Telegram's $500 million bonds frozen due to sanctions against Russia — FT
Telegram's $500 million bonds have been frozen in Russia due to Western sanctions, the Financial Times reports, citing sources.
In recent years, Telegram has issued bonds (most recently in May for $1.7 billion) to redeem existing debt. According to FT sources, the company has redeemed most of its debt maturing in 2026. However, $500 million in outstanding securities were blocked in Russia's central securities depository, the publication's sources said, citing Telegram's negotiations with investors. The company informed investors that it would repay the frozen debt upon its maturity, after which the paying agent and bond depository would decide whether bondholders in Russia would be able to receive payment.
Telegram declined to comment.
The asset freeze shows how much Telegram, despite attempts by its founder Pavel Durov to sever ties with Moscow, still depends on Russian capital, and sanctions complicate debt repayment and the possibility of redeeming securities, writes the FT.
The purchase of Telegram bonds gave investors the opportunity to buy shares at a discount of up to 20% if the messenger decided to go public. Durov considered the possibility of an IPO, but these plans were postponed due to his prosecution in France, writes the FT. In 2024, the founder of Telegram, who also has French citizenship, was detained in France on charges of refusing to cooperate with the investigation into cases related to illegal activities in the messenger. Durov denies any wrongdoing.
In November, France lifted travel restrictions on Durov. During recent negotiations with some bondholders, Telegram said that the company needs more clarity on the French case before it can proceed with its IPO.
What has become known about Telegram's finances
The messenger's revenue continues to grow, according to unaudited financial statements reviewed by the Financial Times. According to the documents, in the first half of 2025, Telegram's revenue grew by more than 65% year-on-year to $870 million.
Almost a third of revenue — $300 million — came from so-called exclusive agreements. The FT links these to Toncoin, the cryptocurrency of the TON blockchain integrated into Telegram. The messenger's revenue from advertising in the first half of the year grew by 5% to $125 million, and from premium subscriptions — by 88% to $223 million. Telegram informed bondholders that it plans to generate $2 billion in revenue by the end of 2025, the FT source said.
Despite operating profits of nearly $400 million, Telegram recorded a net loss of $222 million in the first half of the year, compared to a profit of $334 million a year earlier. According to the publication's source, this was due to the need to write off the value of the messenger's assets in Toncoin, the price of which fell in 2025 amid a general downturn in the cryptocurrency market.
This article was AI-translated and verified by a human editor
