This article has been revised to include a statement from Telegram.
Approximately $500 million in bonds associated with the Telegram messaging platform in Russia have been frozen as a result of Western sanctions, as reported by the Financial Times on Tuesday.
The freezing of these funds underscores Telegram’s ongoing ties to Russian capital, despite the efforts of its billionaire founder, Pavel Durov, to distance the company from Moscow, according to the publication.
In recent years, Telegram has conducted multiple bond offerings, including a notable $1.7 billion issuance planned for May 2025, as per the Financial Times.
Although the firm has repurchased a significant portion of bonds maturing in 2026, around $500 million is still obstructed at Russia’s National Settlement Depository (NSD), sources familiar with conversations between Telegram’s management and its investors disclosed to the newspaper.
The NSD faces sanctions from the European Union, United States, and the United Kingdom following Russia’s full-scale invasion of Ukraine.
Telegram has contested the notion that it is reliant on Russian capital or exposed to bond-related risks stemming from sanctions.
In a statement provided to The Moscow Times, Telegram spokesperson Remi Vaughn stated that the $1.7 billion bond issuance in 2025 did not involve any Russian investors and was primarily purchased by major U.S. funds. He also clarified that the $500 million figure mentioned by the Financial Times pertains to bonds issued in 2021.
“Sanctions do not pose risks for Telegram: according to standard procedure, funds for bond repayment are routed through an international intermediary, and any subsequent payments to bondholders are not the company’s responsibility, even if some holders are unable to receive them,” Vaughn said.
Telegram reported a revenue increase of over 65% year-on-year in the first half of 2025, reaching $870 million, according to the FT. Despite this, the company reportedly recorded a net loss of $222 million, contrasting with a net profit of $334 million during the same timeframe the previous year.
A source from the Financial Times indicated that the loss was largely attributed to a write-down of Telegram’s Toncoin cryptocurrency holdings, which suffered a decline amid a broader downturn in the crypto market in 2025.
Pavel Durov, who was born in St. Petersburg, left Russia in 2014, citing pressure to disclose user data from VKontakte, the social media platform he co-founded. Shortly after, he established Telegram and subsequently moved the company to Dubai.
Telegram has faced criticism over its content moderation practices and alleged collaboration with Russian authorities, allegations that Durov has consistently denied.
In August 2025, Russia began blocking voice and video calls on Telegram and WhatsApp as part of an initiative labeled as anti-fraud, a move both companies condemned. Around the same time, Russian officials began endorsing Max, a domestic messaging application that has drawn scrutiny for its data-sharing practices.
Durov, who also possesses French and Emirati citizenship, has been under investigation in France since 2024 regarding Telegram’s alleged inability to control criminal activities on the platform. He has denied any wrongdoing.
