Ukraine sues Hungary over seized gold and cash; seven staff detained
On March 8, Oschadbank announced it will take legal action to recover the $40 million in currency plus confiscated armored vehicles after Hungarian authorities arrested its employees. The seizure occurred on March 5 when two transport trucks carrying approximately eight times that amount were stopped during a routine transit between Austria and Ukraine; Hungary subsequently opened an investigation into money laundering claims while releasing photos of seized valuables, though seven staff members have since returned to Kyiv following diplomatic pressure from the EU and U.S.
Key Points
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1Hungarian authorities seized two armored vehicles and detained seven employees of Ukraine's state-owned bank (Oschadbank) while transporting approximately $80 million in cash.
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2The Hungarian government confirmed the seizure was based on suspicions involving money laundering, leading to a criminal investigation by its National Tax Administration.
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3Ukraine has formally alerted EU diplomats regarding the incident following Hungary confirming that it confiscated vehicles carrying gold and currency from Oschadbank's convoy.
Developments
Perspectives
Ukraine's state-owned bank has announced it will sue Hungary to recover the seized cash and gold.
— [Mar 08] Banca ucraineană de stat, cu banii sîi blindatele confiscate de Ungaria...Hungary confirmed that seven Oschadbank employees were detained based on suspicions of money laundering related to their armored vehicles carrying cash and gold.
— [Mar 06] Hungary confirms detention of Oschadbank crew over 'money laundering' claims.Ukraine has alerted the EU, US diplomats regarding the Hungarian authorities detaining Ukrainian couriers transporting currency in transit between Austria and Ukraine on March 5th. The incident involved two armored vehicles carrying approximately $80 million.
— [Mar 12] Hungary confirms detention of Oschadbank crew over 'money laundering' claimsHungary's National Tax Administration opened a criminal investigation into the seizure, stating that seven Ukrainian citizens were detained along with cash and gold from two armored vehicles during their transport between Austria.
— [Mar 06] Hungary opens money-laundering probe after seizing 'Ukrainian' convoy"Hungary unjustifiably" detained Oschadbank's collection service cars, seven Ukrainian citizens were detained with the cash and gold convoys. The Hungarian authorities carried out a raid on armored vehicles during police action.
— [Mar 06] 'Ukrainian' armed trucks stopped in Hungary