The Telegram logo is displayed on a mobile phone. Photo: EPA / MATTIA SEDDA
Telegram bonds estimated to be worth around $500 million have been frozen in Russia’s National Settlement Depository (NSD) due to Western sanctions on the country, the Financial Times (FT) reported on Tuesday.
Telegram, which has issued several bond offerings in recent years, including a $1.7 billion bond issue in May 2025 in an effort to repay old debts, has already bought back most of the bonds maturing in 2026, according to sources familiar with the negotiations between Telegram and its investors.
However, the bond situation demonstrates “the extent to which Telegram remains exposed to Russian capital, with the sanctions complicating its debt repayments and buyback opportunities,” the FT noted.
According to an unaudited report reviewed by FT journalists, the messenger’s revenue in the first half of 2025 grew by more than 65%, reaching $870 million, almost a third of which — approximately $300 million — came from “exclusivity agreements”. The exact nature of these agreements remains undisclosed, however, as indicated by previous financial reports, they may be related to the Toncoin (TON) cryptocurrency.
Telegram founder Pavel Durov currently faces legal charges in France over Telegram’s alleged failure to crackdown on illicit financial transactions, drug trafficking, money laundering, organised crime and the distribution of child pornography, among others.
The FT added that Telegram’s bond holders were “closely watching the French case” for signs it could derail its plans to make an initial public offering (IPO), which the company has reportedly been exploring for several years.
