Hungary-Ukraine dispute over seized assets

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SUMMARY

New witness testimonies emerged on July 22, 2026, detailing alleged abuse and unlawful detention of seven Ukrainian couriers in Hungary in March 2026, with the former director of Hungary's Counter Terrorism Centre (TEK) named as a suspect. As of July 9, 2026, Hungary's National Tax and Customs Administration suspended its money-laundering probe into the seized cash and gold after finding no evidence of criminal wrongdoing, following the return of the $82 million shipment to Ukraine's Oschadbank on May 6, 2026. Investigative journalists reported on July 7, 2026, that Hungarian authorities may have planned to use the incident, involving approximately $40 million USD, €35 million Euros, and 9 kilograms of gold, as an information campaign for political gain. János Hajdu, former head of TEK, is under investigation for unlawful detention in the case, which also prompted Hungarian Prime Minister Péter Magyar to announce an internal investigation into the involved agencies on June 17, 2026.

Timeline

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July 2026 — 4 developments

  1. New Witness Testimonies Detail Abuse in Hungary's "Gold Convoy" Case; Ex-TEK Director Named Suspect

    New witness testimonies have emerged detailing alleged abuse and unlawful detention of seven Ukrainian couriers in March 2026. The former director of Hungary's Counter Terrorism Centre (TEK) has been named as a suspect in the ongoing investigation into the conduct of Hungarian authorities.

  2. Hungary Suspends Money-Laundering Probe Into Seized Ukrainian Cash and Gold

    Hungary's National Tax and Customs Administration suspended its money-laundering probe into the seized cash and gold on July 9, 2026, after finding no evidence of criminal wrongdoing. This action follows the return of the $82 million shipment to Ukraine's Oschadbank on May 6, 2026.

  3. Hungary May Have Planned 'Terrorism' Accusations in Ukraine Asset Seizure for Political Gain

    Investigative journalists reported that Hungarian authorities may have planned to use the March 2026 incident involving detained Ukrainian drivers and seized funds as part of an information campaign concerning 'terrorism' or 'arms smuggling' to influence upcoming elections. The operation was reportedly an attempt to trigger a diplomatic crisis for political gain.

  4. Ukraine receives seized cash and gold back from Hungary in July 2026

    Ukraine has received the seized cash and gold back from Hungary in July 2026, following a March 2026 incident where Hungarian authorities detained seven Ukrainian citizens and seized approximately $40 million USD, €35 million Euros, and 9 kilograms of gold. Hungary had previously announced new evidence in April 2026, including a video allegedly showing a former Ukrainian intelligence general falsifying documents, which Oschadbank's lawyer contended was old and unrelated.

June 2026 — 5 developments

  1. Former Hungarian Counter-Terror Chief Investigated for Unlawful Detention in Ukrainian Gold Convoy Case

    János Hajdu, former head of Hungary's Counterterrorism Center (TEK), is under investigation for unlawful detention in the March 2026 'gold convoy' case. He is accused of ordering the stop of Ukrainian cash-in-transit vehicles and the handcuffing and hooding of their occupants amid a money laundering investigation.

  2. Hungary Launches Investigation Into March Seizure of Ukrainian Bank Convoy

    Hungarian Prime Minister Péter Magyar announced an immediate internal investigation into the agencies involved in the March seizure of a Ukrainian bank convoy. The probe will examine the roles of the National Tax and Customs Administration and the Counter Terrorism Centre. This action follows the return of seized cash and gold to Ukraine shortly before Magyar's inauguration.

  3. Report: Orbán Ordered Seizure of Ukrainian Assets as Retaliation

    Prime Minister Viktor Orbán reportedly decided on the timing of the March 5, 2026, raid on a Ukrainian cash and gold transport, allegedly motivated by Ukraine withholding oil shipments. The seizure of 27 billion forints worth of assets occurred on a regular transit route from Austria to Ukraine. The valuables were returned in early May 2026 after Orbán's party lost elections.

  4. Hungarian Prosecutor Resigns Amidst 'Ukrainian Gold Convoy' Controversy

    The head of Hungary's Central Investigative Chief Prosecutor's Office resigned in June 2026, reportedly due to internal disputes over politically sensitive cases, including the "Ukrainian gold convoy" affair. This resignation follows the earlier return of seized cash and gold to Ukraine in May 2026, which had been a point of diplomatic tension.

  5. Hungary Returns Seized Cash and Gold to Ukraine, Resolving Dispute

    Hungary returned approximately €70 million in seized Ukrainian cash and gold to Ukraine in early May 2026. Ukrainian President Volodymyr Zelenskyy hailed the return as a positive step and expressed gratitude for the constructive approach of the incoming Hungarian government. This development resolves the dispute over the assets seized in March 2026.

May 2026 — 2 developments

  1. Hungary Expels Seven Ukrainians for Smuggling Cash and Gold

    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.

  2. Hungary Returns Seized Cash and Gold to Ukraine

    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

  1. Zelenskyy to Discuss Seized Funds with Hungary's Incoming PM Magyar

    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.

  2. Hungary enacts decree allowing seized assets to remain under tax administration control

    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."

  3. Hungarian Minister Lázár links seized assets to oil shipment suspension

    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 — 11 developments

  1. ECB warns Hungary's seizure of Ukrainian assets could undermine confidence in 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.

  2. Hungary legitimizes seizure of $40M, €35M, and 9kg gold from 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.

  3. Hungarian Authorities Seize $82 Million in Ukrainian Assets, Detain Bank Employees

    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.

  4. Oschadbank to appeal Hungary's expulsion of employees, launch legal proceedings for seized assets

    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.

  5. Hungarian Spokesperson Kovacs: Cash and Gold Transport Supervised by Former Ukrainian General

    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.

  6. Ukraine's Foreign Ministry advises citizens against travel to Hungary

    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.

  7. Hungary expels Ukrainian citizens and armored vehicles; Ukraine demands explanations

    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.

  8. Ukraine initiates criminal proceedings against Hungary over seized cash and gold

    Ukraine's National Police have initiated criminal proceedings against Hungary for the alleged abduction of its citizens and seizure of vehicles. The cash and gold remain seized in Hungary, while the armored vehicles were returned in a damaged state.

  9. Ukraine's Foreign Minister states consuls denied access to detained citizens in Hungary

    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.

  10. Ukraine accuses Hungary of 'state terrorism' over seized bank employees and funds

    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.

  11. Hungarian Authorities Detain Seven Ukrainian Oschadbank Employees Transporting $40M, €35M, and Gold

    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.