Hungary detained two armored cash-in-transit vehicles belonging to Ukraine’s state-owned Oschadbank on Thursday, March 5, along with seven Ukrainian bank employees, Ukrainian officials said.
According to Ukraine’s Ministry of Foreign Affairs, the vehicles were transporting large amounts of cash and valuables while traveling between Austria and Ukraine as part of routine cooperation between state banks.
Foreign Minister Andrii Sybiha said Hungarian authorities stopped the convoy in Budapest and took the bank employees into custody.
“Hungarian authorities effectively took seven Ukrainian citizens hostage,” he said, adding that their condition and ability to communicate remain unknown.
The seven individuals were Oschadbank employees responsible for transporting the funds. The vehicles were carrying cash between Austria and Ukraine under a regular financial service arrangement between state banks.
Ukraine’s National Bank has demanded explanations from Budapest regarding the detention of the bank’s staff and the seizure of the vehicles and their cargo.
“If this is the ‘strength’ Prime Minister Viktor Orbán spoke about earlier today, then it resembles the strength of a criminal group. This is state terrorism and extortion,” Sybiha said. Ukraine has already sent a diplomatic note demanding the immediate release of the detained citizens and plans to ask the European Union to provide a legal assessment of Hungary’s actions.
Oschadbank confirmed the incident, stating that GPS signals indicate the vehicles are currently located in central Budapest near a Hungarian law-enforcement facility. However, the whereabouts of the seven employees remain unknown.
According to the bank, the transport operation was conducted under an international agreement with Raiffeisen Bank in Austria and was fully compliant with international transport regulations and European customs procedures.
The two vehicles were carrying approximately $40 million, €35 million, and 9 kilograms of gold.
Oschadbank said Hungarian law enforcement officers detained the vehicles on March 5 while they were in transit. The bank is demanding the immediate release of its employees, the return of the cargo, and their safe transfer back to Ukraine.
Ukraine’s National Bank confirmed that the transport operation was part of a contract between Raiffeisen Bank International AG in Austria and Oschadbank for the transfer of foreign currency and bank metals. The regulator stressed that the cargo had been properly documented in accordance with international transportation rules and European customs requirements.
The National Bank also called on Hungarian authorities to immediately release the Ukrainian citizens and provide official clarification regarding the detention, as well as information about the location of the armored vehicles and their cargo.
