Approximately $500 million worth of bonds issued by the messaging app Telegram have been frozen at Russia’s National Settlement Depository (NSD) due to Western sanctions. A Financial Times report suggests this freeze highlights the company’s lingering exposure to Russian capital, despite founder Pavel Durov’s efforts to distance himself from Moscow.
The bonds are blocked because the NSD is sanctioned by the EU, US, and UK following the invasion of Ukraine.
The company disputes the claim that it is dependent on Russian capital. Spokesperson Remi Vaughn clarified that the frozen funds relate to a 2021 issuance, whereas a larger $1.7 billion issuance in 2025 was purchased primarily by U.S. investors.
Telegram argues the sanctions do not pose a risk to the company itself. Vaughn stated that once Telegram transfers repayment funds to an international intermediary, their responsibility ends, even if sanctions prevent the final transfer to Russian bondholders.
While Telegram’s revenue rose 65% to $870 million in the first half of 2025, the company posted a net loss of $222 million. This loss was attributed to a write-down in the value of its holdings in Toncoin, a cryptocurrency that suffered a price crash in 2025. Pavel Durov, who holds French and UAE citizenship, remains under investigation in France (since 2024) regarding content moderation. Meanwhile, Russia began restricting voice and video calls on Telegram in August 2025 to promote a domestic rival app called “Max.”
