Overview
- The blocked bonds sit at the sanctioned National Settlement Depository, preventing transfers and routine payouts to Russian bondholders.
- Telegram told investors it plans to repay the debt at maturity, though practical arrangements for restricted accounts remain unclear.
- The depository was blacklisted by the EU, United States, and United Kingdom after Russia’s 2022 invasion, cutting established settlement channels.
- Telegram raised $1.7 billion in May 2025 to refinance obligations and bought back most notes due in 2026, yet about $500 million remains stuck in Moscow.
- First-half 2025 revenue rose more than 65% to $870 million, but the company posted a $222 million net loss largely tied to a Toncoin write-down.