Ukraine has got back cash and gold worth €70 million that had been confiscated by Hungarian authorities in March 2026.
On May 6, Ukrainian President Volodymyr Zelenskyy wrote on X that the assets had been returned. Zelenskyy lauded the handover as “an important step in relations with Hungary”, adding: “I am grateful to Hungary for its constructive approach and civilized step.”
On March 5, members of Hungary’s anti-terror police TEK had stopped a Ukrainian cash transport, moving the cash and gold in a van. Seven people accompanying the transport were detained and later released to Ukraine.
Hungarian authorities said the transport may have been part of a money-laundering operation. These claims were not substantiated later.
Ukraine said the transport was a legal and standard cash transfer from Austria’s Raiffeisenbank to Oschadbank, a state-owned Ukrainian bank.
Kyiv also vehemently criticised the Hungarian Government of then-prime minister Viktor Orbán for supposed “state terrorism and racketeering”.
Conversely, then-Hungarian foreign minister Péter Szijjártó suggested the funds could be tied to a “Ukrainian war mafia”.
The ruling Fidesz party later submitted a bill to parliament enabling the Hungarian tax authority to retain the confiscated funds until an investigation into their origin had concluded.
Observers surmised that Hungary’s confiscation operation was a reaction to Kyiv’s decision to cut flows of Russian oil through the Druzhba pipeline into Hungary in late January 2026 – putting pressure on Budapest. According to Ukraine, the cut was necessary because Russian attacks had damaged key parts of the pipeline.
Incidentally, on April 21 – just nine days after the Hungarian election that saw Fidesz lose power – Zelenskyy announced that the Druzhba pipeline had been repaired.
It was not clear who in Hungary initiated the return of the funds. The newly-elected Tisza party government is only expected to see Péter Magyar appointed as Prime Minister by Hungary’s National Assembly on May 9, 2026.
Magyar has already indicated that the wants to improve Hungary’s relations with Ukraine.
