Moscow and New York (June 22, 2007) — Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP), today announced that it intends to submit  to the Russian Federal Financial Markets Service documentation required for the potential issuance of Russian ruble-denominated bonds through LLC VimpelCom-Invest, a consolidated Russian subsidiary of VimpelCom.  The bonds may be issued depending on VimpelCom’s funding needs within a period of one year from the date on which the Russian Federal Financial Markets Service registers the submitted documentation.  The proposed amount of the issue is up to 15 billion rubles, which is the equivalent of approximately $577.6 million at today’s Central Bank of Russia exchange rate. The bonds will be guaranteed by VimpelCom.  The proposed maturity period is five years. The bonds may be issued in two series with face values of 10 billion rubles and 5 billion rubles, respectively, and the coupon rate for each series will be defined depending on market conditions. Interest will be paid semiannually.  VimpelCom intends to use the proceeds from the bonds to continue the development and expansion of its networks, including through possible acquisitions or investments in existing wireless operators, and to repay indebtedness.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The securities will not be registered under the Securities Act of 1933, as amended (the “Securities Act”). Unless and until so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.