According to FT, approximately $500 million of Telegram's Russian corporate bonds have been frozen at the National Settlement Depository (NSD) in Russia due to Western sanctions, exposing its ongoing financial exposure to Russian capital. The report states that Telegram has issued bonds multiple times in recent years (the latest being $1.7 billion in May 2025), and has repurchased most of its debt maturing in 2026. However, the aforementioned $500 million bonds have been "frozen" due to sanctions. The company states that it will repay at maturity, and the decision on whether funds can flow to Russian holders will be made by the payment agent and custodial institution.