Diplomatic row between Ukraine and Hungary has escalated further after Budapest seized two Ukrainian armored bank vehicles carrying bars of gold and millions of euros in cash.
Seven Ukrainians accompanying the convoy were detained during the operation. Hungarian authorities claimed the individuals had ties to intelligence services and implied the funds might come from questionable sources. In response, Ukraine’s foreign minister, Andrii Sybiha, accused Budapest of “taking hostages and stealing money.”
Sybiha also alleged that Hungary’s pro-Russian leader, Viktor Orbán, had fabricated the controversy for political advantage ahead of the country’s elections scheduled for next month.
Meanwhile, the Hungary’s National Tax and Customs Administration announced it had launched a money-laundering investigation into the shipment. According to officials, it contained $40 million and €35 million in cash, along with 9 kilograms of gold. Authorities added that one of the detainees was “a former general from Ukraine’s intelligence service.”
Oschadbank, Ukraine’s state-owned savings bank, said its employees were moving cash and gold between Austria and Ukraine on what it described as a “routine trip.” The bank explained that the transfer was carried out by road because wartime restrictions prevent air travel in Ukraine.
However, Balázs Orbán, political director to Viktor Orbán, questioned the legitimacy of the shipment. Writing on X, he said that armoured vehicles carrying large amounts of cash and gold across Hungary was unusual for normal financial operations. He added that the key issue was identifying who was behind the money and what purpose it was intended to serve.
The confiscation comes amid a broader dispute over gas supplies. Hungary and Slovakia have accused Kyiv of intentionally delaying repairs to an oil pipeline that was damaged in what appeared to be a Russian drone strike. In retaliation, Viktor Orbán blocked additional European Union sanctions on Russia and also vetoed a proposed €90 billion loan package for Ukraine.
Volodymyr Zelenskyy responded to the loan veto on Thursday with remarks that many in Budapest interpreted as threatening. He said he hoped that a single EU member would not obstruct the €90 billion package, adding that otherwise Ukraine could provide that person’s address to its armed forces. Zelenskyy suggested soldiers might contact him directly and “speak to him in their own language,” comments that sparked alarm in Hungary.
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