Ukraine threatens sanctions against Hungary following seizure of state bank convoy and detention of staff

Kyiv warns of restrictive measures after Hungary detains an $80M Oschadbank cash convoy and staff, sparking accusations of state terrorism and hostage-taking.

By: AXL Media

Published: Mar 6, 2026, 8:59 AM EST

Source: The information in this article was sourced from Ukrainska Pravda

Seizure of state assets and personnel

Ukrainian Foreign Minister Andrii Sybiha announced on Friday that Ukraine reserves the right to implement sanctions and other restrictive measures against Hungary following the detention of a state owned bank convoy. The incident involved two armored vehicles belonging to Oschadbank that were transporting approximately 40 million US dollars, 35 million euros, and nine kilograms of gold from Austria to Ukraine. Sybiha characterized the actions of the Hungarian authorities as "terrorism and hostage taking," confirming that seven bank employees were seized in Budapest. The National Bank of Ukraine noted that GPS signals placed the vehicles at a restricted facility belonging to Hungary’s Counterterrorism Centre.

Allegations of money laundering and expulsion

The Hungarian National Tax and Customs Administration confirmed the detention of the Ukrainian citizens, stating the operation was initiated due to suspicions of large scale money laundering. Hungarian government spokesperson Zoltan Kovacs claimed the investigation has tracked over 1.3 billion dollars in cash and gold transported through Hungarian territory to Ukraine since the beginning of the year. Budapest further alleged that the detained crew included a former general of the Ukrainian special services and a former Air Force major. Following the initial detention, Hungarian officials announced plans to deport the seven Ukrainian employees, a move Sybiha described as an attempt to evade accountability for what he termed "state racketeering."

Diplomatic escalation and travel warnings

In response to the crisis, the Ukrainian Ministry of Foreign Affairs has issued a formal advisory urging its citizens to refrain from traveling to Hungary for safety reasons. Minister Sybiha stated that Kyiv is currently gathering the foreign diplomatic corps to brief them on Hungary's "unacceptable actions" and to refute what he described as absurd accusations of financial impropriety. Ukraine has demanded the immediate release of its citizens and the return of the seized property, arguing that the shipment was a routine transfer conducted under international agreements with Raiffeisen Bank International and in full compliance with European Union customs regulations.