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Telegram lost access to $500M in financing after a bond was frozen under Western sanctions against Russia. Despite Telegram’s global presence, its ties to Moscow are still affecting its business.
Telegram has issued multiple bonds, including emissions to cover previous debt. The company holds regular buybacks and has bought most of its debt maturing in 2026.
A part of the outstanding bonds, totaling $500M, have been frozen in Russia’s central securities depository, citing Western sanctions, reported the Financial Times. The bond issues have exposed Telegram to Russian capital, which complicates its bond operations and buyback program.
Russia’s National Settlement Depository has faced sanctions from the EU, as well as UK and US counterparties, imposing asset freezes and other restrictions. The sanctions, applied following Russia’s 2022 invasion of Ukraine, expose other large Western organizations with Russian bondholders.
Telegram has warned bondholders that it will repay the frozen debt at maturity, while the paying agent and depository will decide if payments can be released to the Russian holders.
Telegram seeks to sever Russia ties
Telegram’s founder, Pavel Durov, has explicitly sought to turn the company into an international presence, fighting allegations that he is influenced by the government. Durov has denied those claims, calling them “conspiracy theories.”
As Cryptopolitan reported earlier, Telegram has been seeking exposure to US traders, also through its TON blockchain. Over the years, Telegram and TON had to work toward being accepted as part of the crypto ecosystem.
Telegram aims to present itself as a global company in light of an eventual IPO. The group is based in Dubai, and Durov has distanced himself from Russia since 2014, after refusing to share user data with Russian authorities.
Durov also faces legal proceedings in France, again underscoring Telegram’s most contentious issue of potentially sharing user data. Durov has stated multiple times that he is committed to free speech and resisting government pressure.
Telegram revenues boosted despite problems with French authorities
Telegram has been gaining popularity in the past year, posting successful financial results despite the ongoing investigation by French authorities. In 2025, Telegram remained a lean company with a small staff, but access to 1B users.
After adding advertising and subscriptions, the company reached $870M in revenues for H1, accumulating $910M in cash and cash equivalents. Telegram may be on track for $2B in revenues in 2025, partially supported by its TON token and on-chain activity. Based on reports, up to $300M of those revenues may come from TON usage, after Telegram gave exclusivity to its native network in the app, removing access to Ethereum and other chains from its wallet.
The success of monetization has once again raised the potential for an IPO, although the French investigation may delay the offering.
Bondholders are watching the trajectory of Telegram closely, as holding debt may give investors the option to buy shares at up to 20% discount. The potential IPO arrives at a time when other crypto-related companies are seeking to float their shares.
Telegram is yet to be cleared of allegations for hosting groups spreading illegal content, though Durov denies deliberate wrongdoing. Telegram remains a wide, unsupervised network, which has hosted unregulated markets, with reports of illegal content.
Despite the significant revenues, Telegram wrote off the value of TON holdings, as the asset fell steadily. However, in the past month, TON recovered by over 19%, rising to $1.92.
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