Document:

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                                                                    EXHIBIT 10.1

                          REGISTRATION RIGHTS AGREEMENT

THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made and entered into
as of September 5, 2002 by and between Golden Telecom, Inc., a Delaware
corporation (the "Company"), and OAO ROSTELECOM, a Russian open joint stock
company ("Investor").

RECITALS

(A)    In connection with the transfer by Investor of approximately 21.5%
       ownership of OOO EDN Sovintel, a limited liability company duly
       registered and existing under the Laws of the Russian Federation, to
       SFMT-CIS, Inc., a Delaware corporation, the Company desires to grant to
       Investor certain registration rights with respect to an aggregate of
       4,024,067 shares of common stock of the Company.

(B)    The parties hereto desire to set forth the terms and conditions of the
       Company's covenants and agreements in respect of the registration of such
       shares with the Securities and Exchange Commission and all applicable
       state securities agencies.

(C)    In consideration of the premises and the mutual agreements contained
       herein, the parties hereby agree as follows:

AGREEMENT

1.    DEFINITIONS

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

      "Advice" has the meaning set forth in the last paragraph of Section 5
      hereof.

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

      "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.

      "Demand Registration" has the meaning set forth in Section 3(a) hereof.

      "Effective Date" means the date on which the shares to be issued to the
      Investor under the terms of the Subscription Agreement, are issued to the
      Investor.

      "Exchange Act" means The Securities Exchange Act of 1934, as amended, and
      the rules and regulations thereunder as in effect from time to time.
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      "Person" means an individual, partnership, corporation trust or
      unincorporated organization, or a government or agency or political
      subdivision thereof.

      "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 (i) the 4,024,067 shares of Common Stock to
      be issued to the Investor under the terms of the Subscription Agreement
      and (ii) any securities issued or issuable with respect to 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, until such shares of Common Stock or other
      securities are not Restricted Securities as defined in Section 2,
      provided, however, that Registrable Securities shall not include any such
      securities as may be transferred pursuant to an exemption from the
      registration requirements of the Securities Act provided by Rule 144 under
      the Securities Act.

      "Registration Expenses" has the meaning set forth in Section 6 hereof.

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

      "Restricted Securities" means the Registrable Securities upon original
      issuance thereof, subject to the provisions of Section 2 hereof.

      "Securities Act" means the Securities Act of 1933, as amended from time to
      time.

      "SEC" means the Securities and Exchange Commission.

      "Subscription Agreement" means the agreement to purchase 4,024,067 shares
      of Common Stock of the Company entered into by the Investor and the
      Company and dated September 5, 2002.

      "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 arrangements with an underwriter.

      Unless the context otherwise requires: (i) "or" is not exclusive; and (ii)
      words in the singular include the plural and in the plural include the
      singular.

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2.    SECURITIES SUBJECT TO THIS AGREEMENT

      Registrable Securities. The securities entitled to the benefits of this
      Agreement are the Registrable Securities but, with respect to any
      particular Registrable Security, only so long as such security continues
      to be a Restricted Security. A Registrable Security ceases to be a
      Restricted Security when (i) it has been effectively registered under the
      Securities Act and disposed of in accordance with the Registration
      Statement covering it, (ii) it has been distributed pursuant to Rules 144
      or 144A under the Securities Act (or any similar provision then in force),
      (iii) it has otherwise been transferred and a new certificate or other
      evidence of ownership for it 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 or (iv) such security may be transferred pursuant to any
      other exemption from the registration requirements of the Securities Act
      provided under the Securities Act.

3.    DEMAND REGISTRATION

       (a)  Requests for Registration. At any time six months after the
            Effective Date (the "Six-Month Lock-Up"), Investor may make a
            written request for registration with the SEC under and in
            accordance with the provisions of the Securities Act of all or part
            of its Registrable Securities (a "Demand Registration"). A request
            made pursuant to this Section 3(a) shall specify the number of
            Registrable Securities to be registered and the intended methods of
            disposition thereof. All such requests shall be delivered to the
            Company in accordance with the provisions of Section 9(d) of this
            Agreement.

       (b)  Number of, and Limitations on, Registrations. Investor will be
            entitled to request 2 (two) Demand Registrations. The Company will
            not be obligated to register any Registrable Securities pursuant to
            such a Demand Registration unless there is requested to be included
            in such registration at least 1,000,000 shares of Common Stock
            (subject to such adjustments as may be necessary by reason of the
            occurrence of an event contemplated by clause (ii) of the definition
            of Registrable Securities) (unless, at the time of such request,
            Investor holds less than 1,000,000 shares of Common Stock, in which
            case such request must be for such entire lesser amount).

       (c)  Expenses. In any registration initiated as a Demand Registration,
            the Company will pay all Registration Expenses, whether or not the
            Registration Statement has become effective.

       (d)  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

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            jointly by the Investor and the Company. If Investor disapproves of
            the terms and conditions of the underwriting, Investor may elect to
            withdraw all its Registrable Securities by written notice to the
            Company and the managing underwriter, but for the avoidance of doubt
            such demand for registration and subsequent withdrawal shall count
            as one of the Investor's Demand Registrations provided for under
            Section 3(b).

4.     INCIDENTAL REGISTRATION

       (a)  Request for Registration. After the Six-Month Lock-Up, 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 each such time give
            prompt notice in accordance with the provisions of Section 9(d) of
            this Agreement to Investor 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
            Investor delivered to the Company within 30 days after such notice
            shall have been given to Investor (which request shall specify the
            Registrable Securities intended to be disposed of by such holder 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 Investor, to the extent requisite to permit the sale of
            the Registrable Securities to be so registered; provided, however,
            that:

            (i)    if, at any time after giving such written notice of its
                   intention to register any 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
                   reason not to register such Common Stock, the Company
                   shall, at its election, give written notice of such
                   determination to Investor, 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(b)); and

            (ii)   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

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                   because the inclusion of Registrable Securities is likely to
                   adversely impact the purchase price obtained for the Common
                   Stock proposed to be included in such offering, then the
                   Company shall promptly advise Investor thereof and may
                   require, by written notice to Investor 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 Common Stock
                   in such offering shall share pro-rata in the number 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 Common Stock so
                   requested to be registered by such holders) until the
                   completion of the distribution of such Common Stock and any
                   other securities by such underwriters.

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

5.     REGISTRATION PROCEDURES

       Whenever Investor 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 Section 3, use its
            reasonable best efforts to prepare and file with the SEC not later
            than 60 days after receipt of such request (which 60-day period may
            be extended by the Company for up to an additional 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
            Investor 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 Investor

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            (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 Section 3 or any
            amendment thereto or any Prospectus or any supplement thereto
            (including such documents incorporated by reference) to which
            Investor 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 days before filing, furnish to Investor 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 Investor 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 Investor 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 150 days, or
            such shorter period which will terminate when all Registrable
            Securities covered by such Registration Statement have been sold or
            withdrawn or such Registrable Securities cease to be Restricted
            Securities; 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 Investor thereof set forth in such Registration
            Statement or supplement to the Prospectus;

       (d)  notify Investor and the managing underwriters, if any, promptly, and
            (if requested by any such Person) confirm such advice in writing,
            (1) 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, (2) of any request by the SEC for
            amendments or supplements to the Registration

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            Statement or the Prospectus or for additional information, (3) 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, (4) if at any time the representations
            and warranties of the Company contemplated by paragraph (o) below
            cease to be true and correct, (5) 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
            (6) of the happening 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 Investor
            and to the managing underwriters;

       (g)  provide to Investor 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 Investor and the underwriters, if any, as many copies of
            the Prospectus (including each preliminary prospectus) and any
            amendment or supplement thereto as such Persons may reasonably
            request; the Company consents to the use of the Prospectus or any
            amendment or supplement thereto by Investor 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 Investor 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

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            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 Investor 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 Investor agrees
            to do so;

       (j)  cooperate with Investor 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 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)(6)
            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 each
            securities exchange or the Nasdaq National Market on which similar
            securities issued by the Company are then listed if requested by
            Investor 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 Investor 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 (1) make such representations

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            and warranties to Investor 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;
            (2) obtain opinions of counsel to the Company, and updates thereof
            (which counsel and opinions (in form, scope and substance) shall be
            reasonably satisfactory to the managing underwriters) addressed to
            Investor and the underwriters, if any, covering the matters
            customary in underwritten primary offerings and such other matters
            as may be reasonably requested by Investor and underwriters, if any;
            (3) obtain "comfort" letters and updates thereof from the Company's
            independent certified public accountants addressed to Investor 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; (4) if an underwriting agreement is entered into, the
            same shall set forth in full the indemnification provisions and
            procedures of Section 7 hereof with respect to all parties to be
            indemnified pursuant to said Section; and (5) the Company shall
            deliver such documents and certificates as may be requested by
            Investor and the managing underwriters, if any, to evidence
            compliance with clause (1) 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
            Investor, any underwriter participating in any disposition
            pursuant to such registration statement, and any attorney,
            accountant or other agent retained by Investor 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 Investor 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 45 days after the end of any 12-month period (1) 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 (2) beginning with the first month of the Company's
            first

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            fiscal quarter commencing after the effective date of the
            Registration Statement, which statements shall cover said 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 Investor to furnish to the Company such
      information and documents regarding Investor and the distribution of the
      Registrable Securities as the Company may from time to time reasonably
      request in writing.

      Investor agrees by acquisition of such Registrable Securities that, upon
      receipt of any notice from the Company of the happening of any event of
      the kind described in Section 5(d)(6) hereof, Investor will forthwith
      discontinue disposition of Registrable Securities until Investor's receipt
      of the copies of the supplemented or amended Prospectus contemplated by
      Section 5(l) hereof, 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, Investor 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 Investor'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)(6) to and including the date when Investor shall have received the
      copies of the supplemented or amended prospectus contemplated by Section
      5(l) hereof or the Advice.

 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 Investor so requires,
      the reasonable

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      fees and expenses of any special experts retained by Investor 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
      Investor (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.
      Investor shall be liable for the cost and expense of the time spent by its
      officers, employees and Agents, including Investor's counsel, incurred in
      connection with the registration of Registrable Securities owned by it.

7.    INDEMNIFICATION

(a)   Indemnification by Company. The Company will indemnify and hold harmless,
      to the full extent permitted by law, Investor, its officers and directors,
      their Agents and each Person who controls Investor (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 Investor, expressly for use therein. Such indemnity shall
      remain in full force and effect regardless of any investigation made by or
      on behalf of Investor, Investor's directors and officers, their Agents or
      a controlling Person, and shall survive the transfer of such securities by
      Investor. 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 Investor of Registrable Securities.

(b)   Indemnification by Investor. Investor 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

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      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 Investor specifically for inclusion therein. In no
      event shall the liability of Investor hereunder be greater in amount than
      the dollar amount of the proceeds received by Investor 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.

(c)   Conduct of Indemnification Proceedings. Any Person entitled to
      indemnification hereunder will (i) give prompt notice to the indemnifying
      party of any claim with respect to which it seeks indemnification and (ii)
      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 Section, 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 Section.

                                       12
<PAGE>
(d)   Contribution. 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 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 the Investor hereunder shall not exceed the dollar
      amount of the proceeds received by the Investor upon the sale of the
      Registrable Securities giving rise to such contribution obligation.

      The parties hereto agree that it would not be just and equitable if
      contribution pursuant to this Section 7(d) 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 Investor under this Agreement with respect to
      any Registrable Securities may be transferred to any transferee of such
      Registrable Securities, including any affiliate of Investor; provided,
      however, that (i) Investor 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, (ii) 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 (iii) the
      terms of such transfer make clear how the Investor and the transferee
      shall utilize the two Demand Registrations provided to the Investor
      hereunder.

9.    MISCELLANEOUS

      (a)   Remedies. Investor shall be entitled to exercise all rights provided
            herein or granted by law, including recovery of damages, and each
            will be entitled

                                       13
<PAGE>
            to specific performance of their rights under this Agreement. The
            Company agrees that monetary damages would not be adequate
            compensation for any loss incurred by reason of a breach by it of
            the provisions of this Agreement and hereby agrees to waive the
            defense in any action for specific performance that a remedy at law
            would be adequate.

      (b)   No Inconsistent Agreements. The Company will not on or after the
            date of this Agreement enter into any agreement with respect to its
            securities which is inconsistent with the rights granted to Investor
            in this Agreement or otherwise conflicts with the provisions hereof.

      (c)   Amendments and Waivers. The provisions of this Agreement, including
            the provisions of this sentence, may not be amended, modified or
            supplemented, and waivers or consents to departures from the
            provisions hereof may not be given unless the Company has obtained
            the written consent of Investor.

      (d)   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
            given at the time when mailed in any general or branch office of the
            postal service, enclosed in a registered or certified postpaid
            envelope, or sent by Federal Express or other similar overnight
            courier service, addressed to the 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 Investor:

            OAO Rostelecom

            Russian Federation, 125047,
            Moscow, ul. 1st Tverskaya-Yamskaya, 14

            Telephone:  7-095-787-2849
            Facsimile:  7-095-787-2850

      (ii)  If to the Company:

            Golden Telecom, Inc.

            4400 MacArthur Boulevard, N.W., Suite 200
            Washington D.C. 20007, U.S.A.

            Telephone: 1 (202) 332 5997
            Facsimile: 1 (202) 332 4877

                                       14
<PAGE>
       (e)  Assignment. Neither party shall assign or transfer any of its rights
            under this Agreement without the prior written consent of the other
            party, except for a transfer in accordance with section 8. If any
            transferee of a holder of Registrable Securities shall acquire
            Registrable Securities, in any manner, whether by operation of law
            or otherwise, such Registrable Securities shall be held subject to
            all of the terms of this Agreement, and by taking and holding such
            Registrable Securities such transferee shall be conclusively deemed
            to have agreed to be bound by and to perform all of the terms and
            provisions of this Agreement and such transferee shall be entitled
            to receive the benefits hereof.

       (f)  Governing Law. This Agreement shall be governed by the laws of the
            State of New York. Each of the parties hereby consents to the
            non-exclusive jurisdiction of the courts of the State of New York,
            and to service of process by regular mail.

       (g)  Entire Agreement. This Agreement, together with any other agreements
            between the parties, constitutes the entire understanding between
            the parties and supersedes all proposals, commitments, writings,
            negotiations and understandings, oral and written, and all other
            communications between the parties relating to the subject matter of
            this Agreement.

       (h)  Counterparts and Effectiveness. This Agreement may be executed in
            several counterparts, each of which shall be deemed an original, but
            all of which together shall constitute one and the same document,
            and shall become effective on the Effective Date and shall have no
            force and effect prior thereto. This Agreement is executed in
            Russian and in English, with 1 (one) copy in each language for each
            party hereto. In the event of any discrepancies between the English
            and Russian versions, the English shall prevail.

       (i)  Severability. Should any part, term or condition hereof be declared
            illegal or unenforceable or in conflict with any other law, the
            validity of the remaining portions or provisions of this Agreement
            shall not be affected thereby, and the illegal or unenforceable
            portions of this Agreement shall be and hereby are redrafted to
            conform with applicable law, while leaving the remaining portions of
            this Agreement intact.

       (j)  Force Majeure. No party shall be deemed to have breached this
            Agreement or be held liable for any failure or delay in the
            performance of all or any portion of its obligations under this
            Agreement if prevented from doing so by a cause or causes beyond its
            control. Without limiting the generality of the foregoing, such
            causes include acts of God or the public enemy, fires, floods,
            storms, earthquakes, riots, strikes, lock-outs, wars and
            war-operations, restraints of government power or communication line
            failure or other circumstances beyond such party's control, or by
            reason of the

                                       15
<PAGE>
            judgment, ruling or order of any court or agency of competent
            jurisdiction or change of law or regulation subsequent to the
            execution of this Agreement.

       (k)  Successors and Assigns. Subject to the provisions of Section 9(e),
            this Agreement is solely for the benefit of the parties and their
            respective successors and assigns. Nothing herein shall be construed
            to provide any rights to any other entity or individual.

       (l)  Headings. Section headings are for convenience only and do not
            control or affect the meaning or interpretation of any terms or
            provisions of this Agreement.

       (m)  Attorneys' Fees. In any action or proceeding brought to enforce any
            provision of this Agreement, or where any provision hereof or
            thereof is validly asserted as a defense, the successful party shall
            be entitled to recover reasonable attorneys fees in addition to any
            other available remedy.

                            [Signature Page Follows]

                                       16
<PAGE>
      IN WITNESS WHEREOF, the parties have executed this Agreement as of the
      date first written above.

      OAO ROSTELECOM

      By:____________________________
         Name:  Sergey Kouznetsov
         Title: General Director

      By:____________________________
         Name:  Alexander Lutsky
         Title: Chief Accountant

      GOLDEN TELECOM, INC.

      By:____________________________
         Name:  Alexander Vinogradov
         Title: President and Chief
                Executive Officer

                                       17<PAGE>
                                                                    EXHIBIT 10.2

                             DATED SEPTEMBER 5, 2002

                              GOLDEN TELECOM, INC.

                                       AND

                                 OAO ROSTELECOM

                                       FOR

             FOUR MILLION TWENTY FOUR THOUSAND SIXTY SEVEN SHARES OF

                        COMMON STOCK, PAR VALUE $.01 EACH

                        ---------------------------------

                             SUBSCRIPTION AGREEMENT

                        ---------------------------------
<PAGE>
THIS SUBSCRIPTION AGREEMENT is made on September 5, 2002

BETWEEN:

(1)   Golden Telecom, Inc., a Delaware corporation (the "COMPANY"); and

(2)   OAO Rostelecom, a Russian open joint stock company ("INVESTOR").

WHEREAS:

(A)   Investor owns a 50% ownership interest (the "Sovintel Interest") in OOO
      EDN Sovintel, a limited liability company duly registered and existing
      under the laws of the Russian Federation ("Sovintel");

(B)   Investor, OOO TeleRoss, a limited liability company duly registered and
      existing under the laws of the Russian Federation ("TeleRoss") and
      SFMT-CIS, Inc., a Delaware corporation ("SFMT"), have entered into an
      Ownership Interest Purchase Agreement dated as of March 13, 2002 (the
      "Ownership Interest Purchase Agreement");

(C)   In accordance with the terms of the Ownership Interest Purchase Agreement,
      on the Closing Date, the Investor will transfer, in the aggregate,
      approximately 57% of the Sovintel Interest to TeleRoss and approximately
      43% of the Sovintel Interest to SFMT in exchange for the Nash
      Consideration, the TeleRoss Promissory Note, and the Company Shares, as
      defined herein;

(D)   TeleRoss and SFMT are Affiliates (as defined below) of the Company;

(E)   As more fully set forth herein, at the Closing, Investor proposes to
      acquire, and the Company proposes to issue to Investor, four million
      twenty four thousand sixty seven (4,024,067) shares of Common Stock (the
      "Company Shares") as the Stock Consideration, being a portion of the
      Purchase Price for the Sovintel Interest due by the Buyers in accordance
      with the terms of the Ownership Interest Purchase Agreement;

(F)   Contemporaneously with the execution of this Subscription Agreement, the
      Company and Investor have also executed and delivered the Registration
      Rights Agreement and, with certain other shareholders of the Company, the
      Standstill Agreement and the New Shareholders' Agreement; and

(G)   In accordance with the terms of the Ownership Interest Purchase Agreement
      and the Escrow Agreement, the Company Shares will be held in escrow upon
      subscription therefor until the Buyers are duly registered as the owners
      of the SFMT Interest and the Teleross Interest, respectively, in the
      Charter and Foundation Agreement of Sovintel, all in accordance with the
      requirements under Russian law and the terms of the Ownership Interest
      Purchase Agreement and the Escrow Agreement;

                                       2
<PAGE>
NOW, THEREFORE, in consideration of the premises and of the mutual
representations, warranties, covenants and agreements hereinafter contained, the
Parties agree as follows:

1.    INTERPRETATION

In this Agreement (including the Recitals):

"AFFILIATE" means, with respect to any Person, any other Person directly or
indirectly controlling, controlled by or under common control with such Person.
For purposes of the immediately preceding sentence, the term "control"
(including, with correlative meanings, the terms "controlling", "controlled by"
and "under common control with"), as used with respect to any Person, means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Person, whether through
ownership of voting securities, by contract or otherwise;

"AGREEMENT" means this Subscription Agreement, as the same may be amended,
modified or supplemented from time to time;

"CLOSING" means the transfer of the Company Shares by the Company to Investor
pursuant to the provisions of Section 3 of this Agreement;

"COMMON STOCK" means common stock of the Company having a par value of US$ 0.01
per share;

"COMPANY" has the meaning given to it in introductory clause (1) of this
Agreement;

"COMPANY SHARES" has the meaning given to it in Recital (E);

"ENCUMBRANCE" means any security interest, pledge, mortgage, lien (including,
without limitation, environmental and tax liens), charge, encumbrance, adverse
claim, preferential arrangement, or restriction of any kind, including, without
limitation, any arrangement, restriction on the use, voting, transfer, receipt
of income or other exercise of any attributes of ownership;

"INVESTOR" has the meaning given to it in introductory clause (2) of this
Agreement;

"NEW SHAREHOLDERS' AGREEMENT" means the Shareholders Agreement, dated as of the
date hereof, by and among the Company, certain shareholders of the Company and
Investor setting forth certain agreements of the parties thereto relating to the
Company Shares;

"OWNERSHIP INTEREST PURCHASE AGREEMENT" has the meaning given to it in
Recital (B);

"REGISTRATION RIGHTS AGREEMENT" means the Registration Rights Agreement, dated
as of the date hereof, by and between the Company and Investor relating to the
grant by the Company to Investor of certain registration rights in respect of
the Company Shares;

                                       3
<PAGE>
"REPORTS" has the meaning given to it in Section 6(2).

"SECURITIES ACT OF 1933" means the United States Securities Act of 1933 as
amended, and the rules and regulations thereunder as in effect from time to
time;

"SECURITIES EXCHANGE ACT OF 1934" means the United States Securities Exchange
Act of 1934 as amended, and the rules and regulations thereunder as in effect
from time to time;

"SOVINTEL INTEREST" has the meaning given to it in Recital (A); and

"STANDSTILL AGREEMENT" means the Standstill Agreement, dated as of the date
hereof, by and among the Company, certain shareholders of the Company and
Investor setting forth certain agreements of the parties thereto relating to the
Company Shares.

Terms not otherwise defined herein shall have the meanings set forth in the
Ownership Interest Purchase Agreement.

The headings in this Agreement do not affect its interpretation.

2.    SUBSCRIPTION

(1)   Subject to the terms and conditions of this Agreement, at the Closing, the
      Company, in reliance on the covenants, representations and warranties of
      Investor contained herein, shall issue the Company Shares to the Investor
      at the Closing, and the Investor, in reliance on the covenants,
      representations and warranties of the Company contained herein, shall
      acquire the Company Shares from the Company at the Closing. The Company
      Shares shall be issued to the Investor by the Company in partial
      consideration for the sale by the Investor of the Sovintel Interest to
      Teleross and SFMT pursuant to the Ownership Interest Purchase Agreement.

(2)   For the purposes of this Agreement, the value of each of the Company
      Shares shall be deemed equal to US$ 10.50 and the aggregate value of the
      Company Shares shall be deemed equal to US$ 42,252,703.50.

3.    CLOSING

(1)   At the Closing, which shall take place simultaneously with the closing of
      the Interest Transfer Transaction under the Ownership Interest Purchase
      Agreement, provided that the conditions precedent set forth in Section 4
      have been satisfied in full, the Company shall transfer the Stock
      Certificate representing the Company Shares to the Escrow Agent in
      definitive form and in such name(s) and in such denomination(s) as
      Investor shall request in writing not later than five full Business Days
      prior to the Closing.

4.    CONDITIONS PRECEDENT TO CLOSING

(1)   The Investor shall have delivered to SFMT and the Company a notarized copy
      of the CBR License to acquire the Company Shares.

                                       4
<PAGE>
(2)   Any waiting period applicable to the transfer of the Company Shares under
      the HSR Act, as amended, and the rules and regulations promulgated
      thereunder, shall have expired.

(3)   Subject to the terms and conditions of the Ownership Interest Purchase
      Agreement, the Buyers shall have delivered the Notice on Conditions
      Precedent to the Investor (with a copy to the Company).

(4)   The Buyers shall have received all other closing deliveries from the
      Investor as specified in Section 3.2 of the Ownership Interest Purchase
      Agreement.

5.    REPRESENTATIONS AND WARRANTIES

(1)   The Company represents, warrants and undertakes to Investor as follows:

      (a)   that the Recitals relating to the Company are in every material
            respect true and accurate and not misleading;

      (b)   that the Company has been duly incorporated and is validly existing
            as a corporation in good standing under the laws of the State of
            Delaware with full power and authority to own, lease and operate its
            properties and assets and conduct its business;

      (c)   that the execution, delivery and performance of this Agreement, the
            Registration Rights Agreement, the Standstill Agreement and the New
            Shareholders' Agreement by the Company have been duly authorized by
            the Company, and this Agreement, the Standstill Agreement and the
            New Shareholders' Agreement and the Registration Rights Agreement
            constitute legal, valid and binding obligations of the Company;

      (d)   that the issuance of the Company Shares has been duly authorized by
            the Company;

      (e)   that the Company Shares will, on issue and receipt of payment
            therefor in accordance with the terms of this Agreement, be validly
            issued in accordance with the law and regulations of the State of
            Delaware, fully paid and non-assessable and free from all
            Encumbrances and other third party rights other than those
            Encumbrances and rights created under the Standstill Agreement, the
            Registration Rights Agreement and the New Shareholders' Agreement
            and any other Encumbrances or rights created or caused by the
            Investor;

      (f)   the financial statements and Reports of the Company received by the
            Investor as indicated in Section 6(2) hereof were prepared in
            accordance with U.S. GAAP

                                       5
<PAGE>
            and fairly present in all material respects the financial condition
            and results of operations of the Company as of the respective dates
            thereof and for the respective periods covered thereby, and such
            Reports accurately disclose all material facts relating to the
            business and condition of the Company;

      (g)   except as reflected or reserved against in the balance sheet
            included in the latest available audited financial statements or in
            the notes thereto, there are no liabilities against, relating to or
            affecting the Company or any of the Company's assets and properties,
            or any other Encumbrances in respect of such assets and properties,
            other than liabilities or Encumbrances incurred or arising in the
            ordinary course of business consistent with past practice which in
            the aggregate are not material to the business or condition of the
            Company;

      (h)   there are no actions or proceedings material to the business or
            condition of the Company pending or threatened against, relating to
            or affecting the Company or any of its assets and properties which
            (i) could reasonably be expected to result in the issuance of an
            order restraining, enjoining or otherwise prohibiting or making
            illegal the consummation of any of the transactions contemplated by
            this Agreement or the Ownership Interest Purchase Agreement or
            otherwise result in a material diminution of the benefits
            contemplated hereby or thereby, or (ii) if determined adversely to
            the Company, could reasonably be expected to result in (x) any
            injunction or other equitable relief against the Company that would
            interfere in any material respect with its business or operations or
            (y) losses by the Company, individually or in the aggregate with
            losses in respect of other such actions or proceedings, exceeding
            US$ 1,000,000 or its equivalent in any other currency; and

      (i)   there are no facts or circumstances known to the Company that could
            reasonably be expected to give rise to any action or proceeding that
            would be required to be disclosed pursuant to paragraph (h) above.

(2)   Investor represents, warrants and undertakes to the Company as follows:

      (a)   that the Recitals relating to Investor and the representations and
            warranties relating to the Investor in the Ownership Interest
            Purchase Agreement are in every material respect true and accurate
            and not misleading;

      (b)   that Investor has been duly organized and is validly existing and in
            good standing under the laws of the Russian Federation with full
            power and authority to subscribe for and purchase the Company Shares
            as contemplated by this Agreement;

      (c)   that the execution, delivery and performance of this Agreement, the
            Standstill Agreement, the New Shareholders' Agreement and the
            Registration Rights Agreement by Investor have been duly authorized
            by Investor, and this

                                       6
<PAGE>
            Agreement, the Standstill Agreement, the New Shareholders' Agreement
            and the Registration Rights Agreement constitute legal, valid and
            binding obligations of Investor; and

      (d)   that the Investor is aware that it is acquiring the Company Shares
            in a transaction exempt from the registration requirements of the
            Securities Act of 1933 and is acquiring the Company Shares for its
            own account and without a view to the public distribution of the
            Company Shares or any interest therein, and will only resell the
            Company Shares if they are registered under the Securities Act of
            1933 or pursuant to an exemption from registration.

6.    ACKNOWLEDGMENTS

      The Investor acknowledges and agrees with the Company that:

      (1)   the Company Shares subscribed for hereunder have not been registered
            under the Securities Act of 1933 or any other applicable securities
            law and may not, and will not, be offered, sold or otherwise
            transferred except pursuant to the registration requirements of the
            Securities Act of 1933 or any other applicable securities law, or
            pursuant to any other exemption therefrom, and in each case in
            compliance with the conditions for transfer set forth in Section 7
            below. Hedging transactions involving the Company Shares subscribed
            for hereunder may not, and will not, be conducted unless such
            transactions are conducted in compliance with the Securities Act of
            1933.

      (2)   the Company or any person representing the Company has not made any
            representation to it with respect to the Company or the offering or
            sale of any Company Shares other than the representations made in
            this Agreement and the Ownership Interest Purchase Agreement. The
            Investor has received from the Company and reviewed the Company's
            Annual Report on Form 10-K for the fiscal year ended December 31,
            2000 ("Annual Report") and the Company's Quarterly Report on Form
            10-Q for the quarterly periods ended March 31, 2001, June 30, 2001
            and September 30, 2001, the Company's Annual Report on Form 10-K for
            the fiscal year ended December 31, 2001, and the Company's Quarterly
            Report on Form 10-Q for the quarterly periods ended March 31, 2002
            and June 30, 2002, all filed with the United States Securities and
            Exchange Commission pursuant to Section 13 or 15(d) of the
            Securities Exchange Act of 1934 (collectively, the "Reports"). The
            Investor further acknowledges it has had access to such financial
            and other information concerning the Company and the Company Shares
            as it has deemed necessary in connection with its decision to
            purchase any of the Company Shares, including an opportunity to ask
            questions of and request information from the Company. The Investor
            is aware that the trading price of the Company Shares is highly
            volatile and that significant risks are associated with the
            ownership of the Company Shares and with the

                                       7
<PAGE>
            operations conducted by the Company, as indicated, in part, in the
            section of the Annual Report entitled "Certain Considerations
            Applicable to Our Operations."

      (3)   any offer or sale of the Company Shares by the Investor shall be
            made in accordance with all applicable securities laws of the United
            States, the states of the United States or any other applicable
            jurisdiction.

      (4)   the Company Shares certificate to be issued to the Investor will
            contain a legend substantially to the following effect:

      THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE OR
      OTHER SECURITIES LAWS. NEITHER THESE SECURITIES NOR ANY INTEREST OR
      PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
      PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
      REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
      THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. HEDGING TRANSACTIONS
      INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS SUCH TRANSACTIONS
      ARE CONDUCTED IN COMPLIANCE WITH THE SECURITIES ACT. THESE SECURITIES ARE
      ALSO SUBJECT TO THE TERMS AND CONDITIONS OF A SHAREHOLDERS' AGREEMENT AND
      A STANDSTILL AGREEMENT.

      (5)   the Company is relying upon the truth and accuracy of the foregoing
            acknowledgements, representations, warranties and agreements and
            agrees that, if any of the acknowledgements, representations,
            warranties and agreements made in connection with the Investor's
            acquisition of Company Shares are no longer accurate, it shall
            promptly notify the Company.

7.    UNDERTAKINGS

      For a period of six (6) months after the date on which the Closing occurs,
      Investor will not offer, contract to sell, pledge or otherwise dispose of,
      directly or indirectly, any of the Company Shares or securities
      convertible into or exchangeable or exercisable for any of the Company
      Shares, or publicly disclose the intention to make any such offer, sale,
      pledge, disposition or filing, without the prior written consent of the
      Company, provided that the Company may transfer the Company Shares to an
      Affiliate where such transfer is permitted under the Securities Act of
      1933.

8.    NOTICES

      Any notice or notification in any form to be given under this Agreement
      may be delivered in person or sent by telex, facsimile or telephone
      (subject in the case of a communication by telephone to confirmation by
      telex or facsimile) addressed to:

                                       8
<PAGE>
      IN THE CASE OF THE COMPANY:

      Golden Telecom, Inc.
      4400 MacArthur Boulevard, N.W., Suite 200
      Washington, D.C.  20007
      Phone: (202) 332-5997
      Fax: (202) 332-4877

      Attention:  General Counsel

      WITH A COPY TO:

      Representative Office of Golden TeleServices, Inc.
      12 Trubnaya St., 8th Floor
      Moscow, Russia
      103045
      Telephone:  7-095-797-9300
      Facsimile:  7-095-797-9332

      Attention:  General Counsel

      IN THE CASE OF INVESTOR:

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

      Telephone:  7-095-787-2849
      Facsimile:  7-095-787-2850

      Attention:  General Director

      Any such notice shall take effect, in the case of delivery, at the time of
      delivery and, in the case of telex or facsimile, at the time of dispatch.

9.    COUNTERPARTS

      This Agreement may be executed in any number of counterparts, all of
      which, taken together, shall constitute one and the same agreement and any
      party may enter into this Agreement by executing a counterpart. This
      Agreement is executed in Russian and in English, with 1 (one) copy in each
      language for each Party hereto. In the event of any discrepancies between
      the English and Russian versions, the English shall prevail.

                                       9
<PAGE>
10.   TERMINATION

      This Agreement shall automatically terminate without any further notice
      and be of no further force and effect if the Escrow Release Date does not
      occur, as provided in the Ownership Interest Purchase Agreement or the
      Ownership Interest Purchase Agreement is terminated by the Buyers pursuant
      to Section 4.2(b) of the Ownership Interest Purchase Agreement.

11.   GOVERNING LAW

      THIS AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH
      THE LAWS OF THE STATE OF NEW YORK, USA.

12.   DISPUTE RESOLUTION

      Any dispute, controversy or claim arising out of or relating to this
      Agreement, or the breach, termination or validity thereof, shall be
      referred to and finally resolved by arbitration in accordance with the
      Arbitration Rules of the American Arbitration Association as in force and
      effect on the date of this Agreement which are deemed to be incorporated
      by reference into this article. The appointing authority shall be the
      American Arbitration Association. There shall be three (3) arbitrators
      appointed in accordance with said Rules. Where the Arbitration Rules of
      the American Arbitration Association do not provide for a particular
      situation, the arbitrators shall determine what course of action should be
      followed. The place of arbitration shall be New York, New York and the
      English language shall be used throughout the arbitral proceeding.

                              [Signature Page Follows]

                                       10
<PAGE>
      IN WITNESS WHEREOF this Agreement has been executed on the date first
written above.

GOLDEN TELECOM, INC.

By:
     -----------------------------------
     Name:  Alexander Vinogradov
     Title: President and Chief
            Executive Officer

OAO ROSTELECOM

By:
     -----------------------------------
     Name:  Sergey  Kouznetsov
     Title: General Director

By:
     -----------------------------------
     Name:  Alexander Lutsky
     Title: Chief Accountant

                                       11

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