Ukrainian war bonds: military ОВГЗ explained
Since February 2022 Ukraine's Ministry of Finance has been issuing military ОВГЗ — widely known as war bonds — to help finance the state budget during the full-scale war. Legally and financially they are ordinary domestic government bonds, accessible to anyone with a banking app.
What war bonds are
War bonds are ОВГЗ issued during wartime, with proceeds going to the state budget — including defense needs. The military label refers to their purpose, not to a different legal instrument: they are the same облігації внутрішньої державної позики, with a fixed coupon and a fixed maturity date.
Same rules, same protections
Because war bonds are regular ОВГЗ, everything that applies to ОВГЗ applies here: coupons are exempt from personal income tax (only the military levy is withheld), payments follow a schedule fixed at issuance, and the obligation is backed by the Ukrainian state.
What they pay
War bonds are issued in UAH and in foreign currency. UAH issues carry the same kind of double-digit coupons as other hryvnia ОВГЗ, with the level set at each auction. Yields move with policy rates and demand, so check current numbers rather than relying on a headline figure.
How to buy war bonds
The channels are identical to any other ОВГЗ: banking apps such as Privat24, monobank Invest, and Sense SuperApp, or a licensed broker. Choose the bond by ISIN, check its maturity and yield, and place the order. Many Ukrainians treat the purchase as both an investment and direct support of the budget during the war.
Finding them in our catalog
Our catalog lists Ukrainian government bonds by ISIN without separating military issues from regular ones — they are the same instrument class. Filter by issuer Ukraine and your preferred currency, then compare maturities and yields to pick an issue.