Hungarian Authorities Seize $75 Million from Ukrainian Bankers

Armored Convoy in the Capital

The National Tax and Customs Administration (NAV) detained seven employees of the Ukrainian state-owned Oschadbank in Budapest on the night of March 5, 2026. They were transporting a total of $40 million, €35 million, and nine kilograms of gold bars in two armored vehicles from Austria to Ukraine. The authorities have launched a criminal investigation into the matter on suspicion of money laundering and have seized the entire shipment and the two armored cars.

Origin and Route of the Shipment

The convoy was transporting cash and precious metals from Vienna to Ukraine on behalf of the Austrian Raiffeisen Bank. Portfolio.hu and several expert sources have confirmed that these shipments were regular and documented transactions between the Ukrainian state and Raiffeisen Bank. According to NAV data, more than $900 million, €420 million, and 146 kilograms of gold bullion have been transported in a similar manner through Hungary to Ukraine in 2026 alone. According to Bloomberg, the financial institutions consider the shipment in question to be completely legitimate: Oschadbank is using this route to meet the foreign currency needs of Ukrainian businesses and individuals under wartime conditions.

Among Those Arrested Was a General

According to a report by Index.hu, one of the seven Ukrainian citizens detained was a former Ukrainian intelligence general. The NAV has not filed formal charges against those involved; their lawyer said that the interrogation took place without any accusations. The next day, March 6, all Ukrainian citizens were handed over to the Ukrainian authorities at the Záhony border crossing, but the shipment and vehicles were kept in Hungary as evidence. The money laundering investigation continues under the direction of the prosecutor's office.

Ukraine: "Hostage-Taking and Robbery"

Kyiv's strong reaction came immediately. Ukrainian Deputy Foreign Minister Andriy Sybiha spoke of "state terrorism and blackmail" and claimed that the Hungarian authorities had "effectively taken hostage" the Oschadbank employees. According to Euronews, Kyiv has warned its citizens to avoid Hungarian territory. Oschadbank demanded in a statement the immediate return of what it called illegally seized assets. Shipping experts, however, have made it clear that the transport itself contained no abnormal elements; the stop itself was the exception.

Hungarian-Ukrainian Tension Reaches New Low

The incident did not erupt in a vacuum. Foreign Minister Péter Szijjártó asked whether the money was intended to influence someone in Hungary, thereby adding a political dimension to the suspicion. According to an analysis by The Irish Times, relations between the two countries have deteriorated for years due to the dispute over the Friendship oil pipeline, disagreements over EU funding, and Viktor Orbán's foreign policy, which is considered close to Moscow. According to NBC News, the case is directly related to the upcoming Hungarian elections: polls currently place Orbán behind his opponents. The fate of the seized assets and the outcome of the investigation are currently uncertain.