Telegram Loses $500M in Bonds Due to Russian Sanctions
Business
The messenger’s bonds worth around $500 million have been frozen in Russia’s National Settlement Depository due to Western sanctions. The company assures investors that payments will be made on schedule.
According to The Financial Times, about $500 million of Telegram bonds issued for debt buybacks are blocked in Russia’s National Settlement Depository (NSD). Sanctions from the US, EU, and UK after the start of the military operation in Ukraine in 2022 restricted NSD operations for foreign companies, causing the freeze of the messenger’s securities.
Telegram founder Pavel Durov has long tried to distance the company from Russia. He moved the company’s headquarters to Dubai and stated that he is not dependent on Moscow. Previously, Durov refused to hand encryption keys of VKontakte users to Russian intelligence, sold his stake, and left Russia in 2014.
Despite the freeze, Telegram assured bondholders that payments will be made as originally scheduled. However, whether Russian holders can receive funds depends on the decision of the depository and the paying agent.
Previously, the company issued several bond series to repurchase its debt — in May 2025, Telegram placed bonds worth $1.7 billion. Most debts due in 2026 have been bought back, but the remaining $500 million is now frozen.
Issues with the Russian segment have also affected users: since summer 2025, Telegram has periodically faced service disruptions in Russia. Roskomnadzor explained restrictions as a measure to “combat criminals.”
Telegram founder Pavel Durov has long tried to distance the company from Russia. He moved the company’s headquarters to Dubai and stated that he is not dependent on Moscow. Previously, Durov refused to hand encryption keys of VKontakte users to Russian intelligence, sold his stake, and left Russia in 2014.
Despite the freeze, Telegram assured bondholders that payments will be made as originally scheduled. However, whether Russian holders can receive funds depends on the decision of the depository and the paying agent.
Previously, the company issued several bond series to repurchase its debt — in May 2025, Telegram placed bonds worth $1.7 billion. Most debts due in 2026 have been bought back, but the remaining $500 million is now frozen.
Issues with the Russian segment have also affected users: since summer 2025, Telegram has periodically faced service disruptions in Russia. Roskomnadzor explained restrictions as a measure to “combat criminals.”
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