Ukraine gov issues war bonds to fund military spending, raises $270 million

The Ukraine government issued war bonds Tuesday to fund its defense against a Russian invasion, raising about 8.1 billion hryvnia (or $270 million), officials said.

“The proceeds from the bonds will be used to meet the needs of the Armed Forces of Ukraine and to ensure the uninterrupted provision of the state’s financial needs under the war,” Ukraine’s foreign ministry said in a LinkedIn post.

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The office issued two sets of bonds, with one having a 1-year maturity and an 11 percent yield, while the other matures in two months and has a 10 percent yield, it said.

“Under the state of war, the Ministry of Finance ensures fulfillment of the state needs, its security, social protection of the population, macroeconomic and financial stability of Ukraine,” the foreign ministry office said in a second post.

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“Despite the difficult conditions due to the military aggression of the Russian Federation, the budgetary system of Ukraine functions in full scale. The Ministry of Finance, the Treasury, and the National Bank of Ukraine jointly ensure the settlement of all necessary payments,” it added.

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Ukraine has partnered with the International Monetary Fund, the World Bank, the U.S., Canada, the United Kingdom, the EU, Japan, and other countries to ensure financial support, while many of those same entities and countries have enacted international sanctions on Russia.