VimpelCom Group Issues Ruble Bonds in the Equivalent Amount of Approximately $ 303...

VimpelCom Group Issues Ruble Bonds in the Equivalent Amount of Approximately $
303 Million

MOSCOW, July 14 /PRNewswire-FirstCall/ -- Open Joint Stock Company
"Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP) today
announced that it has issued Russian ruble-denominated bonds through LLC
VimpelCom-Invest, a consolidated Russian subsidiary of VimpelCom, in an
aggregate principal amount of 10 billion Russian rubles, which is the
equivalent of approximately $ 303 million at today's Central Bank of Russia
exchange rate. The bonds are guaranteed by VimpelCom. The bonds are due on
July 08, 2014. Interest will be paid semiannually. The annual interest rate
for the first four payment periods is 15,2%. VimpelCom-Invest will determine
the annual interest rate for subsequent periods based on market conditions.
Bond holders will have the right to sell their bonds to VimpelCom-Invest when
the annual interest rate for subsequent periods is announced at the end of the
fourth payment period. The proceeds of the offering will be used for
refinancing of VimpelCom's existing indebtedness denominated in foreign
currency and the development of VimpelCom's core business.

This 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.

The VimpelCom Group consists of telecommunications operators providing voice
and data services through a range of mobile, fixed and broadband technologies.
The Group includes companies operating in Russia, Kazakhstan, Ukraine,
Uzbekistan, Tajikistan, Georgia, Armenia, as well as Vietnam and Cambodia, in
territories with a total population of about 340 million. VimpelCom was the
first Russian company to list its shares on the New York Stock Exchange
("NYSE"). VimpelCom's ADSs are listed on the NYSE under the symbol "VIP".

This release contains "forward-looking statements", as the phrase is defined
in Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements relate to the Company's intended use of
the proceeds from the bond issue described above and are based on Management's
best assessment of the Company's strategic and financial position and of
future market conditions and trends. These statements involve risks and
uncertainties. The actual use of proceeds may differ materially from these
statements as a result of continued volatility in the economies in the markets
in which the Company operates, unforeseen developments from competition,
governmental regulation of the telecommunications industries, general
political uncertainties in the markets in which the Company operates and/or
litigation with third parties. The actual use of proceeds may also differ
materially if the Company is unable to obtain all necessary corporate
approvals relating to its business, if the Company is unable to successfully
integrate newly-acquired businesses, including Golden Telecom, and other
factors. Certain factors that could cause actual results to differ materially
from those discussed in any forward-looking statements include the risks
described in the Company's Annual Report on Form 20-F for the year ended
December 31, 2008 and other public filings made by the Company with the United
States Securities and Exchange Commission, which risk factors are incorporated
herein by reference. VimpelCom disclaims any obligation to update developments
of these risk factors or to announce publicly any revision to any of the
forward-looking statements contained in this release, or to make corrections
to reflect future events or developments.

SOURCE VimpelCom

CONTACT: Alexey Subbotin Of VimpelCom, +7-495-974-5888,,
Investor_Relations@vimpelcom.com; or Mateo Millett of FD, +1-617-897-1533,
mateo.millett@fdashtonpartners.com