Hungary questions large Ukrainian cash and gold shipments

The dispute between Ukraine and Hungary is escalating after the detention of employees of the Ukrainian state bank Oschadbank, who were transporting cash across Hungarian territory. Kyiv says Hungarian authorities detained seven Ukrainian cash transport workers, allegedly denying them contact with consuls and holding them at an unknown location.

Ukrainian Foreign Minister Andriy Sybiha said on Friday evening that there is unofficial information that five of the seven detainees could be taken to the border for deportation.

Meanwhile, Andriy Pyshnyy, governor of the National Bank of Ukraine, has recommended that banks transporting valuables across borders change their routes and avoid countries where shipments risk being blocked. He stressed that transporting cash by land has become common practice since the Russian invasion in 2022.

Hungary, however, is demanding an explanation for the origin of the money being transported. Foreign Minister Péter Szijjártó wrote on X that since January $900 million, €420 million and 146 kilograms of gold in cash have passed through Hungary.

According to him, this raises questions about a ‘possible connection with the Ukrainian war mafia’.

‘If this is really a transaction between banks, why wasn’t it done by transfer?’ he asked on social media.

The Hungarian National Tax and Customs Administration has therefore announced a thorough investigation until Kyiv provides an explanation of the origin and purpose of the funds.

(est)