Ukraine raised $270 Million in War Bonds

As more Russian troops approached Kyiv, Ukraine turned to more traditional finances and issued war bonds to help Eastern European countries fund their defence against Vladimir Putin.

The Ministry of Finance of Ukraine has said in a LinkedIn post that it has placed military bonds worth 8.1 billion hryvnia, amounting to $270 million. The proceeds from the sale will be used to meet the needs of the Armed Forces of Ukraine and to ensure the uninterrupted provisions of the financial needs of the state under war.

The new war bonds are among the several moves Ukraine took to fund its defence against Russia. It has raised $24.1 million in bitcoin and ether, among other cryptocurrencies and digital assets, after the official Twitter account posted digital wallet addresses for people to donate. The central bank of Ukraine has also set up a special account for people to donate funds to support the military. 

The Debt chief of Ukraine, Yuriy Butsa has said that it wants to attract donations not only in local currencies but also in dollars and euros. He also said that the country is in talks with the International Monetary Fund and World Bank for emergency help and is evaluating other fundraising options.

Meanwhile, most other Ukrainian bonds are trading at the lowest levels and fell further on Tuesday. This is despite the promise of the Ministry of Finance to investors to continue paying bonds on Monday.