The article considers the risk of agrarian business as the probability of profit loss experienced by agrarian enterprises or non-return of invested funds in agribusiness. The uncertainty of the external environment is the main risk factor of agrarian entrepreneurship. It causes unpredictable transformations in the internal production, financial, marketing, and logistics factors of the business. It is noted that peculiarities of business activity in the agricultural sector increase the level of business risk.

The risks of agrarian business in Ukraine during the war have significantly increased. It has been established that the main business risks in the war conditions are generally associated with the probability of physical loss of property. Due to the specifics of the production process in agribusiness, this risk is transformed into the probability of alienation of land plots and the impossibility of cultivating them. For agrarian business entities, this means the impossibility of entrepreneurial activity. It is noted, that the level of risk of physical loss of property or alienation of land resources differs significantly in the regional aspect. Namely, it increases closer to the line of hostilities. The highest risk level of the physical loss of property and impossibility to engage in agricultural business was recorded in temporarily occupied territories and on areas of active hostilities.

It is noted, that the risk of profitability loss of the main activity of agrarian enterprises and the probability of their bankruptcy increased in the war conditions. This type of business risk has no regional localization and is relevant for all subjects of agrarian business in Ukraine, regardless of their location. The key risk factors of profitability loss by agrarian business during the war are analyzed. The research highlights the main economic factors that increase the risk of bankruptcy of agricultural enterprises. These are factors such as the increase of basic technological processes costs, the limitation of export opportunities, unfavorable market conditions and low solvent demand within the country, the increase of transport costs, as well as deterioration of the investment climate, withdrawal of capital, freezing of investment projects.

The authors propose main tools of agribusiness risk management in war conditions, namely, diversification of the economic portfolio (adjustment of the production structure), development of the service sphere by agricultural enterprises (supply of material resources, storage, transportation and processing of agricultural products).