Telegram's $500 million in Russian corporate bonds have been frozen at the Russian National Settlement Depository (NSD) due to Western sanctions, highlighting the company's financial exposure to Russian capital. Despite having issued several bonds in recent years, including a $1.7 billion issuance in May 2025, and repurchasing most of its debt maturing in 2026, these bonds remain affected by the sanctions. The company has stated that it intends to repay the bonds upon maturity. However, the decision on whether the funds can be transferred to Russian holders will depend on the payment agent and custodian institutions.