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Hungary Claims Evidence of Money Laundering in Seized Funds Linked to Ukraine’s Oschadbank
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![Photo of Dariia Mykhailenko]( "Photo of Dariia Mykhailenko")
Hungary’s National Tax and Customs Administration (NAV) has released what it describes as new evidence in an ongoing criminal investigation into the seizure of armored vehicles and valuables linked to Ukraine’s state-owned Oschadbank.
Hungarian government spokesperson Zoltan Kovacs on April 8 stated that investigators suspect the case involves money laundering activities connected to assets transported through Hungary.
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“Investigators found that armored vehicles carried freshly printed euros and dollars that had never entered circulation, tied to multiple banks including Ukraine’s Oschadbank, as well as Polish and Gibraltar-based institutions,” Kovacs said.
He also stated the evidence includes video footage that reportedly shows a former Ukrainian intelligence major general falsifying documents in a gas station restroom while associates discussed corruption-related payments.
Kovacs said Hungarian authorities have requested international cooperation as part of the investigation and rejected accusations of wrongdoing.
“All investigative actions were documented and carried out in accordance with the law,” he said.
Hungarian authorities previously detained an armored convoy transporting large volumes of cash and gold between Austria and Ukraine, according to Ukraine’s National Bank and Ministry of Foreign Affairs. The shipment, organized as part of a routine transfer between Raiffeisen Bank International and Ukraine’s state-owned Oschadbank, was intercepted while passing through Hungary.
Ukrainian officials said two armored vehicles operated by Oschadbank were stopped by Hungarian law enforcement while carrying significant amounts of foreign currency and bank metals. The convoy included seven bank employees.
Authorities added that GPS data suggested the vehicles were located in central Budapest at the time.
According to Oschadbank, the shipment included approximately $40 million, €35 million, and around nine kilograms of gold. The bank stated that the transfer had been arranged under an international agreement with Raiffeisen Bank International and conducted in compliance with European Union customs rules and international transit regulations.
Ukraine’s Ministry of Foreign Affairs has advised its citizens to avoid traveling to Hungary following what it described as the abduction of seven Ukrainian nationals and the seizure of assets belonging to a Ukrainian state-owned bank in Budapest.
In a statement issued on March 6, the ministry said it could no longer ensure the safety of Ukrainian citizens on Hungarian territory, citing what it characterized as arbitrary actions by local authorities.
“Due to the abduction of seven Ukrainian citizens and the theft of property belonging to a Ukrainian state bank in Budapest, the Ministry of Foreign Affairs recommends that Ukrainian citizens refrain from traveling to Hungary due to the inability to guarantee their safety against the backdrop of arbitrary actions by the Hungarian authorities,” the statement said.
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