Translation. Region: Russian Federal
Source: Central Bank of Russia
An important disclaimer is at the bottom of this article.
Sergey Belov: The Russian ruble is among the leaders in terms of security.
The Bank of Russia has begun work on a new 500-ruble banknote, which will be designed in lilac and purple tones, says Deputy Chairman Sergei Belov. In an interview with RIA Novosti, he discussed when to expect the release of the modernized 1,000-ruble note, what determines the banknote's lifespan, how to distinguish genuine from counterfeit banknotes, why there will be no plastic banknotes in Russia, and whether the digital ruble could replace cash.
– Are you maintaining your plans to issue the modernized 1000-ruble banknote by the end of 2025?
Yes, we're on track. The banknote's conceptual design has been approved by the board of directors. It features the main symbols, as well as secondary and tertiary elements, arranged with the printing technology and security features in mind. Artists from the Bank of Russia and Goznak are currently working on the preliminary design. It will include special grids, engraved images, and microtext. We plan to introduce the updated 1,000-ruble note at the end of the year. The new 1,000-ruble notes will be introduced into circulation gradually until they completely replace the 1997 design.
When will the first batch of new 1,000-ruble notes go into circulation? Which cities will receive them first?
After we introduce the new 1,000-ruble note, there will be a period of adjustment of the equipment for receiving, dispensing, and processing the banknotes. The banknote will be distributed to all branches of the Bank of Russia. There are no specific priority regions. It's difficult to say yet when people will see the banknote in circulation; we'll see how quickly the banks can adjust the equipment. On average, this takes a year to a year and a half. We won't rush the banks.
Last year, you held an online vote on the symbols for the 1,000-ruble banknote. How successful do you think it was?
We first held online voting in 2016, when we were preparing to issue the 200 and 2,000 ruble banknotes. We decided to take a very open approach to choosing the symbols—through a competition, with online voting at the end.
Last year, we returned to voting. Our citizens should undoubtedly participate in the selection of symbols; they have the final say. Of course, achieving unanimity when choosing symbols is impossible, and it's not necessary. Every region has many historical monuments and unique places that local residents are proud of and return to again and again. And voting helps us determine the final list of objects that can adorn the banknote. The symbol on the banknote should resonate with all Russian citizens, regardless of where they live.
You've probably heard complaints that during online voting for the items on the 1,000-ruble note, one of the symbols "rigged" its votes at the last minute. Is this true? Will you take this into account in future votes?
"Anyone could follow the voting dynamics in real time on the Bank of Russia's website. There was a rush in the first few days, then a slowdown, but interest picked up again in the final days before voting stopped. People voted until the last second."
It was important to us that everyone could express their opinion and vote for a particular symbol, while also ensuring that voting was protected from manipulation, bots, and the like. To achieve this, we introduced authorization via Gosuslugi, email, or an Odnoklassniki or VKontakte account.
Indeed, there were attempts at manipulation, and our technical specialists saw it and immediately stopped it. Competition among the symbols was genuine. We saw the leaders change during the voting. And it was impossible to predict how the places would ultimately be distributed. People voted for genuinely popular and beloved landmarks of the Volga region.
The next time we conduct online voting for symbols for other banknotes, we will retain authorization. We will also monitor the voting in real time and ensure there are no vote-stuffing or manipulations.
– The Bank of Russia has begun developing the design of the 500-ruble banknote. Have they already begun selecting symbols?
Yes, we've begun working on the 500-ruble banknote. As a reminder, it will be dedicated to the North Caucasus Federal District and its capital, Pyatigorsk. Back in 2022, experts from the regional working group compiled a preliminary list of landmarks that best capture the unique characteristics of the North Caucasus. We then took a break to finalize the 1,000-ruble banknote. We're currently preparing for the next stage of selecting symbols for the 500-ruble banknote. We plan to hold an advisory council meeting at the end of September. Its members will select a list of landmarks, which we will then submit to an online public vote.
– How many characters will be considered?
Six objects from the city of Pyatigorsk will be submitted to the advisory council for review—one for the obverse and approximately 20 for the reverse—from various regions of the Caucasus. These symbols reflect the history and modern achievements of the North Caucasus, as well as its unique natural environment.
– Is the color of the updated 500-ruble note already clear?
"Of course. We're sticking to the color palette that was typical for the 1997 banknotes, so people can easily recognize the denominations. The new 500-ruble note will be in lilac and purple tones, like its predecessor. This will make it easier to find the right note in your wallet."
– Are Russian banknotes made from domestic materials?
Yes, the main components used to make banknotes are domestic. Historically, banknote paper has always been produced by Goznak enterprises. Until recently, some inks were purchased from European manufacturers, but Goznak has made significant progress in import substitution. And now we can say that we have come a long way toward technological sovereignty in banknote production.
– How many levels of security do Russian banknotes have?
Modern banknotes contain a whole range of security features. They can be grouped into three levels. The first level is designed for human verification of banknote authenticity. These are the features that can be seen by holding the banknote up to the light, tilting it, or recognized by touch. Second-level security features are read by devices that accept, dispense, and process banknotes. The most common of these are payment terminals and ATMs. The third level is checked by the Bank of Russia's equipment when banknotes arrive and need to be counted and sorted.
The new banknotes contain a more advanced security system than the 1997 banknotes, making them much more difficult to counterfeit. The higher the denomination, the more security features they contain. If you hold the new 5,000-ruble banknote up to the light, you'll see a multi-color watermark on the white background, featuring fragments of urban development. It's combined with a highly visible image of the Main Post Office building. Adjacent to these is the highly visible number 5,000 with darker fragments. The security thread features optically variable effects; for example, when tilted, you can see the number 5,000 change to the abbreviation "CBRF." The more such elements, the more secure the banknote.
– As a professional, can you tell a real banknote from a counterfeit one when you see it?
"I can if I pick it up and examine it closely. Counterfeits usually feel different to the touch. The paper is different: counterfeits are smoother. And the imitation watermarks and security threads are visually distinct from the real thing. For example, in some cases, the watermark on counterfeits appears flat, while on genuine banknotes, it's formed during the paper molding process by varying the thickness of the layers of paper fibers, creating a 3D effect and a sense of volume."
– How often do counterfeit banknotes still appear?
"Our statistics show that counterfeiting is becoming less and less common. Last year, the counterfeiting rate reached its lowest level in recent years: there was only one counterfeit for every million banknotes in circulation, while the year before that, there were two. Even based on these figures, we can say that our banknotes are well protected."
– Which banknotes are counterfeited most often?
"The most commonly counterfeited denomination is, of course, the high denomination—5,000 rubles—because it's cost-effective. The second most common denomination is the 1,000 ruble. Counterfeits of other denominations are much less common."
– If we compare the level of security of Russian banknotes with the security of dollars, euros, or other countries' money, what level are we at?
"Here, without false modesty, I can say that we are among the leaders in terms of security. The number of counterfeits in the Eurozone countries is an order of magnitude higher than ours. According to last year's data, there were an average of 18 counterfeits per million."
– What does the service life of a banknote depend on?
It depends on many factors, both objective and subjective. Objective factors include the properties of the paper: its ability to withstand repeated bending, crumpling, and stretching, as well as its resistance to temperature fluctuations. The environment in which people pay also plays a role. A supermarket checkout is one thing, while a market stall is quite another. The velocity of banknotes—the number of transactions over a given period of time—must also be taken into account. The higher this value, the faster the banknote wears out.
The subjective factor is, first and foremost, each of us's personal attitude toward cash. Some treat it with particular reverence, smoothing out all the wrinkled corners and carefully arranging it in their wallet, while others, on the contrary, handle bills carelessly, crumpling them up or making notes or sketches on them. Sometimes, people wash their clothes and forget to take the money out of their pockets. More often than not, after washing, banknotes are irreparable; their lifespan ends there.
To extend the life of our banknotes and protect them from dirt, we coat them with a special protective varnish. This is especially true for the small denominations that are most frequently used. We also add a special biocidal agent to the paper, giving the banknotes antimicrobial properties.
– What is the lifespan of one banknote?
Every banknote has its own lifespan. There's no expiration date as such. That is, if a banknote isn't dirty, has no mechanical damage, tears, inscriptions, or stains, it's fit for circulation, regardless of when it was issued or when it entered circulation.
In terms of numbers, the average lifespan of low-denomination banknotes—50 and 100 rubles—is at least three years, while 2,000 and 5,000 ruble banknotes last at least ten years. However, this all depends on circulation conditions. Therefore, the lifespan of a specific banknote may vary.
– Are you planning to issue plastic banknotes yet?
"No, we don't plan to. We issued a commemorative banknote dedicated to the FIFA World Cup in 2018, using a polymer substrate. However, we don't use this type of substrate for banknotes in regular circulation."
– Because they are more expensive to produce?
"It's not even that they're more expensive. It's just that paper banknotes have a more advanced security system that can't be replicated on polymer. Globally, polymer banknotes are primarily used in countries with hot and humid climates. For Russia, it's simply impractical."
– As new banknotes are introduced, will the old ones still remain in circulation and be replaced as they wear out?
"Of course. We've said from the very beginning that both the new and old banknotes will circulate in parallel. We understand that for the new banknotes to appear in circulation, we need to have the necessary equipment in place: both ATMs and the counting and sorting equipment used by credit institutions and the Bank of Russia."
The replacement of old banknotes with new ones is already gradually underway. We issued the updated 100-ruble note in 2022, and the 5,000-ruble note entered circulation in 2023. And only now are we seeing the 100-ruble note appearing more and more frequently; it's no longer a rarity, but a common occurrence. In terms of quantity, as of August 1, 2025, the updated 100-ruble note accounted for approximately 26% of all banknotes of this denomination, while the updated 5,000-ruble note currently accounts for only 7%.
– How much does it cost to produce one banknote?
We don't disclose our costs. I can only say that the cost of producing the modernized banknotes is comparable to the cost of the 1997 banknotes.
– Is it more expensive to produce a 5000-ruble note than a 100-ruble note?
– Of course, high-denomination banknotes are more expensive due to the enhanced security system.
How ready is the equipment to process and accept the new 1,000 and 5,000 ruble banknotes? How long will it take to set up the equipment to accept the 500-ruble banknote?
– As for the share of counting and sorting machines adapted to modified 100 and 5000 ruble banknotes, as of September 2025 it amounted to 95%, and the share of ATMs was 85%.
Experience has shown that after the announcement of the release of new banknotes into circulation, individual models of bank equipment can be adapted to process them within two to three months; in most cases, as I have already said, this takes a year to a year and a half.
– Does the Central Bank have plans to expand its banknote range?
"No, we already have a fairly wide range of banknote denominations. The decision to issue a new denomination is made by the Bank of Russia based on a number of factors, including the country's economic situation, the demand for cash, and the average salary. And most importantly, the ratio between the volume of cash and non-cash payments."
We're now seeing that cashless payments now account for over 80%. We understand that cash will become less and less used for payments. But we'll be monitoring how things develop.
– When is the release of updated ten and 50 ruble banknotes planned?
We'll also be updating the ten- and 50-ruble banknotes. The only thing is that the deadlines are slightly delayed because the symbol selection process itself has changed. We're currently targeting 2027 for the 50-ruble banknote, and we expect to issue the ten-ruble note in 2028.
– Do you plan to modernize the coin series?
– No, we don’t see the need for this yet.
– You hold a coin week every year. How successful is it?
By the way, the next coin week kicked off on September 22. I'd like to point out that this isn't just an annual event; we now hold it twice a year. And not only banks but also major retail chains participate. The spring event took place in April. During its run, we collected over 51 million coins worth 242 million rubles.
These promotions help bring small change that people accumulate at home back into circulation. As a result, we mint less, and banks and retailers reduce their transportation and collection costs. So, if you have coins, bring them to your bank or store. You can find the list of participants in the promotion, their addresses, and terms and conditions on the website monetnayanedelya.rf. Don't delay—the promotion runs until October 4th.
– Does the Central Bank see public interest in investment gold and silver coins?
We regularly survey credit institutions about the market demand for gold and silver coins. We see that there is interest. Based on demand, we periodically increase our production to meet demand. The rising price of gold also influences demand for investment coins; people view these coins as an investment in the future, a store of value.
– Do you consider the digital ruble a competitor to the traditional ruble?
"Theoretically, any new payment instrument will displace others we've become accustomed to. The Bank of Russia's goal is to give people the opportunity to choose their own payment method, be it cash, non-cash, or digital. Everyone will decide for themselves what's most convenient."
How many new banknotes does the Central Bank issue each year, and what does this depend on? Does the amount of new money affect inflation?
We don't set any targets for the cash supply; we simply meet the current demand for cash. Therefore, the issuance of cash depends solely on the needs of payment transactions.
This process has no effect on inflation. After all, the amount of money issued to a client is debited from their account, and vice versa. In other words, the money supply doesn't increase; it simply circulates, so to speak.
Yana Churochkina, Dilyara Solntseva, RIA Novosti
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