Investments during the war: how to save and increase your savings

During the war, Ukrainians cannot buy currency, but there are many other ways to investment money. We have considered options for where to invest and where not to invest in 2023.

Charity contributions and war bonds

On March 1, the Ministry of Finance issued military bonds, which are considered to be analogous to a government loan. War bonds are issued specifically to finance the needs of the army. Anyone who has at least UAH 1,000 can buy bonds.


  • one bond costs UAH 1,000;
  • issued for a year;
  • currency – hryvnia (yield 11%) or dollar (yield 3.7%);
  • funds will go to the needs of the Armed Forces of Ukraine;
  • taxes are absent;
  • no proof of income required;
  • citizens, businesses, foreign investors can buy;
  • risks – country default.

Investments during the war: how to save and increase your savings

There are short-term, medium-term and long-term bonds with a maturity of 2 to 15 months. The rate of return is 9.5-11% per annum. The purchase of long-term bonds provides for interim interest payments.

Where to buy

  • Privatbank – entry threshold 100,000 hryvnia;
  • Oshchadbank – entry threshold from 50,000 hryvnia;
  • through the mobile application of Monobank, Ukrgasbank, FUIB, Univer Capital, BTS Broker. Here they are ready to sell from one bond.

Bank deposit

Deposit rates are now below the inflation rate, but they do not meet the needs of customers. The average rates are 10.1-10.4% per annum in hryvnia, of which 19.5% of taxes still have to be paid. Therefore, a net deposit will bring about 8% of the investment amount.

Banks now have nowhere to invest money, so there is no need to attract deposits. Analysts also do not recommend rushing to put money on hryvnia deposits, as the rates on them are likely to grow. It would be appropriate to deposit part of the funds for a short period, in order to later transfer it to a deposit with a higher yield.

Foreign currency deposits are even less attractive. In large banks, interest rates on them do not exceed 1% per annum, although dollar inflation reached 9.1% in June.

Given the low income, foreign currency deposits can only be considered as a way to legally purchase non-cash foreign currency, which can then be converted into cash.

Precious metals

It is almost impossible to buy banking gold, silver or platinum in Ukraine due to the NBU restriction. The only exception can be the purchase of metals in financial institutions in territories that are under the threat of occupation.

But such investments are unlikely to bring income in the short term, and in the long term, related expenses will destroy most of the income. Buying gold in coins and bars requires valuation and storage, and this requires additional costs. In 2022, gold has fallen significantly in price, but it has the prospect of growth.

Investors invest in gold in times of uncertainty or crisis. Since now there is a high probability of a new global recession, the demand for precious metals may increase.

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This growth is fueled by the ban on the export of gold from russia.

Investments during the war: how to save and increase your savings


In the west of the country, real estate may have investment attractiveness, but we advise you to focus on logistics and office infrastructure, and not on housing stock.


Experts name four main reasons for the great interest in investing in agricultural land. First, it, unlike other types of real estate, cannot be completely destroyed. Of course, if it is in a zone of active hostilities, then this will negatively affect the quality. However, even in view of this, its stability as an asset is much greater than other types of real estate. The risk also lies in the fact that if this land is under occupation, its use is impossible, in particular, the investor will not be able to lease it to receive passive income. However, after the de-occupation, the land will be available and will justify the investment.

Secondly, land is a stable asset, as prices in hryvnias for it are growing. Of course, we observe a drop in the value of an asset in foreign currency, however, 5% — this is a good indicator, indicating relative stability even during the war.

Thirdly, from 2024, the land market will be open to legal entities, which will affect prices. So investors, having realized the previously acquired asset, will benefit.

And finally, fourthly, we see an upward trend in prices for such land, and this will not go anywhere after the war.

Shares of foreign companies

Investiro Only those who have money abroad can invest in shares of foreign companies. The fact is that because of the war, the National Bank limited the possibilities for the withdrawal of capital from Ukraine.

But such an investment can be a losing one. All leading indices, except for commodities and the healthcare industry, suffered heavy losses due to US monetary policy, quarantine in China, and the energy and food crisis provoked by Russia’s attack on Ukraine. As a result, the shares of many companies have fallen significantly in price.

But this does not mean that we should completely disown Western companies. It always makes sense to keep a certain part of your savings in US stock indices. Whatever the situation, the US market will always rise in the distant horizon.


Despite the limitation of deposits in foreign assets, there are still opportunities for Ukrainians to invest in cryptocurrency.

However, this type of asset is quite risky and very variable. Its price can fluctuate by tens of percent in a matter of hours and depend on hundreds of factors.

For example, the most famous cryptocurrency in the world, Bitcoin, showed a significant annual drop in value, which happened only three times in its entire history.

Investments during the war: how to save and increase your savings


The lower the risk, the lower the return and vice versa, the higher the return — the higher the risk.

Before investing — study the market. Find out what opportunities, conditions, rules exist.

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