Telegram Bonds Worth $500M Frozen in Russia Under Sanctions

• Telegram confirms $500M bonds frozen in Russia as Western sanctions block access payments.
• Sanctions restrict bond repayments and complicate Telegram debt buybacks and refinancing.
• Revenue rises sharply while legal pressure and frozen assets delay Telegram IPO plans.

Telegram has disclosed that bonds worth about $500 million remain frozen in Russia because of Western sanctions. The situation exposes the messaging platform’s ongoing financial links to the country. The disclosure comes as Telegram explores a future public listing while legal and geopolitical pressures continue to shape its financial strategy and investor outlook during a critical growth phase.

According to an FT report, the company said the frozen bonds are held inside Russia’s National Settlement Depository. That institution became subject to asset freezes imposed by the European Union, the United States, and the United Kingdom after Russia invaded Ukraine in 2022. The measures restrict transactions involving affected securities and custodians.

Telegram Bond Buybacks

Telegram raised debt through several bond offerings in recent years. One issuance totaled $1.7 billion in May and focused on refinancing earlier obligations. People familiar with investor discussions said the company bought back most bonds maturing in 2026. The remaining portion could not be accessed due to sanctions.

The immobilized bonds underline Telegram’s exposure to Russian capital markets. Sanctions have complicated repayment mechanics and limited buyback options. The situation also affects issuers. Telegram declined to provide public comment on the matter.

The disclosure contrasts with statements from Telegram founder Pavel Durov, who has repeatedly denied maintaining ties with Russian authorities. He has described claims of Kremlin influence as speculation. Durov has sought to position Telegram as independent from state control.

The issue surfaced as Durov continues to explore an initial public offering. Those plans have not moved forward. Legal proceedings have added uncertainty. Bondholders are monitoring developments closely.

Durov first gained prominence after co-founding VKontakte in 2007. The social network became Russia’s most widely used platform. He later exited the company in 2014. Durov said he left after refusing to share user data with security agencies.

Related: Russian Central Bank Shifts Tone on Bitcoin Mining Role

After leaving Russia, Durov launched Telegram and relocated operations abroad. The company later established its base in Dubai. Telegram positioned itself as a platform focused on privacy and speech protections.

Telegram Liquidity and Revenue Rise

Financial disclosures reviewed by the Financial Times show a sharp increase in liquidity. Telegram reported $910 million in cash and equivalents as of June 30. That figure rose from $142 million a year earlier. The improvement followed expanded monetization activity.

Revenue for the first half of 2025 reached $870 million. That marked an increase of more than sixty-five percent from the same period last year. Nearly one-third of revenue came from exclusivity agreements. Details of those arrangements were not fully disclosed.

Advertising revenue grew 5% to $125 million. Premium subscriptions climbed to $223 million from $119 million. Telegram posted an operating profit of nearly $400 million. Despite that result, the company recorded a net loss of $222 million. The report highlighted that the loss was tied to a write-down of Toncoin holdings.

Toncoin was originally developed inside Telegram. The project later moved to an open-source structure after regulatory action by the US Securities and Exchange Commission in 2020. The token remains closely linked to the platform.

Durov has continued to promote Toncoin integration. Telegram requires advertising payments to be made using the token. The value of Telegram’s digital assets stood at $787 million at the end of June.

Telegram reported sales exceeding $450 million in Toncoin during the year to date. The company said it plans to strengthen the token ecosystem in 2026. Toncoin has recently been listed on major exchanges including Coinbase, Kraken, and Gemini.