Investors have lost hope for a quick resolution to the war in Ukraine.

Last week, Ukrainian eurobond prices dropped below the levels they were at before last year’s US presidential election, erasing all of the gains made from the anticipation of a swift end to the conflict. The value of Ukrainian securities has decreased by an average of 5% per week since then. The largest decline was approximately 7% with series B eurobonds maturing in 2035-2036. By last Friday, all eurobonds were valued at an average of 3% less than just before the presidential vote in November of last year. The price of GDP warrants declined by 7%, falling to $.62 per $1 of notional value.

“No progress was made in the ceasefire talks last week, so Ukrainian eurobonds tracked the general trend among developing countries,” the ICU noted.

Furthermore, the general index of developing country bonds fell by 2.9% last week. The recent global tariff war has also negatively impacted investor sentiment, driving them to seek safe havens for their funds, resulting in the sale of debt from less stable nations. This pessimistic trend exacerbated the drop in Ukrainian securities prices.

The ICU added that only additional US sanctions targeting Russia can alter the situation.