Telegram's $500 million bonds frozen due to Western sanctions, exposing its financial exposure to Russia

According to the Financial Times, Telegram's $500 million bonds in Russia have been frozen by the national settlement depository due to Western sanctions against Russia, despite founder Pavel Durov's efforts to distance himself from Moscow.

This move poses obstacles to its debt buyback and raises concerns among investors. Telegram still plans to repay the related debt on schedule, and its recent half-year revenue has increased by 65% year-on-year to $870 million, but it has incurred a net loss of $222 million due to the depreciation of Toncoin. Telegram is pushing for the integration of the Ton ecosystem and preparing for an IPO.