effectively registered under the Securities Act and
disposed of in accordance with the Registration Statement covering it, (b) it
has been distributed pursuant to Rules 144 or 144A under the Securities Act (or
any similar provision then in force) or (c) it has otherwise been transferred
and a new certificate or other evidence

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of ownership thereof not bearing a legend restricting transfer under the
Securities Act and not subject to any stop transfer order has been delivered by
or on behalf of the Company and no other restriction on transfer exists.

3.   DEMAND REGISTRATION

3.1  Demand Requests

     Each Shareholder shall have the right to request (each, a "Requesting
Shareholder") in writing that the Company effect a registration under the
Securities Act with respect to all or part of the Registrable Securities held by
such Requesting Shareholder(s) (a "Demand Registration"). The Requesting
Shareholder(s) shall deliver to the Company in accordance with Section 11.8 a
written request for a Demand Registration (a "Demand Request") specifying the
number of Registrable Securities to be registered, the intended method of
distribution and other relevant facts.

3.2  Certain Company Obligations.

     Following delivery of a Demand Request, and subject to the conditions of
this Article 3, the Company shall:

     (a) give prompt written notice of such Demand Request to all other
Shareholders in accordance with Section 11.8, and such Shareholders shall have
thirty (30) days from receipt thereof to respond in order to have any
Registrable Securities owned by such Shareholders included in such registration;

     (b) use all reasonable efforts to effect such registration as promptly as
practicable (including, without limitation, by filing a Registration Statement
(and executing an undertaking to file any amendments thereto) covering the
Registrable Securities so requested to be registered and complying with
applicable regulations issued under the Securities Act and any other
governmental requirements or regulations) or as may be so requested; and

     (c) refrain from filing any other Registration Statements, other than
pursuant to a Registration Statement on Form S-4 or S-8 (or successor forms),
with respect to any securities, including Registrable Securities, of the Company
until such date that is ninety (90) days following effectiveness of the
Registration Statement filed in connection with such Demand Registration.

3.3  Effective Registration Statement

     Subject to Section 3.7, a Demand Registration shall not be deemed to have
been effected unless a Registration Statement with respect thereto has become
effective and remained effective in compliance with the provisions of the
Securities Act with respect to the disposition of all Registrable Securities
covered by such Registration Statement for the period of time required pursuant
to Section 5(c).

3.4  Number of, and Limitations on, Registrations

     Each of Alfa, Telenor and RTK shall be entitled to request 2 (two) Demand
Registrations. Each of Barings and CIG shall be entitled to request 1 (one)
Demand Registration. The Company shall not be obligated to register any
Registrable Securities pursuant to any Demand Registration unless there is
requested to be included in such registration by the Requesting Shareholder(s)
at least 500,000 shares of Common Stock (subject to such adjustments as may be
necessary by reason of the occurrence of an event contemplated by clause (b) of
the definition of Registrable Securities).

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3.5  Expenses

     Except as provided in Section 3.7, in any registration initiated as a
Demand Registration, the Company will pay all Registration Expenses, whether or
not the Registration Statement has become effective.

3.6  Selection of Underwriters

     If any of the Registrable Securities covered by a Demand Registration are
to be sold in an underwritten offering, or in a best efforts underwritten
offering, the investment banker or investment bankers and manager or managers
that will administer the offering will be selected jointly by the Requesting
Shareholder(s) and the Company.

3.7  Circumstances and Effect of Withdrawal of Demand Registration

     Upon the request of any Requesting Shareholder or if a sufficient number of
Requesting Shareholders withdraw from a Demand Registration such that the number
of Registrable Securities to be included in such Demand Registration fails to
meet the threshold specified in Section 3.4, the Company shall have the right to
cease proceeding with a Demand Registration requested by such Requesting
Shareholder(s). In such event, (a) the Requesting Shareholder(s) shall bear all
Registration Expenses incurred in connection with such Demand Registration, in
which event such Demand Registration shall not count as a Demand Registration
for purposes of Section 3.4 or (b) the Company shall bear all such Registration
Expenses, in which event such withdrawn Demand Registration shall count as a
Demand Registration for purposes of Section 3.4; provided that a Requesting
Shareholder shall be entitled to withdraw from a Demand Registration and neither
(i) pay any Registration Expenses in connection therewith nor (ii) forfeit the
right to such Demand Registration for purposes of Section 3.4 if (A) such
Requesting Shareholder learned of a material adverse change in the financial
condition, business or prospects of the Company that was not known to such
Requesting Shareholder on the date of such Requesting Shareholder's Demand
Request and (B) the Company failed to disclose such material adverse change to
such Requesting Shareholder at the time such Demand Request was delivered.

4.   INCIDENTAL REGISTRATION

4.1  Request for Registration

     If the Company at any time proposes to register any of its authorized but
unissued shares of Common Stock on its own behalf for the purposes of raising
capital (other than on Form S-4 or Form S-8 or any successor or similar form to
Form S-4 or Form S-8), or any of its unregistered and issued shares of Common
Stock on behalf of other stockholders, under the Securities Act on a form and in
a manner that would permit registration of Registrable Securities under the
Securities Act for sale to the public, it shall, in each such case, give prompt
notice in accordance with the provisions of Section 11.8 to each Shareholder of
its intention to do so, specifying the form and manner and the other relevant
facts involved in such proposed registration (including, without limitation, the
identity of the managing underwriter, if any). Upon the written request of a
Shareholder delivered to the Company within thirty (30) days after such notice
shall have been given to such Shareholder (which request shall specify the
number of Registrable Securities intended to be disposed of by such Shareholder
and the intended method of disposition thereof), the Company will use its
reasonable best efforts to effect the registration under the Securities Act, as
expeditiously as is reasonable, of all the Registrable Securities that the
Company has been so requested to register by such Shareholder, to the extent
requisite to permit the sale of the Registrable Securities to be so registered;
provided, however, that:

     (a) if, at any time after giving such written notice of its intention to
register any shares of Common Stock proposed to be registered by the Company and
prior to the effective date of the registration statement filed in connection
with such registration, the Company shall determine for any

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reason not to register such shares of Common Stock, the Company shall, at its
election, give written notice of such determination to each Shareholder, and
thereupon the Company shall be relieved of its obligation to register any
Registrable Securities in connection with such registration (but not from its
obligation to pay the Registration Expenses in connection therewith to the
extent provided in Section 4.2); and

     (b) if the managing underwriter of such offering shall advise the Company
that, in its judgment, the number of shares of Common Stock proposed to be
included in such offering should be limited because the inclusion of Registrable
Securities is likely to adversely impact the purchase price obtained for the
shares of Common Stock proposed to be included in such offering, then the
Company shall promptly advise each Shareholder thereof and may require, by
written notice to such Shareholder accompanying such advice, that, to the extent
necessary to meet such limitation, all holders of Registrable Securities and of
other shares of Common Stock proposing to sell shares of Common Stock in such
offering shall share pro rata in the number of shares of Common Stock to be
excluded from such offering, such sharing to be based on the respective numbers
of Registrable Securities and other shares of Common Stock as to which
registration has been requested by such holders, and that the distribution of
such Registrable Securities and other shares of Common Stock as are so excluded
be deferred (in case of a deferral as to a portion of such Registrable
Securities and other shares of Common Stock, such portion to be allocated among
such holders in proportion to the respective numbers of shares of Common Stock
so requested to be registered by such holders) until the completion of the
distribution of such shares of Common Stock and any other securities by such
underwriters.

4.2  Expenses

     In any registration initiated pursuant to this Article 4, the Company will
pay all Registration Expenses, whether or not the Registration Statement has
become effective.

5.   REGISTRATION PROCEDURES

     Whenever a Shareholder has requested that any Registrable Securities be
registered pursuant to this Agreement, the Company shall promptly take all such
actions as may be necessary or desirable to permit the sale of such Registrable
Securities in accordance with the intended method or methods of disposition
thereof, and pursuant thereto the Company shall as expeditiously as possible:

     (a) with respect to a request to file a Registration Statement covering
Registrable Securities made pursuant to Article 3, use its reasonable best
efforts to prepare and file with the SEC not later than sixty (60) days after
receipt of the relevant Demand Request (which sixty (60) day period may be
extended by the Company for up to an additional sixty (60) days if at the time
of such request the Company is engaged in negotiations in anticipation of its
participation in a material merger, acquisition or other form of business
combination or, if by reason of such transaction, the Company is not in a
position to timely prepare and file the Registration Statement and the Company
furnishes to each Shareholder participating, or electing to participate, in such
registration of Registrable Securities (the "Participating Shareholder") a
certificate signed by the president or a vice president of the Company stating
that in the good faith opinion of the board of directors of the Company such
registration would interfere with such transaction then being pursued by the
Company) a Registration Statement on a form for which the Company then qualifies
which is satisfactory to the Company and the Participating Shareholders (unless
the offering is made on an underwritten basis, including on a best efforts
underwriting basis, in which event the managing underwriter or underwriters may
determine the form to be used) and which form shall be available for the sale of
the Registrable Securities in accordance with the intended method or methods of
distribution thereof, and use its reasonable best efforts to cause such
Registration Statement to become effective; the Company shall not file any
Registration Statement pursuant to Article 3 or any amendment thereto or any
Prospectus or any supplement thereto (including such documents incorporated by
reference) to which

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the Participating Shareholders or the underwriters, if any, shall reasonably
object in light of the requirements of the Securities Act or any other
applicable laws or regulations;

     (b) before filing a Registration Statement or Prospectus or any amendments
or supplements thereto (excluding documents to be incorporated by reference
therein, except in the case of the preparation of the initial Registration
Statement), the Company shall, at least five (5) days before filing, furnish to
each Participating Shareholder and the underwriters, if any, copies of all such
documents in substantially the form proposed to be filed (including documents
incorporated therein by reference), to enable such Participating Shareholders
and the underwriters, if any, to review such documents prior to the filing
thereof, and the Company shall make such reasonable changes thereto (including
changes to, or the filing of amendments reflecting such changes to, documents
incorporated by reference) as may be reasonably requested by such Participating
Shareholders and the managing underwriter or underwriters, if any;

     (c) subject to paragraph (b) above, prepare and file with the SEC such
amendments and post-effective amendments to the Registration Statement as may be
necessary to keep the Registration Statement continuously effective for a period
of not less than ninety (90) days; cause the Prospectus to be supplemented by
any required Prospectus supplement, and as so supplemented to be filed pursuant
to Rule 424 under the Securities Act; and comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such
Registration Statement during the applicable period in accordance with the
intended methods of disposition by the Participating Shareholders set forth in
such Registration Statement or supplement to the Prospectus;

     (d) notify the Participating Shareholders and the managing underwriters, if
any, promptly, and (if requested by any such Person) confirm such advice in
writing, (i) when the Prospectus or any Prospectus supplement or post-effective
amendment has been filed, and, with respect to the Registration Statement or any
post-effective amendment, when the same has become effective, (ii) of any
request by the SEC for amendments or supplements to the Registration Statement
or the Prospectus or for additional information, (iii) of the issuance by the
SEC of any stop order suspending the effectiveness of the Registration Statement
or the initiation of any proceedings for that purpose, (iv) if at any time any
of the representations or warranties of the Company contemplated by paragraph
(o) below cease to be true and correct, (v) of the receipt by the Company of any
notification with respect to the suspension of the qualification of the
Registrable Securities for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose, and (vi) of the occurrence of
any event which makes any statement made in the Registration Statement, the
Prospectus or any document incorporated therein by reference untrue or which
requires the making of any changes in the Registration Statement, the Prospectus
or any document incorporated therein by reference in order to make the
statements therein not misleading;

     (e) make every reasonable effort to obtain the withdrawal of any order
suspending the effectiveness of the Registration Statement at the earliest
possible moment;

     (f) as promptly as practicable after filing with the SEC of any document
which is incorporated by reference into the Registration Statement or the
Prospectus (after initial filing of the Registration Statement), provide copies
of such document to counsel to the Participating Shareholders and to the
managing underwriters;

     (g) provide to the Participating Shareholders and each managing
underwriter, without charge, at least one signed copy of the Registration
Statement and any post-effective amendment thereto, including financial
statements and schedules, all documents incorporated therein by reference and
all exhibits (including those incorporated by reference) and a reasonable number
of conformed copies of all such documents;

     (h) deliver to the Participating Shareholders and the underwriters, if any,
as many copies of the Prospectus (including each preliminary prospectus) and any
amendment or supplement thereto

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as such Persons may reasonably request; the Company consents to the use of the
Prospectus or any amendment or supplement thereto by the Participating
Shareholders and the underwriters, if any, in connection with the offering and
sale of the Registrable Securities covered by the Prospectus or any amendment or
supplement thereto;

     (i) prior to the date on which the Registration Statement is declared
effective, use its reasonable best efforts to register or qualify, or cooperate
with the Participating Shareholders and the underwriters, if any, and their
respective counsel in connection with the registration or qualification of, such
Registrable Securities for offer and sale under the securities or blue sky laws
of such jurisdictions as any seller or underwriter reasonably requests in
writing and do any and all other acts or things necessary or advisable to enable
the disposition in such jurisdictions of the Registrable Securities covered by
the Registration Statement; provided that the Company will not be required to
qualify generally to do business in any jurisdiction where it is not then so
qualified or to take any action which would subject it to general service of
process or taxes in any such jurisdiction where it is not then so subject;
provided, further, that the Company will not be required to qualify such
Registrable Securities in any jurisdiction in which the securities regulatory
authority requires that the Participating Shareholders submit any shares of its
Registrable Securities to the terms, provisions and restrictions of any escrow,
lock-up or similar agreement(s) for consent to sell Registrable Securities in
such jurisdiction unless the Participating Shareholders agrees to do so;

     (j) cooperate with the Participating Shareholders and the managing
underwriters, if any, to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold and not bearing any
restrictive legends; and enable such Registrable Securities to be in such
denominations and registered in such names as the managing underwriters may
request at least two (2) Business Days prior to any sale of Registrable
Securities to the underwriters;

     (k) use its reasonable best efforts to cause the Registrable Securities
covered by the Registration Statement to be registered with or approved by such
other governmental agencies or authorities within the United States as may be
necessary to enable the seller or sellers thereof or the underwriters, if any,
to consummate the disposition of such Registrable Securities;

     (l) upon the occurrence of any event contemplated by paragraph (d)(vi)
above, prepare a supplement or post-effective Amendment to the Registration
Statement or the Prospectus or any document incorporated therein by reference or
file any other required document so that, as thereafter delivered to the
purchasers of the Registrable Securities, the Prospectus will not contain an
untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein not misleading;

     (m) use its reasonable best efforts to cause all Registrable Securities
covered by the Registration Statement to be listed on the Nasdaq National Market
and each other exchange on which similar securities issued by the Company are
then listed if requested by Shareholder or the managing underwriters, if any;

     (n) provide a transfer agent and registrar for all Registrable Securities;

     (o) enter into such agreements (including an underwriting agreement) and
take all such other actions in connection therewith as Participating
Shareholders or the managing underwriters, if any, reasonably request in order
to expedite or facilitate the disposition of such Registrable Securities and in
such connection, whether or not an underwriting agreement is entered into and
whether or not the registration is an underwritten registration (i) make such
representations and warranties to the Participating Shareholders and the
underwriters, if any, in form, substance and scope as are customarily made by
issuers to underwriters in primary underwritten offerings (including, without
limitation, an agreement to not sell equity securities during a customary
lock-up period) and confirm the accuracy of the same if and when requested, and
matters relating to the compliance of the Registration Statement and the
Prospectus with the Securities Act; (ii) obtain opinions of counsel to

                                       9
<PAGE>

the Company, and updates thereof (which counsel and opinions (in form, scope and
substance) shall be reasonably satisfactory to the managing underwriters)
addressed to Participating Shareholders and the underwriters, if any, covering
the matters customary in underwritten primary offerings and such other matters
as may be reasonably requested by the Participating Shareholders and
underwriters, if any; (iii) obtain "comfort" letters and updates thereof from
the Company's independent certified public accountants, subject to such
accountants' customary procedures, addressed to the Participating Shareholders
and the underwriters, if any, such letters to be in customary form and covering
matters of the type customarily covered in "comfort" letters by underwriters in
connection with primary underwritten offerings; (iv) if an underwriting
agreement is entered into, the same shall set forth in full the indemnification
provisions and procedures of Article 7 with respect to all parties to be
indemnified pursuant to said Section; and (v) the Company shall deliver such
documents and certificates as may be requested by the Participating Shareholders
and the managing underwriters, if any, to evidence compliance with clause (i)
above and with any customary conditions contained in the underwriting agreement
or other agreement entered into by the Company. The above shall be done at each
closing under such underwriting or similar agreement or as and to the extent
required thereunder;

     (p) make available for inspection during normal business hours by the
Participating Shareholders, any underwriter participating in any disposition
pursuant to such registration statement, and any attorney, accountant or other
agent retained by the Participating Shareholders or any such underwriter, all
financial and other records, pertinent corporate documents and properties of the
Company, and cause the Company's officers, directors and employees to supply all
information reasonably requested by the Participating Shareholders or any such
underwriter, attorney, accountant or agent in connection with such registration
statement; provided that any records, information or documents that are
designated by the Company in writing as confidential shall be kept confidential
by such Persons;

     (q) otherwise use its reasonable best efforts to comply with all applicable
rules and regulations of the SEC, and make generally available to its security
holders, earnings statements satisfying the provisions of Section 11(a) of the
Securities Act, no later than forty-five (45) days after the end of any twelve
(12)-month period (i) commencing at the end of any fiscal quarter in which
Registrable Securities are sold to underwriters in a firm or best efforts
underwriting offering, and (ii) beginning with the first month of the Company's
first fiscal quarter commencing after the effective date of the Registration
Statement, which statements shall cover said twelve (12)-month periods; and

     (r) take such other reasonable steps that are necessary or advisable to
permit the sale of such Registrable Securities.

     The Company may require the Participating Shareholders to furnish to the
Company such information and documents regarding the Participating Shareholders
and the distribution of the Registrable Securities as the Company may from time
to time reasonably request in writing.

     Each Shareholder agrees that, upon receipt of any notice from the Company
of the happening of any event of the kind described in Section 5(d)(vi) hereof,
such Shareholder will forthwith discontinue disposition of Registrable
Securities until such Shareholder's receipt of the copies of the supplemented or
amended Prospectus contemplated by Section 5(l), or until it is advised in
writing (the "Advice") by the Company that the use of the Prospectus may be
resumed, and has received copies of any additional or supplemental filings which
are incorporated by reference in the Prospectus, and, if so directed by the
Company, each Participating Shareholder will, or will request the underwriters
to, deliver to the Company (at the Company's expense) all copies, other than
permanent file copies then in such Shareholder's possession, of the Prospectus
covering such Registrable Securities current at the time of receipt of such
notice. If the Company shall give such notice, the time periods mentioned in
Section 5(c) hereof shall be extended by the number of days during the period
from and including the date of the giving of such notice pursuant to Section
5(d)(vi) to and including the date when such Participating Shareholder shall
have received the copies of the supplemented or amended prospectus contemplated
by Section 5(l) or the Advice.

                                       10
<PAGE>

6.   EXPENSES

     Except as otherwise provided herein, all expenses incident to the Company's
performance of or compliance with this Agreement including without limitation
all registration and filing fees, including with respect to filings required to
be made with the National Association of Securities Dealers, fees and expenses
of compliance with securities or blue sky laws (including reasonable fees and
disbursements of counsel for the underwriters in connection with blue sky
qualifications of the Registrable Securities and determination of their
eligibility for investment under the laws of such jurisdictions as the managing
underwriters or holders of a majority of the Registrable Securities being sold
may designate), printing expenses, messenger, telephone and delivery expenses,
and fees and disbursements of counsel for the Company, and of all independent
certified public accountants (including the expenses of any special audit and
"comfort" letters required by or incident to such performance), the fees and
expenses incurred in connection with the listing of the securities to be
registered on each securities exchange on which similar securities issued by the
Company are then listed, rating agency fees, securities acts liability insurance
if any Shareholder so requires, the reasonable fees and expenses of any special
experts retained by the Participating Shareholders or by the Company at the
request of the managing underwriters in connection with such registration and
fees and expenses of other Persons retained by such Participating Shareholders
(all such expenses being herein called "Registration Expenses") will be borne by
the Company. The Company shall, in any event, pay its internal expenses
(including, without limitation, all salaries and expenses of its officers and
employees performing legal or accounting duties) and the expense of any annual
audit which are not Registration Expenses for purposes of this Agreement. In no
event shall the Company be liable for the payment of any discounts, commissions
or fees of underwriters, selling brokers, dealer managers or similar industry
professionals relating to the distribution of the Registrable Securities. The
Participating Shareholders shall be liable for the cost and expense of the time
spent by their respective officers, employees and Agents, including such
Participating Shareholders' counsel, in connection with the registration of
Registrable Securities owned by them.

7.   INDEMNIFICATION

7.1  Indemnification by the Company

     The Company will indemnify and hold harmless, to the full extent permitted
by law, each Shareholder, its officers and directors, their Agents and each
Person who controls such Shareholder (within the meaning of the Securities Act)
against all losses, claims, damages, liabilities (or actions in respect thereto)
and expenses to which any such Person may be subject, under the Securities Act
or otherwise, and reimburse all such Persons for any legal or other expenses
incurred with investigating or defending against any such losses, claims,
damages or liabilities, insofar as such losses, claims, damages or liabilities
arise out of or are based upon any untrue or alleged untrue statement of a
material fact contained in a Registration Statement, Prospectus or preliminary
prospectus or any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, except insofar as the same arise out of or are based upon an untrue
statement of a material fact or omission of a material fact required to be
stated therein or necessary to make the statements therein not misleading, which
statement or omission is made therein in reliance upon and in conformity with
information furnished in writing to the Company by such Shareholder, expressly
for use therein. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of any Shareholder, such Shareholder's
directors and officers, their Agents or a controlling Person, and shall survive
the transfer of such securities by any Shareholder. The Company will also
indemnify underwriters, selling brokers, dealer managers and similar securities
industry professionals participating in the distribution, their officers and
directors and each Person who controls such Persons (with the meaning of the
Securities Act) to the same extent as provided above with respect to the
indemnification of each Shareholder.

                                       11
<PAGE>

7.2  Indemnification by Shareholders

     Each Shareholder will indemnify and hold harmless, to the full extent
permitted by law, the Company, its directors and officers and each Person who
controls the Company (within the meaning of the Securities Act) against any
losses, claims, damages, liabilities (or actions in respect thereto) and
expenses to which any such Person may be subject, under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities arise out of
or are based upon any untrue or alleged untrue statement of a material fact
contained in a Registration Statement or Prospectus or preliminary prospectus or
any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading, to the
extent, but only if and to the extent, that such untrue or alleged untrue
statement or omission or alleged omission is made therein in reliance upon and
in conformity with the information furnished in writing by such Shareholder
specifically for inclusion therein. In no event shall the liability of any
Shareholder hereunder be greater in amount than the dollar amount of the
proceeds received by such Shareholder upon the sale of the Registrable
Securities giving rise to such indemnification obligation. The Company shall be
entitled to receive indemnities from underwriters, selling brokers, dealer
managers and similar securities industry professionals participating in the
distribution, to the same extent as provided above with respect to information
so furnished in writing by such Persons.

7.3  Conduct of Indemnification Proceedings

     Any Person entitled to indemnification hereunder will (a) give prompt
notice to the indemnifying party of any claim with respect to which it seeks
indemnification and (b) unless in such indemnified party's reasonable judgment a
conflict of interest may exist between such indemnified and indemnifying parties
with respect to such claim, permit such indemnifying party to assume the defense
of such claim with counsel reasonably satisfactory to the indemnified party and
in that case the indemnified party shall have the right to participate in the
conduct of such defense provided that it will pay for the fees of its own
counsel. Whether or not such defense is assumed by the indemnifying party, the
indemnifying party will not be subject to any liability for any settlement made
without its consent (but such consent will not be unreasonably withheld). No
indemnifying party will consent to entry of any judgment or enter into any
settlement which does not include as an unconditional term thereof the giving by
the claimant or plaintiff to such indemnified party of a release from all
liability in respect to such claim or litigation. An indemnifying party who is
not entitled to, or elects not to, assume the defense of a claim will not be
obligated to pay the fees and expenses of more than one counsel for all parties
indemnified by such indemnifying party with respect to such claim, unless in the
reasonable judgment of any indemnified party a conflict of interest may exist
between such indemnified party and any other of such indemnified parties with
respect to such claim, in which event the indemnifying party shall be obligated
to pay the fees and expenses of such additional counsel or counsels. The failure
to notify an indemnifying party promptly of the commencement of any such action,
if and to the extent prejudicial to its ability to defend such action, shall
relieve such indemnifying party of any liability to the indemnified party under
this Article 7, but the omission so to notify the indemnifying party will not
relieve it of any liability that it may have to any indemnified party otherwise
than under this Article 7.

7.4  Contribution

     (a) To the extent any indemnification by an indemnifying party is
prohibited or limited by law, the indemnifying party, in lieu of indemnifying
such indemnified party, shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages or liabilities in
such proportion as is appropriate to reflect the relative fault of the
indemnifying party and indemnified party in connection with the actions which
resulted in such losses, claims, damages or liabilities, as well as any other
relevant equitable considerations. The relative fault of such indemnifying party
and indemnified party shall be determined by reference to, among other things,
whether any action in question, including any untrue or alleged untrue statement
of material fact or omission or alleged omission to state a material fact, has
been made, or relates to information supplied

                                       12
<PAGE>

by, such indemnifying party or indemnified party, and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such action. The amount paid or payable by a party as a result of the losses,
claims, damages or liabilities referred to above shall be deemed to include any
legal or other fees or expenses reasonably incurred by such party in connection
with any investigation or proceeding. In any event, the amount of contribution
payable by any Shareholder hereunder shall not exceed the dollar amount of the
proceeds received by such Shareholder upon the sale of the Registrable
Securities giving rise to such contribution obligation.

     (b) The Parties agree that it would not be just and equitable if
contribution pursuant to this Section 7.4 were determined by pro rata allocation
or by any other method of allocation which does not take account of the
equitable considerations referred to in the immediately preceding paragraph. No
Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation.

8.   TRANSFER OF REGISTRATION RIGHTS

     The registration rights of each Shareholder under this Agreement with
respect to any Registrable Securities may be transferred to Permitted
Transferees or to another Shareholder; provided, however, that (a) the
transferring Shareholder shall give the Company written notice at or prior to
the time of such transfer stating the name and address of the transferee and
identifying the securities with respect to which the rights under this Agreement
are being transferred, (b) such transferee shall agree in writing, in form and
substance reasonably satisfactory to the Company, to be bound by the provisions
of this Agreement, and (c) the terms of such transfer shall make clear how the
transferor Shareholder and the transferee shall utilize the Demand Registrations
provided to each Shareholder hereunder.

9.   NO INCONSISTENT AGREEMENTS

     The Company shall not enter into any agreement or arrangement of any kind
with any Person that is inconsistent with any of the rights granted to the
Shareholders in this Agreement or otherwise conflicts with any of the provisions
hereof.

10.  TERM AND TERMINATION

     This Agreement shall become effective on the Effective Date and remain in
effect until the date on which all of the Parties agree in writing to the
termination of this Agreement. Promptly following the date on which its board of
directors has ratified and approved RTK's execution of this Agreement, RTK shall
provide each other Party with a certified copy of an extract from the protocol
of the meeting of RTK's board of directors containing such ratification and
approval.

11.  MISCELLANEOUS

11.1 Specific Performance

     The Parties hereby declare that it is impossible to measure in money the
damages that will accrue to a Party by reason of a failure by another Party to
perform any of the obligations under this Agreement. Therefore, if any Party
shall, in accordance with Section 11.10, institute any proceeding to enforce
specifically the provisions hereof, any Party against whom such proceeding is
brought hereby waives the claim or defense therein that the Party instituting
such proceeding has an adequate remedy at law or in damages, and the Party
against whom such proceeding is brought shall not urge in any such proceeding
the claim or defense that such remedy at law or in damages exists.

                                       13
<PAGE>

11.2 Waivers; Remedies

     Any term or condition of this Agreement may be waived at any time by the
Party that is entitled to the benefit thereof, but no such waiver shall be
effective unless set forth in a written instrument duly executed by or on behalf
of the Party waiving such term or condition. No waiver by any Party of any term
or condition of this Agreement, in one or more instances, shall be deemed to be
or construed as a waiver of the same or any other term or condition of this
Agreement on any future occasion. All remedies, either under this Agreement or
by law or otherwise afforded, will be cumulative and not alternative.

11.3 Amendments

     This Agreement may be amended, supplemented or modified only by a written
instrument duly executed by or on behalf of each Party.

11.4 No Assignment; Binding Effect; No Third Party Beneficiaries

     Except as expressly provided in Article 8, neither this Agreement nor any
right, interest or obligation hereunder may be assigned by any Party without the
prior written consent of the other Parties and any attempt to do so will be
void. Subject to the preceding sentence, this Agreement is binding upon, inures
to the benefit of and is enforceable by the Parties and their respective
successors and assigns. The terms and provisions of this Agreement are intended
solely for the benefit of each Party and their respective successors or
permitted assigns, and, except as specified in Article 7, it is not the
intention of the Parties to confer third party beneficiary rights upon any other
Person.

11.5 Severability

     If any provision of this Agreement is or shall become invalid, illegal or
unenforceable in any jurisdiction, the invalidity, illegality or
unenforceability of such provision in such jurisdiction shall not affect or
impair the validity, legality or enforceability of (a) any other provision of
this Agreement or any such other document in such jurisdiction or (b) such
provision or any other provision of this Agreement or any such other document in
any other jurisdiction.

11.6 Further Assurances

     From time to time, at any Party's reasonable request and without further
consideration, each Party shall execute and deliver such additional documents
and take all such further action as may be reasonably necessary or desirable to
consummate and make effective, in the most expeditious manner practicable, the
transactions contemplated by this Agreement.

11.7 Entire Agreement

     This Agreement and the other Principal Agreements will, from and after the
Effective Date, supersede all prior discussions and agreements among the Parties
with respect to the subject matter hereof and thereof and contain the sole and
entire agreement between the Parties with respect to the subject matter hereof
and thereof. For the avoidance of doubt, the Parties acknowledge that the
Existing Registration Rights Agreements shall remain in full force and effect
until the Effective Date, whereupon the Existing Registration Rights Agreements
shall terminate and be of no further force and effect.

11.8 Notices

     All notices, requests, demands and other communications provided for by
this Agreement shall be in writing (including telecopier or similar writing) and
shall be deemed to have been duly given only if delivered personally or by
facsimile transmission or sent by courier, addressed to the

                                       14
<PAGE>

address of the parties stated below or to such changed address as such party may
have fixed by notice or, if given by telecopier, when such telecopy is
transmitted and the appropriate answerback is received.

     (i)  If to Alfa:

          Alfa Telecom Limited
          P.O. Box 3339
          Geneva Place
          2nd Floor
          333 Waterfront Drive
          Road Town
          Tortola, British Virgin Islands

          Facsimile No.: +350 40 729
          Attention: Pavel Nazaryan

with a copy to:

          Squire, Sanders & Dempsey
          2/2 Paveletskaya Square
          115054 Moscow Russian Federation

          Facsimile No.: +7 (095) 258-5251
          Attention: David Wack

    (ii)  If to Telenor:

          Nye Telenor East Invest AS
          Snaroyveien 30
          N-1331 Fornebu
          Norway

          Facsimile No.: +47 9625 0939
          Attention: Kjell Morten Johnsen

with a copy to:

          Advokatene i Telenor
          Snaroyveien 30
          N-1331 Fornebu
          Norway

          Facsimile No.: +47 67 89 2432
          Attention: Bjorn Hogstad

and to:

          Coudert Brothers LLP
          60 Cannon Street
          London EC4N 6JP

          Facsimile No.: +44 (207) 248 3001
          Attention: Peter O'Driscoll

                                       15
<PAGE>

   (iii)  If to CIG:

          c/o Capital International Global Emerging Markets
          Private Equity Fund, L.P.
          135 South State College Boulevard,
          Brea, CA 90071-1447

          Facsimile No.: +1 (714) 671-7080
          Attention: Jim Brown

with a copy to:

          Capital International Limited
          25 Bedford Street
          London WC2E 9HN

          Facsimile No.: +44 (20) 7864-5768
          Attention: Ida Levine

and to:

          Capital Research International Inc.
          25 Bedford Street
          London WC2E 9HN

          Facsimile No.: +44 (20) 7864 5814
          Attention: Ashley Dunster

and to:

          Fried, Frank, Harris, Shriver & Jacobson
          99 City Road
          London EC1Y 1AX

          Facsimile No.: +44 (20) 7972 9602
          Attention: Karen Wiedemann

    (iv)  If to Cavendish Nominees Limited:

          c/o International Private Equity Services
          13-15 Victoria Road
          PO Box 431
          St. Peter Port GY1 3ZD, Guernsey

          Facsimile No.: +44 (0) 1481 715 219
          Attention: Mrs. Connie Helyar

with a copy to:

          Baring Vostok Capital Partners
          7 Gasheka Street
          Ducat Place II, Suite 750
          123056 Moscow
          Russia

          Facsimile No.: +7 (095) 967 1308
          Attention: Michael Calvey

                                       16
<PAGE>

and to:

          Fried, Frank, Harris, Shriver & Jacobson
          99 City Road
          London EC1Y 1AX

          Facsimile No.: +44 (20) 7972 9602
          Attention: Karen Wiedemann

     (v)  If to First NIS Regional Fund SICAV:

          c/o Bank of Bermuda Luxembourg
          13 Rue Goethe L-1638, Luxembourg

          Facsimile No.: +35 2 40 46 46 595
          Attention: Christine Tourney

with a copy to:

          Baring Vostok Capital Partners
          7 Gasheka Street
          Ducat Place II, Suite 750
          123056 Moscow
          Russia

          Facsimile No.: +7 (095) 967 1308
          Attention: Michael Calvey

and to:

          Fried, Frank, Harris, Shriver & Jacobson
          99 City Road
          London EC1Y 1AX

          Facsimile No.: +44 (20) 7972 9602
          Attention: Karen Wiedemann

    (vi)  If to the Company:

          Golden Telecom, Inc.
          4400 MacArthur Blvd., N.W.
          Suite 200
          Washington, D.C. 20007
          U.S.A.

          Facsimile No.: +1 (202) 332-4877
          Attention: General Counsel

                                       17
<PAGE>

with a copy to:

          Representation Office of Golden TeleServices, Inc.
          1 Kozhevnichesky Proezd,
          2nd Floor
          155144 Moscow
          Russia

          Facsimile No.: +7 (095) 797-9332
          Attention: General Counsel

   (vii)  If to RTK:

          OAO Rostelecom Moscow,
          ul. 1st Tverskaya-Yamskaya, 14
          125047 Moscow
          Russia

          Facsimile No.: +7 (095) 787-2850
          Attention: Kuznetsov Sergey Ivanovich

with a copy to:

          Clifford Chance CIS Limited,
          ul. Sadovaya-Samotechnaya 24/27
          127051 Moscow,
          Russian Federation

          Facsimile No.: +7 (501) 258-5051
          Attention: Andrey Dontsov

11.9 Governing Law

     This Agreement shall be governed by, and construed in accordance with, the
laws of the State of New York, United States of America, without giving effect
to any conflicts of laws principles thereof which would result in the
application of the laws of another jurisdiction.

11.10 Arbitration; Waiver Of Sovereign Immunity

     (a) Any and all disputes and controversies arising under, relating to or in
connection with this Agreement shall be settled by arbitration by a panel of
three (3) arbitrators under the United Nations Commission on International Trade
Law (UNCITRAL) Arbitration Rules then in force (the "UNCITRAL Rules") in
accordance with the following terms and conditions:

          (i) In the event of any conflict between the UNCITRAL Rules and the
     provisions of this Agreement, the provisions of this Agreement shall
     prevail.

          (ii) The place of the arbitration shall be New York, New York, United
     States of America.

          (iii) Where there is only one claimant party and one respondent party,
     each shall appoint one arbitrator in accordance with the UNCITRAL Rules,
     and the two arbitrators so appointed shall appoint the third (and
     presiding) arbitrator in accordance with the UNCITRAL Rules within thirty
     (30) days from the appointment of the second arbitrator. In the event of an
     inability to agree on a third arbitrator, the appointing authority shall be
     the International Court of Arbitration of the International Chamber of
     Commerce, acting in

                                       18
<PAGE>

     accordance with such rules as it may adopt for this purpose. Where there is
     more than one claimant party, or more than one respondent party, all
     claimants and/or all respondents shall attempt to agree on their respective
     appointment(s). In the event that all claimants and all respondents cannot
     agree upon their respective appointment(s) within thirty (30) Business Days
     of the date of the notice of arbitration, all appointments shall be made by
     the Chairman of the International Court of Arbitration of the International
     Chamber of Commerce.

          (iv) The English language shall be used as the written and spoken
     language for the arbitration and all matters connected to the arbitration.

          (v) The arbitrators shall have the power to grant any remedy or relief
     that they deem just and equitable and that is in accordance with the terms
     of this Agreement, including specific performance, and including, but not
     limited to, injunctive relief, whether interim or final, and any such
     relief and any interim, provisional or conservatory measure ordered by the
     arbitrators may be specifically enforced by any court of competent
     jurisdiction. Each Party retains the right to seek interim, provisional or
     conservatory measures from judicial authorities and any such request shall
     not be deemed incompatible with the agreement to arbitrate or a waiver of
     the right to arbitrate.

          (vi) The award of the arbitrators shall be final and binding on the
     Parties.

          (vii) The award of the arbitrators may be enforced by any court of
     competent jurisdiction and may be executed against the person and assets of
     the losing party in any competent jurisdiction.

     (b) Except for arbitration proceedings pursuant to Section 11.10(a), no
action, lawsuit or other proceeding (other than the enforcement of an
arbitration decision, an action to compel arbitration or an application for
injunctive relief or other interim, provisional or conservatory measures in
connection with the arbitration) shall be brought by or between the Parties in
connection with any matter arising out of or in connection with this Agreement.

     (c) Each Party other than CIG irrevocably appoints CT Corporation System,
located on the date hereof at 111 Eighth Avenue, 13th Floor, New York, New York
10011, USA, and CIG irrevocably appoints Capital International Research, Inc.,
located on the date hereof at 630 Fifth Avenue, 36th Floor, New York, New York
10111, USA, Attn: General Counsel, as its true and lawful agent and attorney to
accept and acknowledge service of any and all process against it in any judicial
action, suit or proceeding permitted by this Section 10.10, with the same effect
as if such Party were a resident of the State of New York and had been lawfully
served with such process in such jurisdiction, and waives all claims of error by
reason of such service, provided that the Party effecting such service shall
also deliver a copy thereof on the date of such service to the other Parties by
facsimile as specified in Section 11.8. Each Party will enter into such
agreements with such agent as may be necessary to constitute and continue the
appointment of such agent hereunder. In the event that any such agent and
attorney resigns or otherwise becomes incapable of acting, the affected party
will appoint a successor agent and attorney in New York reasonably satisfactory
to each other party, with like powers. Each Party hereby irrevocably submits to
the non-exclusive jurisdiction of the United States District Court for the
Southern District of New York and of any New York state court sitting in New
York City, in connection with any such action, suit or proceeding, and agrees
that any such action, suit or proceeding may be brought in such court, provided,
however, that such consent to jurisdiction is solely for the purpose referred to
in this Section 11.10 and shall not be deemed to be a general submission to the
jurisdiction of said courts of or in the State of New York other than for such
purpose. Each Party hereby irrevocably waives, to the fullest extent permitted
by law, any objection that it may now or hereafter have to the laying of the
venue of any such action, suit or proceeding brought in such a court and any
claim that any such action, suit or proceeding brought in such a court has been
brought in an inconvenient forum. Nothing herein shall affect the right of any
Party to serve

                                       19
<PAGE>

process in any other manner permitted by law or to commence legal proceedings or
otherwise proceed against any other Party in any other jurisdiction in a manner
not inconsistent with this Section 11.10.

     (d) Each Party hereby represents and acknowledges that it is acting solely
in its commercial capacity in executing and delivering this Agreement and in
performing its obligations hereunder, and each such Party hereby irrevocably
waives with respect to all disputes, claims, controversies and all other matters
of any nature whatsoever that may arise under or in connection with this
Agreement and any other document or instrument contemplated hereby, all immunity
it may otherwise have as a sovereign, quasi-sovereign or state-owned entity (or
similar entity) from any and all proceedings (whether legal, equitable,
arbitral, administrative or otherwise), attachment of assets, and enforceability
of judicial or arbitral awards.

11.11 Counterparts; Language

     This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and
the same instrument. This Agreement is being executed in both an English
language version and a Russian language version. In the event of any discrepancy
between the English language version and the Russian language version of this
Agreement or any disagreement among the Parties as to the meaning or
interpretation of any part of this Agreement, the English language version of
this Agreement shall prevail.

                                       20
<PAGE>

     IN WITNESS WHEREOF, the Parties have executed this Registration Rights
Agreement as of the date first written above.

                                        The Shareholders

                                        ALFA TELECOM LIMITED

                                        By
                                          --------------------------------------
                                          Name:
                                          Title:

                                        NYE TELENOR EAST INVEST AS

                                        By
                                          --------------------------------------
                                          Kjell Morten Johnsen
                                          Attorney-in-Fact

                                        OAO ROSTELECOM

                                        By
                                          --------------------------------------
                                          Name:
                                          Title:

                                        CAPITAL INTERNATIONAL GLOBAL
                                        EMERGING MARKETS PRIVATE EQUITY
                                        FUND, L.P.

                                        By
                                          --------------------------------------
                                          Name:
                                          Title:

                                        FIRST NIS REGIONAL FUND SICAV

                                        By
                                          --------------------------------------
                                          Name:
                                          Title:

                                        By
                                          --------------------------------------
                                          Name:
                                          Title:

                                       21
<PAGE>

                                        CAVENDISH NOMINEES LIMITED

                                        By
                                          --------------------------------------
                                          Name:
                                          Title:

                                        The Company

                                        GOLDEN TELECOM, INC.

                                        By
                                          --------------------------------------
                                          Alexander Vinogradov
                                          President and Chief Executive Officer

                                       22Exhibit 4.14

                       DEBT OBLIGATION No. 3 - 1 - 3 - 14

This debt obligation (hereinafter, "Debt Obligation") has been issued by Open
Joint Stock Company of Long Distance and International Telecommunications
Rostelecom (hereinafter, the "Payer") located at: 5 Delegatskaya, Moscow,
103091, Russian Federation, to the Council of Ministers - the Government of the
Russian Federation (hereinafter, the "Government").

The settlements under the Debt Obligation shall be made through the USSR Bank
for External Economic Activities (Vneshekonombank) located: at 9 Sakharova
Prospekt Str., acting as the Government's agent (hereinafter, "the Agent") for
the purposes of this Debt Obligation.

All payments made by the Payer hereunder, less the amounts due to the Agent to
reimburse the expenses of the latter incurred in fulfillment of this Debt
Obligation, shall be received by the Russian Federation Finance Ministry
(hereinafter, "Minfin") acting for and on behalf of the Government for the
purposes of this Debt Obligation.

The Payer, the Agent and Minfin hereby confirm that they have all the rights and
powers required to perform actions related to the fulfillment of the Debt
Obligation in accordance with the following:

                                    Article 1

                         Subject of the Debt Obligation

1.1. The Subject of this Debt Obligation is the Payer's liability to repay to
the Government the amounts paid or to be paid out of the federal treasury of the
Russian Federation (or from other sources at the disposal of the Government) in
favor of the creditor (hereinafter, the "Creditor") under the loan agreement
dated [Sic] 00.00.1994 (hereinafter, the "Agreement") between the Export-Import
Bank of Japan and the Agent inasmuch as payments to the Creditor are made in
connection with the provision by the latter of funds for making payments under
contract No. 1 dated October 11, 1993, amounting to 85% of the total contract
value, which comprises 21,049,989,900 (twenty one billion forty nine million
nine hundred eighty nine thousand and nine hundred) Japanese yens, between the
Payer and Sumitomo Corporation ((hereinafter, the "Supplier"). An advance, which
is equal to 15% of the total contract value and amounts to 3,714,704,100 (three
billion seven hundred fourteen million seven hundred four thousand and one
hundred) Japanese yens, was paid by the Payer to the Supplier in cash in the
full amount.

1.2. The Payer's liability under the Debt Obligation shall extend to:

     - amounts of the principal under the Agreement to be paid to the Creditor,
which make up 85% of the Contract value;

     - interest accrued and to be collected by the Creditor under the Agreement;

     - all commissions accrued and to be collected by the Creditor under the
Agreement;

     - all costs incurred by the Government and/or the Agent in connection with
the fulfillment of this Debt Obligation;

     - all commissions due to Minfin and the Agent hereunder.
<PAGE>

1.3. The amounts due from the Payer hereunder shall be expressed and recorded
in:

     - in rubles or Japanese yens, when they relate to the Agreement and
commissions due to Minfin;

     - in the currency in which the Government and/or the Agent incurred costs,
     when they relate to the reimbursement of the Government's and/or the
     Agent's costs incurred in connection with the fulfillment of this Debt
     Obligation.

                                    Article 2

                               Payer's Obligations

2.1 All payments hereunder shall be made by the Payer, at its option:

- in the currency in which the relevant payment obligations of the Payer are
expressed and recorded;

- in another freely convertible currency at the exchange rate as at the date of
payment to be determined under the "cross-rate method" with the use of market
exchange rates (quoted by the Central Bank of the Russian Federation at such
date) of ruble to the currency in which the relevant obligations of the Payer
are expressed and to the currency used by the Payer to fulfill such payment
obligations; or

- in the national currency of the Russian Federation, at the market exchange
rate of such currency to the currency in which the relevant obligations of the
Payer are expressed, as quoted by the Central Bank of the Russian Federation as
at the date of payment.

2.2. In the event that within the validity period of the Debt Obligation the
Government, Minfin or another body authorized by the Government establishes a
special procedure for the fulfillment of the Debt Obligation by the Payer or if
the current procedures are changed (the "subsidy ratio" for the Payer is changed
and/or "subsidy ratio" is extended to other payments), the amounts of payments
to be made by the Payer hereunder shall be adjusted accordingly on the basis of
a properly executed decision of the Government, Minfin, or another body
authorized by the Government.

2.3 The Payer hereby irrevocably agrees to repay its debt under the Debt
Obligation within the amounts fixed by Article 1 hereof, taking into account the
provisions of clause 2.2 of Article 2 hereof. Payments in repayment of the debt
hereunder shall be made one calendar month earlier than the dates specified in
the Agreement, in accordance with the following payment schedule:

     2.3.1 the equivalent of 317,389,111 Japanese yens in repayment of actually
     accrued interest and commissions shall be paid by December 31, 1994;

     the equivalent of 741,804,007 Japanese yens in repayment of actually
     accrued interest and commissions shall be paid by December 31, 1995;

     the equivalent of 894,319,941 Japanese yens in repayment of actually
     accrued interest and commissions shall be paid by December 31, 1996;

     the equivalent of 4,843,604,674 Japanese yens in repayment of the principal
     plus the equivalent of actually accrued interest and commissions shall be
     paid by October 31, 1997;

     the equivalent of 4,888,862,066 Japanese yens in repayment of the principal
     plus the equivalent of actually accrued interest and commissions shall be
     paid by October 31, 1998;
<PAGE>

     the equivalent of 4,617,317,066 Japanese yens in repayment of the principal
     plus the equivalent of actually accrued interest and commissions shall be
     paid by October 31, 1999;

     the equivalent of 4,526,802,066 Japanese yens in repayment of the principal
     plus the equivalent of actually accrued interest and commissions shall be
     paid by October 31, 2000;

     the equivalent of 4,345,761,966 Japanese yens in repayment of the principal
     plus the equivalent of actually accrued interest and commissions shall be
     paid by October 31, 2001.

2.3.2. The Agent's costs related to the fulfillment of the Debt Obligation shall
be paid in the amounts actually incurred upon presentation by the Agent of the
relevant claims to the Payer as supported by documents.

2.3.3 "Insurance" commission accrued by the Agent on a quarterly basis in favor
of Minfin on the outstanding principal under the Agreement at a rate of 2% per
annum shall be paid by the dates specified in clause 2.3.1.

2.4. The payable amounts of interest and commissions referred to in clause 2.3.1
of this Article 2 shall be determined as they become due, depending on the
payments made by the Payer.

2.5. The Agent shall inform the Payer about the amounts of payable interest and
commissions specified in clauses 2.3.3 and 2.4 of this Article 2 as they mature.

2.6. The maturity dates specified in subclauses 2.3.1 - 2.3.3 of this Article 2
may be revised if the terms and conditions of the Contract and/or Agreement
change. In such case the Agent shall send to the Payer new schedules of payments
hereunder.

2.7. If the Payer fails to make payments provided for by clauses 2.3.1 and 2.3.3
of this Article 2 in the full amount by the dates specified in the relevant
clauses of this Debt Obligation, the unpaid portion of the Payer's debt will be
considered as overdue.

That said:

- if the Agreement provides for the accrual of additional interest on overdue
debt, interest on such overdue debt will be accrued in favor of Minfin at the
rate applied in respect of overdue payments in the currency of the Agreement and
quoted in the international financial market at the date when such debt becomes
overdue, plus 1% of the said interest rate;

- if the Agreement does not provide for the accrual of additional interest on
overdue debt, interest on such debt will be accrued in favor of Minfin at a rate
of 1% per annum, in addition to the "insurance" commission to be accrued at a
rate of 2% per annum.

2.8. All payments hereunder shall be made by the Payer into the accounts
designated by the Agent.

2.9 The Payer undertakes that upon the Agent's request it will immediately and
expeditiously provide the latter with any information about its financial
situation, business operations, legal status and status of bank accounts.

The aforesaid information shall be treated as confidential and shall not be
disclosed by the Agent to any parties other than the Government and Minfin,
except when required in accordance with the legislation, without prior written
consent of the Payer.
<PAGE>

2.10. The Payer grants the Agent the unconditional right to debit, without
further authorization, for the amounts due hereunder, the following account of
the Payer (including the account specified in clause 6.3 of the Debt
Obligation):

- settlement account of the Payer No. 467135 with MKB "Svyaz-Bank",
correspondent account 161448 in the Central Operational Department under the
Central Bank of Russia, MFO 2999112, Moscow.

2.11.The Payer undertakes to ensure that the Agent is provided by the bank
specified in clause 2.10 above with written confirmation of the bank's consent
that the aforesaid account of the Payer may be debited without further
authorization.

                                    Article 3

                            Obligations of the Agent

3.1 THE AGENT UNDERTAKES TO:

3.1. Keep record of the debt to the Creditor under the Agreement and of the
Payer's obligations hereunder and make calculations hereunder.

3.2. When necessary, immediately forward to the Payer schedules of payments
hereunder and/or other information required for complete, accurate and timely
fulfillment of the Debt Obligation by the Payer.

3.3. Upon receipt of funds paid by the Payer in fulfillment of the Debt
Obligation into the accounts kept with the Agent, transfer such funds in the
full amount (less amounts withheld for the purpose of reimbursing the Agent for
the costs incurred in fulfillment of this Debt Obligation):

     into a special account opened with the Agent in the name of Minfin, if the
Payer's payments are in the national currency of the Russian Federation;

     into an account opened with Vneshekonombank in the name of the Government
or Minfin or another account that the Agent will be notified of by the
Government or Minfin, if the Payer's payments are in a freely convertible
currency;

3.4. At least once per quarter (or more frequently, when necessary or requested)
inform the Government or Minfin about the progress of the Debt Obligation
fulfillment.

3.5. On the instructions of the Government or Minfin, request the Payer to
provide information about the financial situation, business activities, legal
status changes and status of the bank accounts of the latter and provide such
information, upon its receipt, to the Government or Minfin.

3.6. Immediately notify the Government or Minfin about any instances of the
Payer's defaulting on the Debt Obligation.

3.7. If the Agent does not receive special instructions from the Government or
Minfin within 15 calendar days of the Government or Minfin being so notified,
the Agent shall immediately bring claims against the Payer in court or
arbitration bodies for unconditional repayment of the debt under this Debt
Obligation and in accordance with effective legislation.

3.8. Immediately notify the Payer in writing about changes in the conditions of
the Debt Obligation fulfillment based on properly executed decisions
(instructions) of the Government or Minfin.
<PAGE>

                                    Article 4

                              Obligations of Minfin

4.1 Minfin irrevocably agrees to provide to the Agent funds in a freely
convertible currency out of the federal treasury of the Russian Federation
and/or from other sources at the disposal of Minfin, in the amounts sufficient
to fully meet the payments due to the Creditor under the Agreement, by the dates
specified in the Agreement and/or separate agreements that may be reached by the
Government and the Creditor with respect to the dates of repayment of the debt
under the said agreement.

4.2 If Minfin or the Government, at the suggestion of Minfin, establishes a
special procedure (changes the existing procedure) for the fulfillment of this
Debt Obligation by the Payer, Minfin shall immediately serve on the Agent a
relevant notice signed by an authorized person.

                                    Article 5

                Liability and Additional Obligations of the Payer

5.1. The Payer shall be liable for the fulfillment of this Debt Obligation with
all its property, assets and all the funds on accounts with banks and/or
financial and lending institutions, upon which, in the event of the Payer's
failure to completely or partially fulfill the Debt Obligation in accordance
with its conditions, a levy may be placed in the amount of the Payer's actual
debt under the Debt Obligation plus all the costs related to the fulfillment of
the Debt Obligation, including costs of litigation (arbitration).

5.2. The Payer recognizes that its obligations to the Government hereunder shall
have priority over any other payment obligations that may be assumed by the
Payer within the period of validity hereof.

The Payer undertakes to notify all its counterparties about such priority of
this Debt Obligation.

Non-receipt or late receipt of such notifications by the Payer's counterparties
shall under no circumstances be treated as an impediment to the exercise of the
Government's priority right to claim property, assets, and funds of the Payer
hereunder.

                                    Article 6

                Recording of Operations Under the Debt Obligation

6.1. Under this Debt Obligation the Agent shall open separate off-balance sheet
accounts to record the Payer's debt to the Government (Minfin) in US dollars or
Russian rubles.

6.2. The following shall provide grounds for recording the amounts of the
Payer's debt in the accounts specified in clause 6.1 of this Article 6:

     a) instructions sent by the Agent to any of the Creditors to make a payment
to the Supplier out of the funds provided by the Creditor to the Agent under the
Agreement; such instructions shall be sent by the Agent based on received
applications for transfer signed by authorized representatives of the Buyer,
containing a reference to the Agreement and this Debt Obligation and signed by
an authorized person from the Ministry of International Economic Relations of
the Russian Federation;

     b) accrual of interest and/or bank commissions in favor of the Creditor in
accordance with the Agreement;

     c) payment of insurance premiums specified in the Agreement, by the
Government or the Agent;
<PAGE>

     d) payment of other costs related to the fulfillment of the Agreement and
this Debt Obligation by the Government or the Agent;

     e) accrual by the Agent of all commissions that are due from the Payer to
Minfin hereunder.

6.3. The Payer shall make payment in fulfillment of the Debt Obligation and in
reduction of the debt recorded in accounts specified in clause 6.1. of this
Article 6 from the Payer's settlement account No. 467135 with MKB "Svyaz Bank",
correspondent account 161448 in the Central Operational Department under the
Central Bank of Russia, MFO 299112 or from other accounts, the details of which
shall be provided by the Payer to the Agent at least 30 calendar days before the
relevant payment is due.

Also, the amounts of the aforesaid payments may be written off by the Agent from
the Payer's accounts held with the Agent provided that relevant written
instructions of the Payer are available.

6.4. If the Payer fails to make relevant payments in full by the dates specified
in Article 2, clause 2.3, hereof, the outstanding debt of the Payer hereunder
shall be considered as overdue and shall be recorded in a separate off-balance
sheet account reflecting the overdue debt of the Payer to the Government to be
opened by the Agent.

Interest shall be accrued on the said debt at the rates specified in clauses 2.4
and 2.7, respectively.

6.5. Account statements in respect to the accounts specified in clauses 6.1 and
6.3 of this Article 6 shall be sent by the Agent to the Payer as operations are
performed, to the following address: 5 Delegatskaya St., Moscow.

The Payer undertakes to provide the Agent with confirmations of the accuracy of
such account statements as of January 1 of each year, within the validity period
hereof.

                                    Article 7

                               General Provisions

7.1. This Debt Obligation comes into effect from the date at which it is signed
by all the Parties, including the Payer, Minfin and the Agent.

7.2. This Debt Obligation shall lose force from the date following the date at
which the Payer will have made all the payments hereunder in the full amounts,
including payments for the reimbursement of all costs incurred by the
Government, Minfin and the Agent in connection with the fulfillment of the Debt
Obligation.

7.3. All legal relations between the Parties arising from the terms and
conditions hereof shall be governed by the laws of the Russian Federation.

7.4. Neither Party shall be entitled to assign its rights or obligations
hereunder to any other party without written consent of Minfin, the Agent, and
the Payer.

7.5. Any disputes and controversies arising from the terms and conditions hereof
shall be negotiated between the parties to reach a mutually acceptable
resolution

Should such resolution be not reached, the relevant dispute or controversy shall
be resolved in court (by arbitration) in accordance with the procedures
established by the laws of the Russian Federation.

This Debt Obligation was made in Moscow in 1994 in three original counterparts
in the Russian language.
<PAGE>

FOR THE PAYER                 FOR MINFIN                    FOR THE AGENT

______/signed/______          ______/signed/______          ______/signed/______
[Seal]                        [Seal]                        [Seal]

[ ] Belov

Director General

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