Hungary detains Ukraine convoy carrying over $80M in cash and gold

Detention and Discovery

Hungarian authorities have apprehended seven Ukrainian citizens found to be transporting a substantial amount of cash and gold, exceeding $80 million, across the country. The incident has triggered a sharp response from Kyiv, with accusations leveled against Budapest for what they claim is the unlawful confiscation of funds and the detention of its citizens.

The operation, dubbed the "Ukrainian gold convoy operation" by Hungary’s National Tax and Customs Administration (NAV), involved the interception of two armored vehicles en route from Austria to Ukraine. The discovery of the large sum of cash, along with the gold, reportedly surprised Hungarian officials. The individuals detained were allegedly wearing military tactical uniforms.

The seized assets reportedly included approximately $40 million in US currency, €35 million in Euros, and 9 kilograms of gold, valued at roughly $1.5 million based on current market prices. The authorities initiated the stop due to suspicions of money laundering activities.

Official Statements and Concerns

The Hungarian government publicized the operation through its Facebook account, releasing video and photographic evidence of the confiscated cash and gold bars. Péter Szijjártó, Hungary's Minister for Foreign Affairs and Trade, asserted that the detentions stemmed from "legitimate concerns" that the funds and gold were linked to Ukrainian war-related illicit activities. He further stated that, since January, approximately $900 million and €420 million in cash, along with 146 kilograms of gold bars, have been transported through Hungary by Ukrainian individuals.

"Whose money is this? What was it meant to finance? Who benefits from it?"

Balázs Orbán, the Political Director of the Hungarian Prime Minister, voiced apprehension regarding the significant flow of money through the country.

Aftermath and Diplomatic Fallout

Hungarian authorities have initiated a criminal investigation, collaborating with counter-terrorism units. Reports indicate that one of the detained individuals previously served as a Ukrainian intelligence general. While the seven Ukrainians have been expelled from Hungary, the disposition of the seized assets remains uncertain. Andrii Sybiha, Ukraine’s foreign minister, condemned Hungary’s actions, labeling them as "state terrorism and racketeering." He further alleged that the detention was politically motivated.

The Ukrainian government has also initiated criminal proceedings against Hungary, citing "illegal deprivation of liberty" or "kidnapping" of bank employees. According to Sybiha, the detainees were employees of Oschadbank, a state-owned lender, engaged in a routine transfer of foreign currency and precious metals between banks, necessitated by the closure of Ukrainian airspace due to the ongoing conflict. This incident has intensified the existing tensions between Hungary and Ukraine, which have been strained by disagreements over energy policy and financial aid.