In the third quarter of 2023, the Russian banking system detected 3.1 thousand counterfeit banknotes, a drop of 31% from the same period a year earlier. This finding was officially reported by the TSB RF website, reflecting ongoing efforts to curb currency fraud.
The counterfeit notes showed a concentration by denomination. The most counterfeit notes were found in the higher-value notes, particularly those worth 5,000 rubles and 2,000 rubles. Smaller numbers appeared in other large denominations as well, with 570 fake banknotes of 1,000 rubles and 140 fake notes of 2,000 rubles discovered. The rarest fraud involved coins—only one counterfeit note of 10 rubles was recorded in this period. In counterfeit coins, 45 coins of 10 rubles and 21 coins of 5 rubles were detected. The Central Federal District accounted for the largest share of detected counterfeit products, indicating regional patterns in production and circulation.
In foreign currency, 510 counterfeit banknotes were seized in the third quarter. The majority of these counterfeit foreign notes were dollars, totaling 428, and euros, totaling 80, suggesting international targets and cross-border trafficking patterns in counterfeit operations.
At the end of March, the Federal Security Service uncovered a large-scale operation producing 5,000 ruble notes. The operators claimed the group could print about 1 billion rubles each year, indicating a substantial illicit manufacturing capability and a significant risk to currency integrity.
These findings illustrate the ongoing challenge of counterfeit currency and the measures taken by authorities to detect and deter fraud across the Russian financial system. The patterns point to a focus on high-denomination banknotes, cross-border currency fraud, and a centralized production network that authorities are intent on dismantling, with ongoing monitoring and reporting standards in place for financial institutions and law enforcement agencies.