diff --git a/packages/contracts-periphery/package.json b/packages/contracts-periphery/package.json
index d879008515cea..03f01967287ad 100644
--- a/packages/contracts-periphery/package.json
+++ b/packages/contracts-periphery/package.json
@@ -64,7 +64,7 @@
     "@nomiclabs/hardhat-waffle": "^2.0.3",
     "@rari-capital/solmate": "https://github.com/rari-capital/solmate.git#eaaccf88ac5290299884437e1aee098a96583d54",
     "@openzeppelin/contracts": "4.6.0",
-    "@openzeppelin/contracts-upgradeable": "4.6.0",
+    "@openzeppelin/contracts-upgradeable": "4.7.1",
     "@types/chai": "^4.2.18",
     "@types/mocha": "^8.2.2",
     "@types/node": "^17.0.21",
diff --git a/packages/contracts/package.json b/packages/contracts/package.json
index d1e87556e4c1a..fbe07456b9f26 100644
--- a/packages/contracts/package.json
+++ b/packages/contracts/package.json
@@ -74,7 +74,7 @@
     "@nomiclabs/hardhat-etherscan": "^3.0.3",
     "@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": "^10.1.0",
     "@typechain/hardhat": "^6.1.2",
diff --git a/yarn.lock b/yarn.lock
index a9dda0327d9c4..42db9ca2b55e1 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -2816,20 +2816,10 @@
   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@4.6.0", "@openzeppelin/contracts-upgradeable@^4.5.2":
-  version "4.6.0"
-  resolved "https://registry.yarnpkg.com/@openzeppelin/contracts-upgradeable/-/contracts-upgradeable-4.6.0.tgz#1bf55f230f008554d4c6fe25eb165b85112108b0"
-  integrity sha512-5OnVuO4HlkjSCJO165a4i2Pu1zQGzMs//o54LPrwUgxvEO2P3ax1QuaSI0cEHHTveA77guS0PnNugpR2JMsPfA==
-
-"@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", "@openzeppelin/contracts-upgradeable@^4.5.2":
+  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"