Hungarian authorities have detained seven Ukrainian banking employees and confiscated a substantial cash shipment, escalating already strained diplomatic relations between Budapest and Kyiv. The incident occurred as armored vehicles belonging to Ukraine’s state-owned Oschadbank were transiting through Hungarian territory between Austria and Ukraine.
According to Ukrainian Foreign Minister Andrii Sybiha, the detained bank employees’ wellbeing remains unknown after Hungarian officials intercepted two armored cars carrying what Oschadbank later identified as $40 million in U.S. currency, 35 million euros, and 9 kilograms of gold. GPS tracking data placed the vehicles near a Hungarian law enforcement facility in central Budapest, though the precise location of the detained Ukrainian citizens could not be confirmed.
The seizure occurs against the backdrop of a deepening energy conflict between the two nations. Since January 27th, oil shipments through the Druzhba pipeline—which crosses Ukrainian territory and supplies Hungarian refineries with Russian crude—have been suspended. Ukraine attributes the interruption to damage from Russian drone strikes, citing repair safety concerns and ongoing vulnerability to further attacks.
Hungarian Prime Minister Viktor Orbán has explicitly linked the bank seizure to the energy dispute, stating in a radio address that Hungary would block “things that are important to Ukraine” until oil shipments resume. Orbán’s government has accused Ukraine of deliberately obstructing Russian oil deliveries and has previously retaliated by halting diesel shipments to Ukraine, vetoing EU sanctions against Russia, and blocking a substantial EU financial aid package for Kyiv.
Ukrainian officials have characterized Hungary’s actions as criminal. Foreign Minister Sybiha denounced the seizure as “state terrorism and racketeering” by a “criminal gang,” pledging to bring the matter before European Union authorities for resolution. Hungary’s Interior Ministry has not responded to requests for comment regarding the detained employees or seized assets.