Telegram has had $500 million of its bonds in Russia frozen under western sanctions, revealing the company’s continued financial entanglement with its home country despite founder Pavel Durov’s efforts to sever ties, according to reporting by the Financial Times. The messaging app launched multiple bond offerings in recent years, including a $1.7 billion issuance in May aimed at repurchasing existing debt. While most bonds maturing in 2026 were bought back, the frozen portion remains immobilized in Russia’s central securities depository due to restrictions imposed by the EU, U.S., and U.K. after Russia’s 2022 invasion of Ukraine.
The sanctions complicate repayment and buyback plans, underscoring Telegram’s exposure to Russian capital markets. The company has informed bondholders it will repay the frozen debt at maturity, with the paying agent and depositary determining whether payments can flow to Russian holders. Telegram declined to comment to the Financial Times.
The frozen assets come as Durov explores a potential initial public offering, though plans have been delayed by legal proceedings in France. According to previously unreported half-year disclosures seen by the Financial Times, Telegram’s revenue in the first half of 2025 surged more than 65 percent to $870 million, driven by advertising, premium subscriptions, and exclusivity agreements, some linked to Toncoin, a cryptocurrency closely integrated with the platform.
Despite posting nearly $400 million in operating profit, the company recorded a net loss of $222 million for the period, primarily due to a write-down of Toncoin holdings, which have fallen amid a broader crypto market slump. Telegram has sold over $450 million in Toncoin this year and plans further integration of the cryptocurrency into its services in 2026.
The Financial Times report highlights how Telegram continues to expand its global user base while navigating regulatory challenges and sanctions, illustrating the complex balance between growth ambitions, legal risks, and lingering financial ties to Russia.
