Telegram bonds in Russia worth half a billion dollars have been frozen under western sanctions, revealing the messaging app’s financial exposure to the country even after founder Pavel Durov has sought to sever ties with Moscow.
The company launched a series of bond offerings in recent years, including $1.7bn issued in May, to buy back existing debt. According to people familiar with Telegram’s discussions with investors, it bought back most of the bonds maturing in 2026.
However, the company has said $500mn of outstanding bonds have been immobilised in Russia’s central securities depository due to western sanctions, the people said.
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