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

Hungary detained seven Ukrainian nationals transporting over $80 million in cash and gold through the country, authorities said, prompting Kyiv to accuse Budapest of unlawfully seizing the funds and taking its people hostage.

Hungary’s National Tax and Customs Administration (NAV) said the group was stopped during what officials described as the “Ukrainian gold convoy operation,” after authorities intercepted two armoured vehicles travelling from Austria to Ukraine.

Hungarian officials said they were surprised by the large amount of cash found with the Ukrainian men, who were reportedly wearing military tactical uniforms at the time of their detention.

According to authorities, the convoy was carrying about $40 million, €35 million and 9 kilograms of gold (worth about $1.5 million at current prices) when it was halted on suspicion of money laundering.

The Hungarian government, through its Facebook account, released on Friday a video and several photographs of the operation showing stacks of cash and gold bars laid out on tables.

Péter Szijjártó, Hungarian Minister for Foreign Affairs and Trade, said the individuals were detained due to “legitimate concerns” that the money and gold belonged to the Ukrainian war mafia. Since January, Ukrainians have reportedly transported about $900 million and €420 million in cash through Hungary, as well as 146 kilograms of gold bars, Szijjártó added.

Balázs Orbán, the Political Director of the Hungarian Prime Minister, raised his concerns about the amount of money passing through the country. “Whose money is this? What was it meant to finance? Who benefits from it?” Orbán wrote on X.

Hungarian authorities said they have launched a criminal investigation and are working with counter-terrorism forces, noting that one of the detained individuals was a former Ukrainian intelligence general.

They added that the seven Ukrainians have been expelled from the country, though the fate of the seized cash and gold remains unclear.

‘Taking hostages’

Ukraine’s foreign minister, Andrii Sybiha, condemned the move. “This is state terrorism and racketeering,” he wrote on X, and later alleged that the detention was part of “Hungary’s blackmail and electoral campaign.”

The foreign ministry also warned Ukrainian citizens to avoid travelling to Hungary for the time being due to the seizure.

The Ukrainian government said its national police also opened criminal proceedings against Hungary on “illegal deprivation of liberty” or “kidnapping” of bank employees.

According to Sybiha, the detainees were employees of state-owned lender Oschadbank conducting a routine transfer of foreign currency and precious metals between banks, as Ukraine’s airspace remains closed due to Russia’s invasion.

The incident has further strained relations between the two countries, already at odds over the suspension of Russian oil shipments through the Druzhba pipeline and Hungary’s opposition to additional European Union financial aid for Ukraine.