MOSCOW, April 21 (RIA Novosti) - Russia's largest long-distance telecom services provider Rostelecom (RTS: RTKM) said Friday it was set to increase its dividends for 2005 by 14.3% against 2004 to $74 million.

The Rostelecom board recommended that shareholders approve the decision at an annual general meeting on June 24.

The board proposed to pay 3.7178 rubles ($0.13) per Preferred share, which will total $32.8 million, or 10% of the company's net profit in 2005 according to Russian accounting standards.

Ordinary share dividends are supposed to be 1.5617 rubles ($0.05) per share. Accordingly, the total will amount to $41.3 million, or 12.6% of the net profit.

Holders of American Depositary Receipts are to be paid in accordance with a 1:6 ratio in U.S. dollars via their financial intermediaries.