Telegram’s push to expand its financial footprint has hit a major roadblock after $500mn of its bonds became frozen in Russia due to Western sanctions.

According to the Financial Times, about $500 million of the firm's outstanding bonds have been immobilised in Russia’s central securities depository following the inclusion of the National Settlement Depository in Western sanctions lists.

Bonds Frozen in Russian Depository

The restrictions, introduced by the EU, UK and US after Russia’s 2022 invasion of Ukraine, effectively prevent foreign companies from accessing Russian-held securities.

Telegram raised about $1.7bn in a bond sale in May 2025, largely to refinance existing debt and buy back bonds maturing in 2026. According to people familiar with investor talks, the company acquired most of that debt but remains unable to access the portion now frozen in Moscow.

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The freeze marks a setback for founder Pavel Durov, who has spent years separating both himself and Telegram from Russia. Since then, Telegram has relocated to Dubai and repeatedly denied suggestions it remains politically influenced by the Kremlin.

Telegram has told investors it will repay the frozen debt at maturity, leaving paying agents and depositaries to determine whether Russian bondholders can receive funds. The company declined to comment publicly.

The development comes as Durov faces separate legal proceedings in France, where he was placed under formal investigation in 2024 over alleged failures to combat illegal content on the platform.

Telegram hit by $500mn Russian bond freeze https://t.co/fQV3T3auoA

— Financial Times (@FT) January 6, 2026

During recent calls, company executives told bondholders that any listing would need to wait until the French matter is resolved but emphasised that Telegram continues to cooperate with authorities and expects further progress in 2026.

Financial Performance

Despite regulatory and geopolitical obstacles, Telegram’s financial performance continues to strengthen. According to unaudited figures seen by investors, first-half 2025 revenue rose 65% year on year to $870mn.

Subscription income nearly doubled to $223mn, while advertising brought in $125mn. The company reported cash and cash equivalents of $910mn at mid-2025, up from $142mn a year earlier.

Related: Telegram-Linked Cryptocurrency TON Gains Ground With Coinbase Debut

Operating profit reached almost $400mn, but Telegram recorded a $222mn net loss due to a write-down in the value of Toncoin, its affiliated cryptocurrency, which fell sharply during 2025’s crypto downturn.

Toncoin remains central to Telegram’s strategic focus. After abandoning direct control of the project in 2020 under US regulatory pressure, Telegram continues to develop integrations with the token, requiring payments for advertising on the platform to be made in Ton.

As of June 2025, Telegram held digital assets worth $787mn, down from $1.3bn a year earlier, and reported Toncoin sales exceeding $450mn during the period. The token’s rising visibility has been supported by listings on major exchanges including Coinbase, Kraken, and Gemini.