Western sanctions have frozen $500 million of Telegram’s bonds held in Russia’s central securities depository, exposing the messaging app’s lingering financial ties to Moscow despite founder Pavel Durov’s efforts to cut connections.

Telegram recently issued $1.7 billion in bonds in May to repurchase existing debt, including most maturing in 2026. However, sources familiar with investor discussions say $500 million in outstanding bonds remain immobilized due to sanctions on Russia’s National Settlement Depository (NSD).

EU, US, and UK asset freezes on NSD followed Russia’s 2022 Ukraine invasion, impacting organizations with Russian bondholders. This complicates Telegram’s debt repayments. Durov has distanced himself from Russia, dismissing Kremlin influence claims as conspiracy theories. Telegram declined comment.

source: ft

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