Hungary Detains Ukrainian Bankers Transporting Gold & Cash
Hungary briefly detained seven Ukrainian bank workers who were transporting $80 million in cash and nine kilograms of gold in armored vehicles. Kyiv accused Budapest of “state banditry” before the personnel and assets were released, highlighting extreme wartime financial measures and ongoing friction between the two nations.
The detention occurred against a backdrop of severely strained relations, primarily centered on the Druzhba oil pipeline. Hungary has accused Ukraine of deliberately halting the flow of Russian oil, a charge Kyiv denies, citing damage from Russian strikes. Just before the bankers' detention, Hungarian Prime Minister Viktor Orbán threatened to block all crucial goods transiting Hungary to Ukraine unless the oil supply was restored. Since the closure of Ukrainian airspace following the full-scale invasion, overland transport of physical cash and banking metals from European partners has become a weekly, routine necessity to keep Ukraine's cash market liquid. Ukraine's state-owned Oschadbank confirmed the transport was a standard operation under an international agreement with Austria's Raiffeisen Bank and that it holds a state license for such international transport. Hungarian authorities, including the National Tax and Customs Administration (NAV), justified the detention on suspicion of money laundering. They highlighted that the transport was overseen by a former general of Ukraine's intelligence services and a former air force major. Foreign Minister Péter Szijjártó questioned the need for such large cash transfers, suggesting they could be linked to a "war mafia" and stated that since January, over $900 million and €420 million in cash had been transported through Hungary. Video released by the Hungarian government showed armed counter-terrorism officers intercepting the armored vehicles at a service station. The seven Ukrainian bank employees, with 3 to 21 years of experience at Oschadbank, were held incommunicado before being expelled from Hungary. While the personnel were released, the assets, including $40 million, €35 million, and nine kilograms of gold, remained seized in Budapest as part of the ongoing criminal investigation. Ukraine's National Police opened a criminal case into what it termed "hostage-taking" and "unlawful deprivation of liberty." Following the incident, the National Bank of Ukraine advised other Ukrainian banks to adjust their routes for transporting valuables to avoid countries where there is a risk of such disruptions.
