UAH 500 and USD 100 banknotes counterfeited most in Ukraine in 2025

In Ukraine, UAH 500 and USD 100 banknotes were the most commonly counterfeited in 2025.

This is according to data from the National Bank of Ukraine, as reported by the Ukrainian News agency.

The rate of counterfeiting of national currency banknotes in 2025 decreased threefold compared to 2024.

This is evidenced by monitoring of the withdrawal of national currency banknotes from circulation in Ukraine in 2025. Thus, based on last year’s results, there were approximately 1.7 counterfeit banknotes for every 1 million genuine hryvnia banknotes. This is the lowest figure since the start of russia’s full-scale invasion of Ukraine. In 2024, it stood at approximately 5.1 counterfeit banknotes.

For comparison: according to information from the European Central Bank, the corresponding figure for the level of counterfeit euro banknotes in European Union countries in 2025 was more than eight times higher, at 14 counterfeit banknotes.

In 2025, counterfeit banknotes of two denominations were most frequently withdrawn from circulation:

UAH 500 (80% of the total number of counterfeits withdrawn);

USD 200 (13%).

Counterfeit banknotes in denominations of UAH 20, 50, 100, and 1,000 accounted for only 7% of those withdrawn from circulation.

Last year (as in 2021–2024), the most counterfeited banknotes were those of the old hryvnia series (2003–2007), particularly the UAH 500 banknote from 2006.

According to the results for 2025, counterfeits of the current generation of hryvnia banknotes (2014–2019 series) account for only 10% of the total number of counterfeits seized in Ukraine’s banking system. Accordingly, last year the number of counterfeit new-style hryvnia banknotes per one million genuine banknotes in circulation was only 0.2. For the most part, these counterfeit banknotes were of low quality and were designed to take advantage of the inattention of citizens and cashiers at retail establishments.

This is due to the fact that the current generation of national currency banknotes, specifically the UAH 100, 200, 500, and 1,000, which the National Bank put into circulation between 2015 and 2020, feature an improved design and enhanced security features and are on par with the “Europe” series of euro banknotes and the “New Generation” series of US dollar banknotes in terms of design and security.

The modern-generation hryvnia banknotes have an updated design; special banknote paper is used for their protection, and for high-denomination notes—which counterfeiters most often attempt to forge—they incorporate modern optically variable security features: a “window” security strip and the SPARK element, which features kinetic effects of background image movement and corresponding color changes. Citizens can easily verify them, while it is practically impossible for counterfeiters to replicate them.

The number of counterfeit foreign currency banknotes seized in 2025 also decreased—by about a quarter compared to 2024.

Among the counterfeit foreign currency banknotes seized in 2025, US dollars traditionally accounted for the majority (93% of the total number of all seized counterfeit foreign currency banknotes). Euro banknotes accounted for 7% of the seized counterfeit banknotes last year.

Most often, counterfeiters targeted foreign banknotes in the following denominations:

USD 50 and USD 100 (13% and 85% of the total number of seized counterfeit US dollar banknotes, respectively);

EUR 50, 100, 200, and 500 (35%, 22%, 26%, and 15% of the total number of seized counterfeit euro banknotes, respectively).

To avoid receiving counterfeit foreign currency, the National Bank advises against conducting currency exchange transactions “over the counter,” online, or in similar ways. Instead, you should only use currency exchange offices of banks or non-bank financial institutions licensed by the National Bank.

After all, all counterfeit foreign currency removed from circulation is guaranteed to be sorted out as suspicious using properly configured banknote counters and sorters (specifically those with functions to check for ultraviolet, infrared, and magnetic security features). In other words, counterfeits do not pose a threat to banks and financial institutions but are primarily designed to exploit citizens’ inattention and lack of knowledge.

As the Ukrainian News agency earlier reported, starting March 2, 2026, banknotes in denominations of UAH 1, 2, 5, and 10 from the 2003–2007 series will be replaced by corresponding circulation coins.