Ukraine has temporarily lost access to external capital markets due to stress levels of rates, Oleksiy Lupin, the director of the open markets department at the National Bank of Ukraine (NBU), said.

"Geopolitics has led to an increase in the "risk penalty" for Ukraine both on external markets and on domestic markets. Moreover, on external markets, the yield of Ukrainian government bonds has reached stress levels, double-digit, and, unfortunately, temporarily Ukraine has lost access to external capital markets," he said during a briefing.

According to him, the domestic market survived the relevant events better, in particular, if compared with March 2020, when the peak interest rates in the secondary government bonds market were at the level of 20-25%, then on January 19, the peak rates here were 16-17%.

He noted that it is now more profitable for a rational investor to purchase securities on the secondary market, but he believes that this is a temporary phenomenon, and after the de-escalation of profitability, the markets will equalize, and the Ministry of Finance will be able to attract hryvnias at auctions.