Telegram’s $500M Bond Freeze in Russia Amid Sanctions
Telegram faces mounting financial complexities as Western sanctions lock $500 million of its bonds within Russia's National Settlement Depository. The messaging platform confirmed it will honor bond repayments at maturity, though Russian holders face access barriers.
The freeze compounds Telegram's operational challenges during a period of rapid growth. First-half 2025 revenue surged 65%, but crypto asset write-downs contributed to a $222 million net loss. Market pressures persist as the company navigates both expansion and regulatory scrutiny.
Russia's financial infrastructure remains isolated since the 2022 Ukraine invasion, with the NSD frozen out of international settlement channels. This has trapped multiple foreign securities, creating repayment logjams for issuers like Telegram attempting to manage obligations under sanctions.
