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Hungary Seizes $80 Million in Cash and Gold From Ukrainian Bank Convoy
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![Photo of Vlad Litnarovych]( "Photo of Vlad Litnarovych")
Hungarian authorities detained an armored bank convoy carrying millions of dollars in cash and gold while it was in transit between Austria and Ukraine, according to Ukraine’s National Bank and the Ministry of Foreign Affairs on March 5.
The incident occurred during a routine transportation of valuables between Raiffeisen Bank International in Austria and Ukraine’s state-owned Oschadbank.
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According to Ukrainian officials, two armored vehicles belonging to Oschadbank were stopped by Hungarian law enforcement while transporting a large shipment of foreign currency and bank metals.
Seven employees of the bank’s cash transport team were traveling with the convoy. Ukrainian authorities say the whereabouts of those employees are currently unknown.
Today in Budapest, Hungarian authorities took seven Ukrainian citizens hostage. The reasons are still unknown, as well as their current well-being, or the possibility of contacting them.
— Andrii Sybiha 🇺🇦 (@andrii_sybiha) March 5, 2026
These seven Ukrainians are employees of state-owned Oschadbank, who were operating two bank…
“The convoy included seven bank employees. Their current location is unknown, and mobile communication is unavailable,” the National Bank of Ukraine said in a statement.
Officials added that GPS signals indicate the vehicles may currently be located in central Budapest.
According to estimates from Oschadbank, the vehicles were carrying $40 million, €35 million, and approximately nine kilograms of gold at the time they were detained.
The bank said the shipment had been organized under an international agreement between Raiffeisen Bank International and Oschadbank and was transported in accordance with European Union customs and international transit regulations.
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“The cargo was cleared according to international transportation rules and the current customs procedures of the European Union,” the bank said.
Oschadbank has demanded that Hungarian authorities immediately release the detained employees and return the vehicles and their contents.
Ukraine’s Foreign Minister Andrii Sybiha issued a sharply worded response, accusing Hungary of effectively taking Ukrainian citizens hostage.
“Today in Budapest the Hungarian authorities effectively took seven Ukrainian citizens hostage,” Sybiha said. “The reasons remain unknown, as do their condition or the possibility of contacting them.”
He emphasized that the detained individuals were employees of the Ukrainian state bank conducting a routine financial transport mission.
“In fact, this means Hungary has taken hostages and seized the money,” Sybiha said. “If this is the ‘strength’ Mr. Orbán spoke about earlier today, then it is the strength of a criminal group. This is state terrorism and racketeering.”
The Ukrainian government has already sent a formal diplomatic note demanding the immediate release of its citizens.
Kyiv also plans to appeal to the European Union to provide a legal assessment of what it described as the illegal detention of Ukrainian nationals and seizure of financial assets.
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“We will also appeal to the European Union to give a clear legal assessment of Hungary’s illegal actions — the taking of hostages and robbery,” Sybiha added.
The Hungarian government has not yet publicly explained the reasons for detaining the convoy or confirmed the status of the seized cargo.
Ukraine-Hungary relations remain difficult over the Hungarian PM Viktor Orbán’s ties to Russia. Previously, he stated that Hungary will not vote in favor of Ukraine’s European Union membership for the next 100 years. In addition, Hungary’s continued resistance blocks the EU’s proposed 20th sanctions package on Russia over its aggressive war against Ukraine.
Earlier, Hungarian Prime Minister Viktor Orbán announced measures to bolster the protection of critical energy infrastructure in response to what he described as Ukraine “preparing further actions to disrupt the operation of the Hungarian energy system.”
-c439b7bd9030ecf9d5a4287dc361ba31.jpg "Photo of Katherina Popilnichenko")
