Tensions between Hungary and Ukraine intensified this week after Hungarian authorities impounded two armored bank vehicles carrying millions of euros in cash and several kilograms of gold that were traveling through the country.
Officials said the convoy was transporting about $40 million and €35 million in cash along with roughly 9 kilograms of gold. Seven Ukrainian citizens traveling with the shipment were also detained. Hungarian authorities indicated the individuals may have links to intelligence services and suggested the origin of the money could be questionable.
Hungary’s national tax and customs administration confirmed it has opened a money-laundering investigation into the shipment. Officials also noted that one of the detained individuals was described as a former general in Ukraine’s intelligence service.
Ukraine strongly rejected the accusations. Ukrainian Foreign Minister Andrii Sybiha accused Budapest of “taking hostages and stealing money,” escalating the already tense diplomatic dispute between the two countries.
The shipment reportedly belonged to Oschadbank, Ukraine’s state savings bank, which said its employees were transporting the cash and gold between Austria and Ukraine during a routine transfer. According to the bank, the route was necessary because restrictions on air travel inside Ukraine have forced financial transfers to move by land.
However, Balázs Orbán, political director for Hungarian Prime Minister Viktor Orbán, publicly questioned the explanation.
“Armoured vehicles full of cash and gold moving across Hungary is not how legitimate financial transactions usually work,” he said, raising concerns about who might actually be behind the shipment and what the funds were intended to finance.
The seizure comes amid a broader dispute between Hungary and Ukraine over energy and sanctions policy. Hungary and Slovakia recently accused Kyiv of delaying repairs to a major oil pipeline after it was damaged in what appeared to be a Russian drone attack.
In response to the dispute, Viktor Orbán vetoed additional European Union sanctions on Russia as well as a proposed €90 billion loan package intended to support Ukraine.
The standoff intensified further after Ukrainian President Volodymyr Zelenskyy made remarks that shocked officials in Budapest. Responding to Hungary’s veto, Zelenskyy warned that if the loan package remained blocked, he might publicly share the address of the individual responsible so Ukrainian soldiers could “talk to him in their own language.”
The statement sparked outrage in Hungary, where analysts said the comments could strengthen Orbán politically ahead of upcoming elections.
Polls suggest opposition candidate Péter Magyar could defeat Orbán after 16 years in power. However, Magyar was forced to respond to the controversy during a political rally, defending Hungary’s prime minister against the foreign threat.
“No foreign head of state can threaten a Hungarian,” Magyar said, adding that Zelenskyy could share his address as well if he wished.
Hungarian officials said the seven detained Ukrainians are expected to be expelled from the country, though it remains unclear what will happen to the seized cash and gold.
Meanwhile, the lawyer representing the detainees said he has struggled to even locate where his clients are being held, describing the situation as highly unusual and far from standard legal procedure.
