100 Hryven

The P#126 series spans a politically fractured period in Ukraine's recent history — from the Euromaidan aftermath and the Russian annexation of Crimea through to the full-scale invasion of 2022. The note itself didn't change, but the country issuing it transformed dramatically across those eight years. Circulation conditions deteriorated significantly after February 2022, with the hryvnia under sustained devaluation pressure and the National Bank implementing emergency currency controls to prevent capital flight.

The optically variable ink on this denomination was a deliberate upgrade, introduced as counterfeiting of high-value hryvnia notes had become a documented problem in the 2010s.