Hungarian authorities seized $40M, €35M and 9kg of gold from Ukrainian state bank in March, provoking diplomatic ire.
Incident Details
On March 5, Hungarian services detained two vehicles belonging to Ukraine’s Oszczadbank state bank and seven employees. They were transporting $40 million, €35 million, and 9kg of gold from Austria to Ukraine through Hungary. The bank staff were released on Friday, but the cash and gold were not returned.
Zelensky’s Response
“The example of banditry fits very well here,” President Zelensky stated. “Regarding partners, I have spoken to many and I officially and publicly repeat what I told our friends. Europe needs one thing today: not to remain silent.”
Bank’s Defense
Andriy Pysnyj, head of Ukraine’s National Bank, insisted the cash and gold were transported in compliance with international regulations. He noted transporting money by land between banks is standard during a full-scale war. Oszczadbank stated the shipment followed an international agreement with Raiffeisen Bank Austria, adhering to transport rules and EU customs procedures.
Hungarian Elections Context
The incident drew a sharp reaction from Kyiv. Ukrainian Foreign Minister Andriy Sybiha called Budapest’s actions “part of blackmail and the election campaign in Hungary,” referring to the parliamentary elections scheduled for April 12. This followed Prime Minister Viktor Orban’s claims that the opposition Tisza party is financed by Ukraine, speculation that may have eroded trust in the pro-Western opposition.
Bilateral Tensions
The situation further strained already poor relations between Kyiv and Budapest. Recent tensions escalated after the shutdown of the Druzhba pipeline, inactive since late January due to a Russian attack. This pipeline previously carried Russian oil to Hungary and Slovakia, both reliant on Russian energy. Kyiv insists the pipeline is being repaired, while Budapest and Bratislava accuse Ukraine of intentionally blocking transit.
