Hungarian police have detained seven employees of Ukraine’s state-owned Oschadbank while they were transporting approximately $80 million in cash and gold through Hungary.
That has prompted sharp accusations from Kyiv of hostage-taking and state terrorism.
The incident, which occurred yesterday, has intensified already strained relations between the two nations, set against a backdrop of disputes over energy supplies and blocked European Union aid to Ukraine.
According to Oschadbank, the arrested people were employees who were conducting a routine transfer of foreign currency and bank metals from Raiffeisen Bank in Austria to Ukraine when their two armoured vehicles were stopped by Hungarian law enforcement.
The valuables included $40 million (€34.5 million), €35 million and 9 kilograms of gold valued at about $700,000 (€605,000).
According to Telex, the Hungarian Counter-Terrorism Center targeted Ukrainian-registered cash-in-transit cars at a petrol station on the M5 motorway, a southward route leading to Serbia, not Ukraine.
The Hungarian tax authority said in a statement that the seven Ukrainians were taken into custody on suspicion of money laundering.
Interestingly, Raiffeisen has been on a Ukrainian blacklist for its continued presence in Russia since the war broke out and is “still failing to meaningfully address the human rights implications of its operations in Russia”.
Raiffeisenbank Russia is accused of “providing payment services and tax contributions that risk materially contributing to the Russian war effort”. Ukraine’s stance has caused friction with Austria.
One of the arrested people is said to be a former Ukrainian secret service general.
Ukraine has shifted toward digital and card payments and is no longer primarily a cash money country. Cashless payments make up 95.5 per cent by number and 65.4 per cent by value, according to National Bank of Ukraine data.
Hungarian foreign minister Péter Szijjártó has demanded an immediate response and explanation from Ukraine regarding the cash shipment, as, he said, “it is reasonable to ask whether this involves money from the Ukrainian war mafia”.
He said Ukrainians have transported an huge amount of cash and gold through Hungary in recent months.
“Since January, a total of $900 million [€777.1 million] and €420 million in cash has been transported through Hungary, and 146 kilograms of gold bars have also been transported through the country,” he said.
He questioned why Ukrainians need to transport such large amounts of cash.
“If it is true that this is a transaction between banks, then the question rightly arises as to why the banks do not settle this between themselves by bank transfer, why it is necessary to transport such a large amount of cash, and why it has to be transported through Hungary,” he continued.
Given the presence of people “with clear ties to Ukrainian secret services”, Hungary demands “an explanation”, Szijjártó said.
He also wanted to know if the money is only being transported through Hungary or is sometimes stopped there and used to benefit certain people in Hungary.
Ukraine’s foreign minister Andrii Sybiha condemned the detention on social media platform X, describing it as Hungary “taking hostages and stealing money”.
He linked the action to recent threats by Hungarian Prime Minister Viktor Orbán to use “political and financial tools” to compel Ukraine to reopen the Druzhba oil pipeline. That has been disrupted since late January possibly due to Russian attacks on Ukrainian infrastructure.
“If this is the ‘force’ announced earlier today by Mr Orbán, then this is a force of a criminal gang. This is state terrorism and racketeering,” Sybiha stated yesterday.
Kyiv has dispatched a diplomatic note demanding the immediate release of the employees and their property and plans to seek an EU assessment of Hungary’s actions.
The National Bank of Ukraine echoed these demands in a formal statement, calling for an official explanation from Hungarian authorities and information on the vehicles’ location and cargo.
Oschadbank labelled the detention “unjustified” and urged the return of its staff and assets to Ukraine.
Ukrainian officials have emphasised that the transport was a standard banking operation, with no indication of wrongdoing on the employees’ part.
Szabolc Panyi, an anti-Orbán journalist, called the arrest a political operation on fabricated grounds.
Gladden Pappin, president of the Hungarian Institute of International Affairs, told Brussels Signal, that “like all European countries, Hungary has strict money laundering laws that must be enforced to protect its financial system and prevent illegal activities—especially in light of the conflict in the neighborhood, and the interests of Ukraine in changing Hungarian politics in that regard.”
“The seizure of a highly suspicious convert—carrying nearly $80 million worth in cash and gold, without going through the proper legal transparency—was necessary to investigate potential ties to organized crime and potential threats to national security.”
Pappin added: “There are EU standards to uphold against money laundering and that’s what Hungary is doing—particularly in circumstances of heightened tension, when the Ukrainian president is involving himself in Hungarian politics and even seeming to threaten the Hungarian prime minister. Once foreign actors realize that Hungary cannot be meddled with, they will hopefully stop their pressure campaigns.”
Ukraine’s relationship with Hungary has deteriorated ever further in recent days, with Hungary being outraged by remarks from Ukrainian President Zelensky. He said he would like to send the army to Orbán to talk to him “in a language he understands”.
Orbán accused Zelensky of issuing threats against Hungary while alleging a conspiracy between Kyiv, Brussels and Hungary’s domestic opposition to undermine Budapest’s energy security and national interests.
In a video posted on social media platform X today, Orbán claimed Zelenskyy’s warnings were part of a broader scheme to install a “pro-Ukraine government” in Hungary that would divert Hungarian funds to Kyiv and sever access to affordable Russian energy supplies.
He accused Hungary’s opposition, particularly the Tisza party led by Péter Magyar, of colluding with Ukraine and EU institutions behind closed doors.
President @ZelenskyyUa issues threats while the Hungarian opposition sides with Kyiv and Brussels. Their plan is a pro-Ukraine government that sends Hungary’s money to Ukraine and cuts us off from cheap energy. We will defend our nation’s interests. Count on it. 🇭🇺 pic.twitter.com/CM2W0Ok8n2
— Orbán Viktor (@PM_ViktorOrban) March 6, 2026
Orbán’s government already framed the Druzhba oil pipeline disruption as deliberate “political sabotage” by Ukraine, intended to pressure Hungary amid its opposition to EU support for Kyiv.
Budapest has deployed soldiers to guard key energy infrastructure, citing intelligence reports of potential further disruptions.
Fidesz, Orbán’s party, frames the war in Ukraine and its possible EU membership as a threat to Hungarian peace and prosperity.
He has also blocked a €90 billion EU loan for Ukraine’s reconstruction and defence, conditioning approval on the pipeline’s reopening, which he claims breaches the EU-Ukraine Association Agreement.
