The kopeck is becoming a thing of the past: when will a “krok” appear in Ukrainians’ wallets?
10 October 2025 18:41
By the end of the year 2025, the Verkhovna Rada may pass a law replacing the usual kopecks with “steps”. This is the hope expressed by Parliament Speaker Ruslan Stefanchuk, "Komersant Ukrainian" reports.
The draft law No. 14093 was registered in the Verkhovna Rada on October 1 by a group of MPs led by Stefanchuk.
Thus, this step complements another initiative: the idea of “steps” was first voiced by National Bank Governor Andriy Pyshnyy a year ago. He explained that in this way, the authorities intend to “de-Russify” the name of the bargaining chip, akin to restoring historical justice.
According to NBU sources, an unofficial meeting between Pyshnyi and Stefanchuk took place a few months ago, where the idea of the “steps” was presented, and this also became a catalyst for the draft law.
The national financial regulator is convinced that in the 1990s, the decision to call the change coin a “kopiyka” was political, in order to preserve the association with the Russian monetary system. Today, only three post-Soviet countries-Ukraine, Belarus, and Russia-still use the analog of the kopek.
The draft law on “steps”: what it provides for
Draft Law No. 14093 contains amendments to several laws:
- “On the National Bank of Ukraine”
- “On Pension Provision”,
- “On Capital Markets.
Key provisions:
- the procedure for withdrawing kopiykas and simultaneous circulation of kopiykas and steps will be established by the NBU;
- the exchange will take place in a 1:1 ratio;
- the law will come into force two months after its official publication.
The national financial regulator has already collected the justification, held consultations with academics and the public before submitting the draft law.
In addition, the text had to be coordinated with the Tax Code and other laws to develop the changes. Deputy Speaker Olena Kondratyuk noted that it was important to introduce legislative changes on the eve of the 30th anniversary of the introduction of the hryvnia.
In her opinion, the draft law on “steps” has a real chance of being adopted this year: it has been submitted by the entire leadership of the Rada and representatives of various factions. The main goal is to start discussions as soon as possible, taking into account expert discussions.
The process will include consideration in specialized committees, after which the first reading may be held in November. If the Rada supports the initiative, the law will come into force two months after its publication.
Read also: NBU explains how it will create new “steps” instead of “kopiykas”
Historical background: kopeck vs. shag
The word “kopiyka” comes from a Moscow coin depicting a horseman with a spear – a “kopyem”. This name is deeply rooted in the imperial past and was introduced in Ukraine along with the spread of the tsarist and later Soviet monetary system. Instead, “shak” is an old Ukrainian name for a small coin that has been used since the 16th century, especially during the Rzeczpospolita and later in the Ukrainian People’s Republic. At that time, the shak had the status of an official coin of exchange, along with the hryvnia.
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Coins in Ukraine: what you need to know
There are about 5.5 billion pieces of change coins in cash circulation: 1.4 billion in 50 kopek denominations and 4.1 billion in 10 kopek denominations. On October 1, the NBU began withdrawing 10 kopiykas from circulation due to a decline in demand.
However, the coins already in circulation will remain valid until a separate decision is made to withdraw them.
As a result, cash payments will be subject to rules for rounding off the amount of a check (for example, when there are kopecks left in the amount) in accordance with new rules to be established by the NBU.
In addition, the NBU plans to mint 20 million new 50 kopiika coins in 2025, as this denomination is still in demand in the trade sector.
The NBU also continues to issue commemorative coins – either circulating or souvenir – in denominations of 5 and 10 hryvnias, dedicated to various events, government agencies, or themes. For example, in 2025, a commemorative 5-hryvnia coin “Ukrainian Cotton. Vampire UAV” has already been issued. And on July 4, 2025, a 10-hryvnia coin dedicated to the National Police was also put into circulation. The NBU lists hundreds of commemorative or anniversary coins of non-precious metal.
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