VimpelCom Holds on to URS

MOSCOW and NEW YORK -- Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP - News) today announced that the Moscow Arbitration Court upheld the validity of the transaction on VimpelCom's acquisition of CJSC "Ukrainian Radio Systems" ("URS"), dismissing the third claim filed by Telenor East Invest AS which challenged the transaction's validity. VimpelCom is pleased by today's dismissal and by the fact that the two other claims filed by Telenor East Invest AS challenging the validity of the acquisition of URS have also been dismissed by the trial courts hearing each claim and on all appeals heard to date.

Today's court ruling is subject to appeal.

Vimpel-Communications (NYSE: VIP)