Hungary-Ukraine dispute over seized assets
Hungary returned approximately $79 million in cash and gold to Ukraine's state-owned Oschadbank on May 6, 2026, aiming to reset bilateral relations after seizing the assets in March. As of May 9, 2026, Hungary has expelled seven Ukrainian nationals apprehended for smuggling cash and gold from Austria, with authorities investigating a broader network. The initial seizure of approximately $82 million in cash and gold from a Ukrainian bank convoy on March 28, 2026, led to accusations of blackmail from Ukraine's Foreign Minister Dmytro Kuleba, following Hungarian Minister János Lázár's acknowledgment of a link to oil shipment suspensions. Ukrainian President Volodymyr Zelenskyy had criticized Hungary's actions, with European financial circles raising concerns about the seizure's impact on confidence in the euro.
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May 2026 — 2 developments
Hungary has expelled seven Ukrainian nationals apprehended for smuggling cash and gold from Austria.
Hungary has expelled seven Ukrainian nationals apprehended for smuggling cash and gold from Austria. The operation reportedly involved former Ukrainian security officials and individuals with military experience. Authorities are continuing to investigate the full extent of the smuggling network.
Hungary has returned approximately $79 million in cash and gold that it seized from a Ukrainian bank convoy in March.
Hungary has returned approximately $79 million in cash and gold that it seized from a Ukrainian bank convoy in March. The assets belonged to Ukraine's state-owned savings bank Oschadbank. The return of these assets aims to reset bilateral relations between Hungary and Ukraine.
April 2026 — 3 developments
Ukrainian President Volodymyr Zelenskyy plans to discuss the return of seized funds with Hungary's i…
Ukrainian President Volodymyr Zelenskyy plans to discuss the return of seized funds with Hungary's incoming Prime Minister, Péter Magyar, criticizing the previous government's actions. European financial circles are raising concerns about Hungary's seizure of approximately $82 million in cash and gold, with discussions about potential restrictions on Hungary's financial ties.
Hungary has enacted a new decree allowing seized assets to remain under the control of the National Tax and Customs Administration for up to 60 days during an investigation.
Hungary has enacted a new decree allowing seized assets to remain under the control of the National Tax and Customs Administration for up to 60 days during an investigation. Ukrainian President Volodymyr Zelenskyy stated that Hungarian Prime Minister Viktor Orbán "simply stole this money."
Hungarian Minister János Lázár acknowledged a link between the seizure of approximately $80 million in cash and gold and the suspension of oil shipments via the Druzhba pipeline.
Hungarian Minister János Lázár acknowledged a link between the seizure of approximately $80 million in cash and gold and the suspension of oil shipments via the Druzhba pipeline. Ukraine's Foreign Minister Dmytro Kuleba stated this acknowledgment was Hungary openly confessing to using the seized assets as blackmail.
March 2026 — 10 developments
The European Central Bank has warned that Hungary's seizure of Ukrainian assets could undermine confidence in the euro.
The European Central Bank has warned that Hungary's seizure of Ukrainian assets could undermine confidence in the euro. The seven Ukrainian nationals detained in Hungary have been released and expelled, but the approximately $82 million in cash and gold they were carrying remains in Hungarian custody pending a 60-day investigation.
Hungary has introduced legislation to legitimize the seizure of approximately $40 million USD, €35 million EUR, and 9 kilograms of gold from seven Ukrainian citizens.
Hungary has introduced legislation to legitimize the seizure of approximately $40 million USD, €35 million EUR, and 9 kilograms of gold from seven Ukrainian citizens. The detained individuals were subsequently expelled and banned from the Schengen zone, while the assets remain in Hungarian custody.
Hungarian authorities seized approximately $82 million in Ukrainian cash and gold and detained seven employees of the state-owned Oschadbank on suspicion of money laundering.
Hungarian authorities seized approximately $82 million in Ukrainian cash and gold and detained seven employees of the state-owned Oschadbank on suspicion of money laundering. Prime Minister Viktor Orbán ordered the assets to be held for up to 60 days as part of the investigation, escalating tensions between Hungary and Ukraine.
Oschadbank said it will appeal Hungary's expulsion of seven bank employees and launch legal proceedi…
Oschadbank said it will appeal Hungary's expulsion of seven bank employees and launch legal proceedings to recover the seized cash and gold, calling the operation an illegal seizure. The bank said the Raiffeisen-to-Kyiv transfer was a lawful weekly overland shipment carried out under international transport and customs rules.
Hungarian government spokesperson Zoltan Kovacs stated that the team transporting the cash and gold …
Hungarian government spokesperson Zoltan Kovacs stated that the team transporting the cash and gold was supervised by a former general of the Ukrainian Security Service, with a former major of the Ukrainian Air Force acting as deputy and assisted by individuals with military experience.
In response to the incident, Ukraine's Foreign Ministry recommended that Ukrainian citizens refrain …
In response to the incident, Ukraine's Foreign Ministry recommended that Ukrainian citizens refrain from traveling to Hungary due to concerns about their safety and the potential for arbitrary actions by Hungarian authorities.
Hungary announced that the seven detained Ukrainian citizens and the two armored vehicles had already been expelled from the country.
Hungary announced that the seven detained Ukrainian citizens and the two armored vehicles had already been expelled from the country. Ukraine's Foreign Minister confirmed the expulsion and stated that Ukraine was demanding explanations from Hungary and preparing an appeal to the EU.
Hungary's National Tax and Customs Administration stated that it had "immediately informed the Ukrai…
Hungary's National Tax and Customs Administration stated that it had "immediately informed the Ukrainian consular service about the start of the procedure" but had not received a response. Ukraine's Foreign Minister Andrii Sybiha stated that Ukrainian consuls had still not been permitted access to the detained citizens.
Ukraine's Foreign Minister Andrii Sybiha accused Hungary of taking the seven Ukrainian bank employee…
Ukraine's Foreign Minister Andrii Sybiha accused Hungary of taking the seven Ukrainian bank employees "hostage" and illegally seizing the funds, labeling the actions as "state terrorism and racketeering." Ukraine's National Bank also issued a statement demanding the immediate release of the citizens and an explanation for their detention.
Seven Ukrainian citizens, employees of the state-owned Oschadbank, were detained by Hungarian author…
Seven Ukrainian citizens, employees of the state-owned Oschadbank, were detained by Hungarian authorities in Budapest while transporting approximately $40 million, €35 million, and 9 kg of gold from Austria to Ukraine in two armored vehicles. Hungary's National Tax and Customs Administration announced criminal proceedings on suspicion of money laundering.