The detentions occurred hours after Ukrainian President Volodymyr Zelenskyy warned he might provide the address of “one person,” understood to be Hungarian Prime Minister Viktor Orbán, to Ukrainian military forces unless Hungary lifted its veto on a EUR 90 billion EU loan package.
“We will give this person’s address to our guys so they can call him and speak to him in their language,” Zelenskyy stated during a March 5 press conference. Earlier that day, Orbán had posted on social media that Hungary would “break” Ukraine’s oil blockade “by force” if necessary.
Hungary’s National Tax and Customs Administration announced late on March 5 that it had detained the seven Ukrainian citizens, including a former Ukrainian intelligence general, traveling in two armored cash-in-transit vehicles through central Budapest. The Ukrainians were employees of the State Savings Bank of Ukraine (Oschadbank), which said they were transporting funds from Austria’s Raiffeisen Bank to Ukraine as part of what it described as routine transfers between state institutions.
Ukrainian Foreign Minister Andrii Sybiha immediately characterized the detentions as hostage-taking.
“In fact, we are talking about Hungary taking hostages and stealing money,” Sybiha stated on X late on March 5. “If this is the ‘force’ announced earlier today by Mr. Orbán, then this is the force of a criminal gang. This is state terrorism and racketeering.”
Ukraine sent an official note demanding the immediate release of its citizens and requesting that the European Union provide a clear assessment of what Kyiv termed Hungary’s unlawful actions.
Orbán addressed the seizure obliquely at an anti-war rally in Debrecen on March 6, referring to a “recently intercepted Ukrainian convoy transporting large amounts of cash and gold through Hungary.” He suggested the case raised concerns about foreign influence in Hungarian politics.
“I suspect that some of the pro-Ukraine voices in Hungary come not only from the heart, but from the pocket,” Orbán stated, linking the seized funds to what he characterized as disproportionate pro-Ukraine sentiment among Hungarian commentators.
Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó expanded on this theme, suggesting, without providing any evidence, that the money could belong to what he called “a Ukrainian military mafia.” Szijjártó questioned why Ukrainians had transported USD 900 mln and EUR 420 mln in cash through Hungary in 2026, figures that appeared to refer to cumulative transfers rather than the single March 5 seizure.
The seven Ukrainian employees were released and returned to Ukraine on the evening of March 6, but Hungary retained the two armored vehicles and all the cash and gold. At a campaign event in Debrecen on March 7, Orbán stated Hungary would, “decide the fate of this confiscated money when we find out what it is… [Until then, it will] lie quietly here.” He added that Hungary would “stop things that are important to Ukraine passing through Hungary until we get the approval of the Ukrainians for oil shipments.”
The European Commission addressed Zelenskyy’s March 5 threats on March 7, with Deputy Chief Spokesperson Olof Gill stating that “we are very clear as the European Commission that that type of language is not acceptable.” Gill emphasized there should be no threats against EU member states. However, the EC declined to comment on Hungary’s detention of the cash convoy, saying the matter fell within the competence of national authorities.
Oschadbank issued multiple statements demanding the return of what it termed illegally seized assets.
“The funds transported from Vienna to Ukraine belong to Oschadbank. They are entrusted to us by Ukrainian citizens and businesses,” the bank stated on March 7. The bank emphasized that the transportation was organized under an international agreement with Raiffeisen Bank Austria and was registered in accordance with international transportation rules and European customs procedures.
On March 8, Sybiha renewed Ukraine’s demand, characterizing Hungary’s actions as “state banditry and racketeering” and calling for Europe-wide condemnation. “This money does not belong to Hungary or its government; it is owned by Ukraine’s state bank, Oschadbank, and thus by Ukrainian taxpayers,” Sybiha insisted.
The seizure occurred amid Hungary’s ongoing dispute with Ukraine over the Druzhba oil pipeline. Hungary has blocked a EUR 90 billion EU loan package and the 20th EU sanctions package against Russia since late February, demanding Ukraine resume Russian oil transit that ceased on Jan. 27. Orbán has accused Ukraine of deliberately maintaining the shutdown (which Ukraine says was triggered by a Russian aerial attack and problems repairing it since due to the ongoing war) to influence Hungary’s April 12 parliamentary elections.
This article was first published in the Budapest Business Journal print issue of March 13, 2026.
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