The article deals with the outward internationalization of Russia's telecommunication company Mobile TeleSystems (MTS). This research investigates both target foreign markets and entry strategies of the company. In 2002, MTS started with entries to Belarus and Ukraine, followed by expanding to Uzbekistan and Turkmenistan in 2004. The choice of CIS countries was determined by knowledge of business environment and practices which are similar to Russia, and by economic and political ties inherited from the past. The basic strategy was acquisition of local mobile operators with the exception of Belarus where a joint venture was established. The article suggests that new market entries are expected.