Sistema JSFC was founded and acquired it's first assets

Founded by Vladimir Yevtushenkov and his partners, Sistema Joint Stock Financial Corporation begins to invest in telecom, oil refining, real estate, electronics, trade and tourism.

Creation of the first Russian telecom operator VimpelCom

Sistema becomes a founder of Vimpel Communications (VimpelCom), Russia's pioneer in mobile telephony services operating under the brand Beeline

Investments in real estate

Sistema Hals holding company was formed to manage the Corporation's enterprises operating in the Moscow construction and real estate market.

Investments in oil & gas sector

Sistema invested in the development of oilfields in the Komi Republic and construction of Kedr-M fuel stations in Moscow. Sistema-Invest sub-holding was established to manage the new projects.