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Roughly $500 million in bonds issued by messaging platform Telegram remain frozen in Russia as a result of Western sanctions, underscoring the company's lingering financial ties to the country despite years of public efforts to distance itself from Moscow.
The bonds are held at Russia's National Settlement Depository (NSD), which was sanctioned by the European Union, the United States and the United Kingdom following Russia's full-scale invasion of Ukraine, according to people familiar with discussions between Telegram and its investors.
Telegram has relied heavily on bond financing in recent years, raising billions of dollars as it scaled up its global operations. In May 2025 alone, the company completed a major bond issuance worth approximately $1.7 billion. While Telegram has since repurchased most of the debt due to mature in 2026, a significant portion remains locked inside the Russian financial system, limiting investors' ability to access or transfer the funds.
The freeze highlights the challenges facing international technology companies with historical exposure to Russian infrastructure, particularly those that issued debt or held assets before sanctions regimes were expanded. Despite the setback, Telegram has continued to post strong top-line growth. Revenue in the first half of 2025 climbed more than 65% year-on-year to $870 million, driven largely by premium subscriptions and advertising. However, the company recorded a net loss of $222 million over the same period, reversing a $334 million profit posted a year earlier.
People familiar with Telegram's finances said the loss was largely attributable to a write-down of its cryptocurrency holdings, including Toncoin, whose value fell sharply amid a broader crypto market downturn in 2025.
Telegram was founded by Pavel Durov, who left Russia in 2014 after alleging pressure from authorities to hand over user data linked to VKontakte, the social network he co-founded. He launched Telegram shortly afterward and later moved the company's headquarters to Dubai.
While Telegram positions itself as politically neutral, it has faced recurring criticism over content moderation and alleged cooperation with Russian authorities—claims the company and Durov have consistently rejected.
In August 2025, Russian regulators began restricting voice and video calls on Telegram and WhatsApp, citing anti-fraud measures. The move coincided with renewed government backing for a domestic messaging platform, raising concerns among digital rights groups.
