Telegram lost access to $500 million in financing after its bonds were frozen due to Western sanctions against Russia. Despite Telegram’s global presence, its ties to Moscow still impact its business.
Telegram has issued multiple bonds that include emissions to cover past debt. The company regularly buys back its own stock, and has purchased most of its bonds due to mature in 2026.
Some of the outstanding bonds, totaling $500 million, were frozen in Russia’s Central Securities Depository due to Western sanctions. reported Financial Times. The bond issue exposes Telegram to Russian capital, complicating its bond management and buyback program.
Russia’s state clearinghouse is facing sanctions from its trading partners in the EU, the UK and the US, with asset freezes and other restrictions imposed. The sanctions, which were applied after Russia’s 2022 invasion of Ukraine, will also target other large Western organizations with ties to Russian bondholders.
Telegram warned bondholders that while the frozen debt would be repaid at maturity, the paying agent and custodian would decide whether payments to Russian holders could be released.
Telegram aims to sever ties with Russia
Telegram founder Pavel Durov has clearly sought to transform the company into a company with an international presence, while battling allegations of government influence. Durov denied these claims, calling them “conspiracy theories.”
As a cryptopolitan reported Previously, Telegram also sought exposure to US traders through its TON blockchain. Over the years, Telegram and TON have had to strive to be accepted as part of the cryptocurrency ecosystem.
Telegram aims to project itself as a global company with an eye toward an eventual IPO. The group is based in Dubai and has distanced itself from Russia since 2014 after Durov refused to share user data with Russian authorities.
Mr. Durov is also facing legal proceedings in France, underscoring Telegram’s most controversial issue, the potential sharing of user data. Durov has repeatedly said he will protect freedom of speech and resist government pressure.
Telegram revenue increases despite problems with French authorities
Telegram has grown in popularity over the past year, posting strong financial results despite an ongoing investigation by French authorities. In 2025, Telegram remained a lean company with few employees, but had access to 1 billion users.
After adding advertising and subscriptions, the company had first-half revenue of $870 million and accumulated $910 million in cash and cash equivalents. Telegram could be on track for $2 billion in revenue in 2025, partially fueled by TON tokens and on-chain activity. According to reports, up to $300 million of these revenues could come from the use of TON after Telegram gives exclusivity to its native network within the app and removes access to Ethereum and other chains from wallets.
Successful monetization has once again raised the possibility of an IPO, but the French investigation could delay the listing.
Bondholders are keeping a close eye on Telegram’s fate because holding the bonds could give investors the option to buy shares at up to a 20% discount. The potential IPO comes at a time when other crypto-related companies are looking to float their shares.
Durov has denied any intentional wrongdoing, but Telegram has yet to clear its hosting group of charges for spreading illegal content. Telegram remains a widespread unmonitored network, hosts unregulated markets, and has been reported to have illegal content.
Despite the high revenue, Telegram wrote down the value of its TON holdings as its assets steadily declined. However, in the last month, TON has recovered over 19%, rising to $1.92.
