FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * DUNSTER ASHLEY   2. Issuer Name and Ticker or Trading Symbol GOLDEN TELECOM INC [GLDN] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 40 GROSVENOR PLACE 3. Date of Earliest Transaction (Month/Day/Year) 02/23/2006 (Street) LONDON, SW1X 7GG, X0  4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock, par value $.01 per share 02/23/2006   J   100 D $ 30.1 1,302,146 I + Common Stock, par value $.01 per share 02/23/2006   J   100 D $ 30.05 1,302,046 I + Common Stock, par value $.01 per share 02/23/2006   J   3 D $ 30.02 1,302,043 I + Common Stock, par value $.01 per share 02/23/2006   J   9,998 D $ 30 1,292,046 I + Common Stock, par value $.01 per share 02/24/2006   J   10,000 D $ 29.95 1,282,046 I + Common Stock, par value $.01 per share 02/24/2006   J   6,000 D $ 30 1,276,046 I +

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
DUNSTER ASHLEY 40 GROSVENOR PLACE LONDON, SW1X 7GG, X0	X

Signatures

/s/ Naomi Kobayashi, Attorney-in-fact		02/27/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Remarks: + Sales pursuant to a Rule 10b5-1 Sales Plan and Client Representations dated August 15, 2005 and modified as of November 21,  2005 between Capital International Global Emerging Markets Private Equity Fund, L.P. ("CIPEF") and Merrill Lynch, Pierce,  Fenner & Smith Incorporated.  Mr. Dunster is Vice President of Capital International Research, Inc., whose parent company  also owns Capital International, Inc., the managing member of the general partner of CIPEF.  Mr. Dunster may be deemed to  beneficially and indirectly own the shares of Common Stock owned by CIPEF.  Mr. Dunster disclaims beneficial ownership of  all shares of Common Stock reported herein.

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