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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 144

NOTICE OF PROPOSED SALE OF SECURITIES
PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933

ATTENTION:    Transmit for filing 3 Copies of this form concurrently with either placing an order with a broker to execute sale or
   executing a sale directly with a market maker.
         
1(a) NAME OF ISSUER (Please type or print)

Golden Telecom, Inc.		 (b) IRS IDENT. NO.

51-0391303 		(c) S.E.C. FILE NO.

0-27423
 
                         
1(d) ADDRESS OF ISSUER STREET CITY STATE ZIP CODE (e) TELEPHONE NO.
              AREA CODE NUMBER
4400 MacArthur Boulevard, NW Suite 200 Washington DC 20007 202 332-5997
                             
2(a) NAME OF PERSON FOR WHOSE ACCOUNT THE SECURITIES ARE TO BE SOLD (b) IRS IDENT. NO. (c) RELATIONSHIP TO
     ISSUER		 (d) ADDRESS STREET CITY STATE ZIP CODE
               
David A. Stewart N/A Chief Financial Officer 4400 MacArthur Boulevard, NW Suite 200   Washington DC 20007

     INSTRUCTION: The person filing this notice should contact the issuer to obtain the I.R.S. Identification Number and the S.E.C. File Number.

                 
3(a) (b) (c) (d)
Title of the Name and Address of Each Broker SEC USE ONLY Number of Shares Aggregate
Class of Through Whom the Securities are to be
or Other Units Market
Securities Offered or Each Market Maker who is Broker-Dealer To Be Sold Value
To Be Sold Acquiring the Securities File Number (See instr. 3(c)) (See instr. 3(d))
         
Golden Telecom, Inc. Common Stock Merrill Lynch, 1850 K St., NW, #700, Washington, DC 20006
9961
283988
         
         
(e) (f) (g)
Number of Shares Approximate Name of Each
or Other Units Date of Sale Securities
Outstanding (See instr. 3(f)) Exchange
(See instr. 3(e)) (MO. DAY YR.) (See instr. 3(g))
     
27788913
August 26, 2003
Nasdaq
     

INSTRUCTIONS:

         
1. (a) Name of issuer
(b) Issuer’s I.R.S. Identification Number
(c) Issuer’s S.E.C. file number, if any
(d) Issuer’s address, including zip code
(e) Issuer’s telephone number, including area code
 
2. (a) Name of person for whose account the securities are to be sold
(b) Such person’s I.R.S. identification number, if such a person is an entity
(c) Such person’s relationship to the issuer (e.g., officer, director, 10% stockholder, or member of immediate family of any of the foregoing)
(d) Such person’s address, including zip code
 
3. (a) Title of the class of securities to be sold
(b) Name and address of each broker through whom the securities are intended to be sold
(c) Number of shares or other units to be sold (if debt securities, give the aggregate face amount)
(d) Aggregate market value of the securities to be sold as of a specified date within 10 days prior to the filing of this notice
(e) Number of shares or other units of the class outstanding, or if debt securities the face amount thereof outstanding, as shown by the most recent report or statement published by the issuer
(f) Approximate date on which the securities are to be sold
(g) Name of each securities exchange, if any, on which the securities are intended to be sold

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. OVER
SEC 1147 (10-00)

 

TABLE I — SECURITIES TO BE SOLD

Furnish the following information with respect to the acquisition of the securities to be sold
and with respect to the payment of all or any part of the purchase price or other consideration therefor:

                         
Name of Person from
Whom Acquired Amount of
Title of Date you Nature of Acquisition (If gift, also give Securities Date of
the Class Acquired Transaction date donor acquired) Acquired Payment Nature of Payment
             
Golden Telecom, Inc.
Common Stock		 October 1, 1999 Grant of Restricted Stock Golden Telecom, Inc.
9961
N/A
N/A
             

INSTRUCTIONS:

     
1. If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.
2. If within two years after the acquisition of the securities the person for whose account they are to be sold had any short positions, put or other option to dispose of securities referred to in paragraph (d)(3) of Rule 144, furnish full information with respect thereto.

TABLE II — SECURITIES SOLD DURING THE PAST 3 MONTHS

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

                 
Amount of
Securities
Name and Address of Seller Title of Securities Sold Date of Sale Sold Gross Proceeds
        $1,881,865.86 on
        August 21, 2003
      61,210 shares on (See Remark 1);
      August 21, 2003; $1,706,261.10 on
      57,255 shares on August 22, 2003
      August 22, 2003; (See Remark 1); and
David A. Stewart,   August 21, 2003 and $536,900.00 on
4400 MacArthur Boulevard, NW, Golden Telecom, Inc. August 22, 2003 18,200 shares on August 25, 2003
Suite 200, Washington, DC 20007 Common Stock August 25, 2003 August 25, 2003 (See Remark 1).
         
         

REMARKS:

 1. These shares were sold pursuant to a Registration Statement and not in reliance on Rule 144.

 

INSTRUCTIONS:

See the definition of “person” in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

 
August 26, 2003
DATE OF NOTICE

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed.

 
/s/ David A. Stewart
(SIGNATURE)

The notice shall be signed by the person for whose account the securities are to be sold. At least one copy of the notice shall be manually signed. Any copies not manually signed shall bear typed or printed signatures.

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)