diff --git a/packages/contracts/package.json b/packages/contracts/package.json
index 0abf0b50ef70c..70c7c3691dfdd 100644
--- a/packages/contracts/package.json
+++ b/packages/contracts/package.json
@@ -72,7 +72,7 @@
     "@nomiclabs/hardhat-etherscan": "^2.1.6",
     "@nomiclabs/hardhat-waffle": "^2.0.1",
     "@openzeppelin/contracts": "4.3.2",
-    "@openzeppelin/contracts-upgradeable": "4.3.2",
+    "@openzeppelin/contracts-upgradeable": "4.7.1",
     "@primitivefi/hardhat-dodoc": "^0.1.3",
     "@typechain/ethers-v5": "^8.0.2",
     "@typechain/hardhat": "^3.0.0",
diff --git a/yarn.lock b/yarn.lock
index 1aba2fc92d902..ee96be980a782 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -2531,15 +2531,10 @@
   dependencies:
     "@octokit/openapi-types" "^9.5.0"
 
-"@openzeppelin/contracts-upgradeable@4.3.2":
-  version "4.3.2"
-  resolved "https://registry.yarnpkg.com/@openzeppelin/contracts-upgradeable/-/contracts-upgradeable-4.3.2.tgz#92df481362e366c388fc02133cf793029c744cea"
-  integrity sha512-i/pOaOtcqDk4UqsrOv735uYyTbn6dvfiuVu5hstsgV6c4ZKUtu88/31zT2BzkCg+3JfcwOfgg2TtRKVKKZIGkQ==
-
-"@openzeppelin/contracts-upgradeable@^4.3.2":
-  version "4.4.0"
-  resolved "https://registry.yarnpkg.com/@openzeppelin/contracts-upgradeable/-/contracts-upgradeable-4.4.0.tgz#85161d87c840c5bce2b6ed0c727b407e774852ae"
-  integrity sha512-hIEyWJHu7bDTv6ckxOaV+K3+7mVzhjtyvp3QSaz56Rk5PscXtPAbkiNTb3yz6UJCWHPWpxVyULVgZ6RubuFEZg==
+"@openzeppelin/contracts-upgradeable@4.7.1", "@openzeppelin/contracts-upgradeable@^4.3.2":
+  version "4.7.1"
+  resolved "https://registry.yarnpkg.com/@openzeppelin/contracts-upgradeable/-/contracts-upgradeable-4.7.1.tgz#f63fc384255d6ac139e0a2561aa207fd7c14183c"
+  integrity sha512-5EFiZld3DYFd8aTL8eeMnhnaWh1/oXLXFNuFMrgF3b1DNPshF3LCyO7VR6lc+gac2URJ0BlVcZoCfkk/3MoEfg==
 
 "@openzeppelin/contracts@3.4.1-solc-0.7-2":
   version "3.4.1-solc-0.7-2"