Core Insights - Telegram has approximately $500 million of Russian corporate bonds frozen due to Western sanctions, indicating ongoing financial exposure to Russian capital [1] - The company has issued bonds multiple times in recent years, with the latest issuance being $1.7 billion in May 2025, and has repurchased most of its debt maturing in 2026 [1] - The company stated it will make payments at maturity, with the decision on whether funds can flow to Russian holders being determined by the payment agent and custodian [1]

Core Viewpoint - Nayara Energy, part-owned by Russian oil major Rosneft, is seeking government assistance to facilitate trade payments and secure transportation for its products after being sanctioned by the European Union, which has led to significant operational challenges [5][6][7]. Group 1: Government Involvement - Senior executives from UCO Bank, a mid-sized state-owned lender, met with finance ministry officials to discuss leading the execution of payments for Nayara [1][7]. - Nayara approached government officials for help in establishing a relationship with a domestic lender to support wire payments for crude oil imports and refined fuel product exports [2][7]. Group 2: Operational Challenges - Following EU sanctions in July, Nayara has been forced to seek advance payments or letters of credit before fuel shipments are loaded, resulting in reduced operational run rates [5][7]. - Domestic shipowners have ceased working with Nayara, prompting the company to seek government assistance in securing vessels for local transportation [5][7]. Group 3: Market Position - Rosneft owns just over 49% of Nayara, which is responsible for nearly 8% of India's refining capacity and 7% of its retail-fuel network [6][7]. - Large financial institutions in India are exercising extreme caution in dealing with Nayara due to the potential repercussions of Western sanctions [6][7].