Telegram faces a fresh financial and geopolitical hurdle as about $500 million worth of its bonds remain frozen in Russia due to ongoing Western sanctions tied to the conflict in Ukraine. These securities are held at Russia’s National Settlement Depository (NSD) and have become immobilized because Western authorities blocked key settlement links after Russia’s 2022 invasion of Ukraine. This freeze complicates the company’s ability to repay or refinance the debt, even as its global business expands. The frozen bonds are part of a broader set of securities affected by sanctions on the NSD. The European Union , the United States, and the United Kingdom moved to restrict transactions with the NSD and related Russian institutions, in line with wider sanctions aimed at curbing Moscow’s financial operations. As a result, any debt instruments tied up in NSD accounts, including those issued by foreign companies like Telegram, risk becoming stuck unless sanctions are eased or alternative settlement solutions are found. Telegram’s leadership says the company will repay the frozen bonds when they mature. However, it remains unclear whether the payments can reach Russian holders, given the restrictions at the depository. The situation underscores how lingering financial ties to Russia can expose even global tech firms to geopolitical risk, particularly when sanctions affect core financial infrastructure. Growth, Legal Pressures, and Broader Sanctions Impact Despite the bond freeze, Telegram reported strong revenue growth in the first half of 2025. Revenues jumped more than 65% year-on-year to about $870 million, driven by advertising, premium subscriptions, and deals connected to its crypto ecosystem. Still, the company posted a net loss of $222 million, reflecting wider market pressures, including from crypto asset write-downs. The freeze comes at a sensitive time for Telegram founder Pavel Durov, who has publicly distanced the company from Russia and relocated its headquarters to Dubai. Durov also faces legal scrutiny in France over allegations related to content moderation, a case that has delayed the company’s plans for an initial public offering. Telegram has a history of issuing international bonds. For example, in the past it placed bonds totalling over $2.4 billion in various markets with maturities into the mid-2020s. Much of that financing was aimed at refinancing earlier debt and supporting expansion. Western sanctions more broadly have frozen hundreds of billions in Russian assets and disrupted global market access for securities tied to Russian infrastructure. Investors and institutions worldwide have felt the effects. Some developments, such as partial releases of frozen funds for certain clients, show the complexity of disentangling global financial links from geopolitical conflict.
