Hungary has returned a shipment of Ukrainian cash and gold worth approximately $82 million to Ukraine's state-owned Oschadbank, President Volodymyr Zelenskyy confirmed on Wednesday. The valuables were seized by Hungarian authorities earlier this year, sparking outrage in Kyiv.
Background of the Seizure
The shipment, transported through Hungary in two armored cars, was detained by Hungarian counter-terrorism forces on March 5. It included $40 million and 35 million euros in cash, along with 9 kilograms (19.8 pounds) of gold. At the time, Hungarian officials cited suspicions of money laundering, and Prime Minister Viktor Orbán ordered the assets held for up to 60 days pending an investigation by the country's tax authority.
Ukrainian officials condemned the seizure as illegal and accused Orbán's pro-Russian government of using it as a political tool in his anti-Ukraine election campaign. The incident exacerbated tensions between the neighboring countries, already strained over Hungary's access to Russian oil via a pipeline crossing Ukrainian territory.
Political Shift After Orbán's Defeat
Orbán was defeated in a landslide election last month, with the center-right Tisza party winning a two-thirds parliamentary majority. The incoming government is expected to adopt a less confrontational stance toward Kyiv. Zelenskyy described the return of the assets as "an important step in relations with Hungary" and thanked Hungary for its "constructive approach."
Following the seizure, Orbán had suggested, without evidence, that the shipment might have been intended to fund his political opponent, the Tisza party. He also ordered an investigation into the seven Ukrainian bank employees traveling with the cargo, who were detained for over 24 hours before being expelled.
Broader Context: Russian Oil Dispute
Ukraine had accused Orbán of blackmailing Kyiv to restore interrupted shipments of Russian oil through the Druzhba pipeline, which was damaged by a Russian drone strike. Orbán's government previously blocked a major 90-billion euro ($106-billion) European Union loan to Ukraine over the oil disruption. However, after oil flows resumed following Orbán's electoral defeat, Hungary lifted its veto, allowing the loan to proceed.
Hungary's tax authority did not respond to a request for comment on the return of the assets. The development marks a significant thaw in bilateral relations, with hopes for improved cooperation under the new Hungarian government.
