diff --git a/ci/release/update-version.sh b/ci/release/update-version.sh
index 7eaf0161..ebf8f122 100755
--- a/ci/release/update-version.sh
+++ b/ci/release/update-version.sh
@@ -28,7 +28,7 @@ NEXT_RAPIDS_SHORT_TAG="$(curl -sL https://version.gpuci.io/ucx-py/${NEXT_SHORT_T
 
 # Need to distutils-normalize the versions for some use cases
 NEXT_RAPIDS_SHORT_TAG_PEP440=$(python -c "from setuptools.extern import packaging; print(packaging.version.Version('${NEXT_RAPIDS_SHORT_TAG}'))")
-NEXT_RAPIDS_FULL_TAG_PEP440=$(python -c "from setuptools.extern import packaging; print(packaging.version.Version('${NEXT_FULL_TAG}'))")
+NEXT_FULL_TAG_PEP440=$(python -c "from setuptools.extern import packaging; print(packaging.version.Version('${NEXT_FULL_TAG}'))")
 
 echo "Preparing release $CURRENT_TAG => $NEXT_FULL_TAG"
 
@@ -42,15 +42,15 @@ DEPENDENCIES=(
 )
 for DEP in "${DEPENDENCIES[@]}"; do
   for FILE in dependencies.yaml conda/environments/*.yml; do
-    sed_runner "/-.* ${DEP}\(-cu[[:digit:]]\{2\}\)\{0,1\}==/ s/==.*/==${NEXT_SHORT_TAG_PEP440}.*,>=0.0.0a0/g" "${FILE}"
+    sed_runner "/-.* ${DEP}\(-cu[[:digit:]]\{2\}\)\{0,1\}==/ s/==.*/==${NEXT_RAPIDS_SHORT_TAG_PEP440}.*,>=0.0.0a0/g" "${FILE}"
   done
-  sed_runner "/\"${DEP}==/ s/==.*\"/==${NEXT_SHORT_TAG_PEP440}.*,>=0.0.0a0\"/g" pyproject.toml
+  sed_runner "/\"${DEP}==/ s/==.*\"/==${NEXT_RAPIDS_SHORT_TAG_PEP440}.*,>=0.0.0a0\"/g" pyproject.toml
 done
 
 for FILE in .github/workflows/*.yaml; do
   sed_runner "/shared-workflows/ s/@.*/@branch-${NEXT_RAPIDS_SHORT_TAG}/g" "${FILE}"
 done
 
-echo "${NEXT_RAPIDS_FULL_TAG_PEP440}" > VERSION
+echo "${NEXT_FULL_TAG_PEP440}" > VERSION
 
 sed_runner "s/--rapids-version=[[:digit:]]\{2\}.[[:digit:]]\{2\}/--rapids-version=${NEXT_RAPIDS_SHORT_TAG}/g" .pre-commit-config.yaml