Telegram finds itself faced with a financial reality it sought to keep at bay. About $500 million worth of bonds held by Russian investors are now frozen in the Russian central depository, a direct result of Western sanctions. This episode highlights the messaging app’s persistent exposure to Russian-related capital, despite Pavel Durov’s repeated efforts to distance himself.
An Inheritance from Previous Bond Offerings
These bonds are part of several issuances in recent years, including a major $1.7 billion fundraising in 2025 aimed at repurchasing existing debt. According to sources close to discussions with investors, Telegram has already bought back the majority of bonds maturing in 2026.
However, there remains a $500 million residue immobilized within the Russian National Settlement Depository, subject to asset freezes imposed by the European Union, the United States, and the United Kingdom since the 2022 Ukraine invasion. As long as these sanctions are in place, these securities cannot be redeemed normally or be subject to buyback operations.
A Politically Sensitive Situation for Durov
This freeze is particularly embarrassing for Pavel Durov, who has long asserted that Telegram has no ties to the Kremlin. The entrepreneur has always dismissed suspicions of Moscow’s dependence as conspiracy theories.
Telegram disputes the alarmist interpretation of the situation. The company claims that the implicated bonds stem from an old issuance involving a limited number of Russian investors, the majority of which have already been repaid, and that the recent $1.7 billion fundraising attracted no Russian capital. It also emphasizes its strict compliance with the current sanctions regime.
Specifically, Telegram states it will repay the bonds at maturity, leaving financial intermediaries to determine if payments can reach Russian holders.
IPO, Growth, and Toncoin Dependency
This incident comes at a pivotal moment for the company. Telegram is still considering an IPO, although this project is hindered by ongoing legal proceedings in France involving Pavel Durov. Investors closely monitor these developments, especially since the bonds offer a conversion option into discounted shares in the event of an IPO.
Financially, Telegram shows strong growth. Revenues in the first half of 2025 surged by over 65%, driven by premium subscriptions and exclusive agreements, often linked to the toncoin ecosystem. But this crypto dependency comes at a cost. The toncoin’s drop in 2025 forced the company to record significant impairments, weighing on net profit despite substantial operating profit.
A Harsh Reminder of Sanctions’ Weight
Beyond Telegram’s case, the affair illustrates a broader phenomenon. Even globally renowned tech companies, officially disconnected from Russia, remain exposed to financial consequences of sanctions when part of their investor base is still tied to it.
For Telegram, the message is clear. Growth is evident, profitability is advancing, but the financial and geopolitical legacy continues to catch up with the company just as it seeks access to public markets.
