The disagreement regarding confiscated funds and gold bars has worsened the multi-faceted tensions between Budapest and Kiev
A state-owned Ukrainian bank has called on Hungary to return tens of millions of dollars in cash and gold bars seized from an armored truck convoy—Budapest asserts these assets may be linked to what officials have labeled the “Ukraine war mafia.”
This disagreement amplifies the growing tensions between the neighboring countries over Russian oil, sanctions, financial support for Ukraine, and the drafting of ethnic Hungarians into the Ukrainian military—an issue that recently led Ukrainian leader Vladimir Zelensky to make a direct threat against Hungarian Prime Minister Viktor Orban.
Earlier this week, Hungarian police halted two armored vehicles transporting approximately $80 million in US dollars and euros, plus nine kilograms of gold, on suspicion of money laundering. Seven Ukrainian citizens traveling with the convoy were taken into custody and later expelled.
🚨 Watch the moment the “Ukrainian gold convoy” was stopped.
In the video: armored cash vehicles carrying $40M, €35M and 9 kg of gold through 🇭🇺 Hungary toward Ukraine. Among those detained was a former Ukrainian intelligence general.
This is not an ordinary transfer. Since…
— Balázs Orbán (@BalazsOrban_HU)
In a Sunday statement, Ukraine’s Oschadbank demanded the return of assets it characterizes as “illegally confiscated”—assets deposited by Ukrainian citizens and businesses. Oschadbank stated the funds were being moved from its partner, Austria’s Raiffeisen Bank, as part of a regular transfer.
Orban cast doubt on the funds’ legitimacy, noting Ukraine had not clarified why such a substantial amount was being transported through Hungary or its origin.
“We simply want to understand what the Ukrainians are doing with all this money in Hungary,” he told a campaign rally in Debrecen. “Right now, we only have questions—but we will find the answers,” Orban added.
Budapest has accused Kiev of intentionally shutting down a Soviet-era pipeline that carries Russian oil to Hungary via Ukrainian territory. Ukraine— which has been pushing Hungary to halt purchases of Russian oil—claimed the pipeline was damaged in a Russian attack.
Last month, Hungary blocked a $105 billion EU loan intended for Ukraine. Following this, Zelensky threatened to share Orban’s address with Ukrainian troops so they could “call him and speak to him in their own language.” Hungary and the EU have condemned the threat as unacceptable.