Hungary Detains Ukrainians, Seizes $40M Cash, Gold in Armoured Bank Convoy
4 min readMar 7, 2026 08:56 PM Hungarian authorities briefly detained seven Ukrainian citizens and seized two armoured vehicles transporting tens of millions of dollars in cash and gold across Hungary on suspicion of money laundering, officials said Friday, in an incident that triggered sharp criticism from Kyiv.
According to the Associated Press, the Ukrainians were detained Thursday, but released the following day. Hungarian authorities, however, retained the cash shipment, prompting Ukraine to accuse the government of Viktor Orbán of unlawfully confiscating the funds.
Ukraine’s foreign miner Andrii Sybiha condemned the move, writing on social media that Kyiv “will not tolerate this state banditism”.
Shipment linked to Ukrainian state bank
The seven detained individuals were employees of Oschadbank and were travelling in two armoured cars transporting funds between Austria and Ukraine as part of routine services conducted between state banks, Sybiha said.
Oschadbank chairman Yurii Katsion said Hungarian authorities had questioned the source of the funds without justification.
In a Facebook post, Katsion said Hungary had “groundlessly questioned the source of the state bank’s funds, transported in accordance with international agreements and supported all necessary documentation.”
According to a statement from Oschadbank cited the Associated Press, the seized shipment included $40 million in cash, €35 million, and about 9 kilograms (19.8 pounds) of gold, valued at roughly $1.5 million.Story continues below this ad
Ukrainians released but cash held
Hungary initially indicated the seven Ukrainians would be expelled from the country, but did not explain why they were released despite suspicions of money laundering. Later Friday, Sybiha said the employees had been returned to Ukraine.
The incident drew a strong diplomatic response from Kyiv. Ukraine warned its citizens to avoid traveling to Hungary, citing concerns over what it described as arbitrary actions Hungarian authorities.
Tensions over Russian oil pipeline
The dispute unfolded amid escalating tensions between Hungary and Ukraine linked to disruptions in Russian oil supplies delivered through the Druzhba pipeline.
Oil shipments through the pipeline have been halted since January 27, after Ukraine said a Russian drone strike damaged infrastructure connected to the pipeline. Kyiv has said repairs are risky and that the pipeline could remain vulnerable to further attacks.Story continues below this ad
Hungary has accused Ukraine of deliberately obstructing Russian crude deliveries and threatened countermeasures until supplies resume.
Prime Miner Orbán, who has maintained close relations with Moscow during the war in Ukraine, suggested Hungary could block activities important to Kyiv until oil shipments restart.
Dispute intensifies ahead of Hungarian elections
Orbán has also linked the dispute to domestic politics ahead of Hungary’s April 12 parliamentary election, during which he has sharply criticised Ukraine and its leadership.
The Hungarian leader has accused Ukrainian President Volodymyr Zelenskyy of trying to provoke an energy crisis that could influence Hungary’s election outcome.Story continues below this ad
Sybiha, however, said the detention of the Ukrainian bank convoy appeared tied to Hungary’s political messaging.
“The detention of the seven Ukrainians and the seizure of the money is part of Hungary’s blackmail and electoral campaign,” he wrote, adding that Ukraine reserved the right to pursue sanctions or other measures.
Hungary, along with neighbouring Slovakia, has continued purchasing Russian fossil fuels despite European Union efforts to reduce reliance on Moscow’s energy supplies following the invasion of Ukraine.
