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Telegram is facing a fresh financing constraint after Western sanctions froze about $500 million of its bonds held in Russia. The bonds sit at Russia’s National Settlement Depository, which remains under sanctions tied to the war in Ukraine. The freeze complicates Telegram’s debt management, even as the company reports strong revenue growth.
Telegram has told bondholders it still plans to repay the affected notes on schedule at maturity. Even so, settlement restrictions now shape what Telegram can do with that portion of its liabilities. There has been no confirmed broader market shift or trading-volume change linked to the freeze.
The issue centers on custody and settlement mechanics, not day-to-day operations. The bonds became immobilized because sanctions restrict activity linked to Russia’s settlement infrastructure. That limits how securities and cash move across certain channels, even when the issuer operates outside Russia.
This matters for a company that has used bonds as a key financing tool. Telegram has issued several bond offerings and has also run buybacks to reduce near-term maturities. However, the freeze reduces flexibility for those routines when securities sit inside restricted rails.
Telegram has warned that it intends to repay the frozen bonds at maturity. Yet the paying agent and depository will still determine if payments can reach Russian holders under sanctions rules. As a result, the question for some bondholders shifts from “Will Telegram pay?” to “Can the system deliver the payment?”
Telegram’s bond strategy has relied on active liability management. The company has bought back a large share of outstanding debt that matures in 2026, according to reports referenced in investor updates. That approach aims to lower refinancing risk and improve balance-sheet flexibility.
The frozen tranche now interrupts that playbook. Telegram cannot freely access, repurchase, or restructure bonds that remain stuck at the sanctioned depository. This limitation may also narrow choices if Telegram wants to refinance that part of the stack or consolidate obligations.
Still, Telegram has emphasized that repayment plans remain intact. Investors will keep tracking how intermediaries handle settlement at maturity. That process will likely depend on compliance decisions at the time of payment.
Telegram reported a revenue increase in 2025 after expanding advertising and subscriptions. Revenue rose about 65% year over year to roughly $870 million, based on the company’s reported figures in market summaries. The performance reflects Telegram’s push to monetize its large global user base.
However, Telegram also recorded a net loss of about $222 million over the same period. Reports linked much of the loss to Toncoin-related valuation pressure. That mix leaves investors balancing operating momentum against crypto-linked volatility.
Telegram has also continued integrating TON features as it positions itself for eventual public-market readiness. Toncoin traded near $1.91, according to market data, with a market capitalization of around $4.62 billion. The token rose about 19% over the past month, yet it still showed a steep quarterly dip.
For Telegram, the bond freeze lands at an awkward time. The company wants room to manage debt, expand monetization, and keep IPO options open. Instead, sanctions have locked part of its financing structure in place, forcing more focus on settlement risk and execution discipline.
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