Full Breakdown
Hungary Returns Seized Oschadbank Funds, Signaling Thaw in Kyiv-Budapest Relations
5/6/2026, 9:43:11 PM
Return of Seized Oschadbank Assets
On 6 May 2026, Hungary’s security service handed back cash and gold that had been seized from a convoy of Ukraine’s state-owned Oschadbank in March. The assets—approximately $40 million, €35 million and 9 kg of gold—were returned to Kyiv after being held for up to 60 days. Seven Ukrainian cash-in-transit employees who had been detained during the March interception were also released.
Background & Context
The seizure occurred amid a diplomatic row that followed Hungarian Prime Minister Viktor Orbán’s repeated use of the EU veto to block financial assistance to Ukraine and his criticism of the Druzhba oil pipeline supplying Russian crude to Hungary. Orbán’s government framed the convoy as part of a money-laundering probe, while Ukraine described the action as “state terrorism.” In April 2026, Orbán was defeated by opposition leader Peter Magyar, whose incoming administration has signaled a reset in bilateral ties.
Key Figures & Groups
- Volodymyr Zelenskyy, President of Ukraine.
- Viktor Orbán, outgoing Hungarian Prime Minister.
- Peter Magyar, Prime Minister-elect of Hungary.
- Péter Szijjártó, Hungarian Foreign Minister.
- Andrii Sybiha, Ukrainian Foreign Minister.
- Yuriy Katsion, Chairman of Oschadbank.
- Horváth Lawyers, legal counsel for Oschadbank and its employees.
Data & Statistics
- Cash seized: ? $40 million (? €35 million).
- Gold seized: 9 kg (? 20 lb).
- Employees detained: 7 Ukrainian nationals.
- Duration of detention: released after one day; assets held until 6 May.
Official Statements & Responses
President Zelenskyy called the return “an important step in relations with Hungary” and thanked Budapest for a “constructive and civilized step.” Foreign Minister Sybiha described the seizure as “kidnapping” and “racketeering,” while also noting the assets were returned in full. Magyar said the gesture shows Hungary’s willingness to advance relations with “mutual respect and healthy pragmatism.” Hungarian Foreign Minister Szijjártó suggested the funds might be linked to a “Ukrainian war mafia,” framing the original seizure as a legitimate anti-money-laundering action. Oschadbank chairman Katsion labeled the seizure a violation of “many international norms and rules of interstate cooperation.”
Criticism & Opposition
Ukrainian officials condemned the March operation as unlawful detention and theft, accusing Budapest of “state terrorism.” The detained employees later alleged severe mistreatment, including prolonged handcuffing, blindfolding, and unauthorized medical injections. Hungarian authorities maintained that the convoy was subject to a money-laundering investigation, asserting a need to verify the legitimacy of the transferred assets.
On-the-Ground Reports
One employee, Gennadiy Kuznetsov, reported being held in handcuffs for over 28 hours, blindfolded with a balaclava, denied legal counsel, and subjected to forced intravenous injections that worsened his health. He and his colleagues described the experience as “excruciating” and noted lasting emotional distress.
Conflicting Reports & Gaps
Sources differ on the total monetary value: Reuters cites $82 million total, while other outlets list $40 million plus €35 million. Descriptions of the seizure vary between “racketeering” (Ukrainian view) and “money-laundering probe” (Hungarian view). No independent verification of the alleged mistreatment has been provided.
Verbatim Quotes
- “An important step in relations with Hungary – today, the funds and valuables of Oschadbank that were seized by Hungarian special services in March of this year were returned,” — Volodymyr Zelenskyy, President of Ukraine
- “The question rightly arises whether this is not the money of the Ukrainian war mafia,” — Péter Szijjártó, Hungarian Foreign Minister
- “We returned the people faster, and now the funds and valuables are already on Ukrainian territory in full,” — Andrii Sybiha, Ukrainian Foreign Minister
- “was a violation of many international norms and rules of interstate cooperation.” — Yuriy Katsion, Chairman of Oschadbank
- “We take this as a sign of Hungary’s willingness to advance our relations with mutual respect and healthy pragmatism — and we are ready to reciprocate,” — Peter Magyar, Prime Minister-elect of Hungary
Impact on EU Support
Hungary’s decision to return the assets preceded the lifting of its veto on a €90 billion EU loan package for Ukraine and the resumption of oil flows through the Druzhba pipeline—both critical to Kyiv’s war effort and broader EU-Ukraine cooperation.
What’s Next
Prime Minister-elect Magyar has offered to meet President Zelenskyy to formalize a “new chapter” in bilateral relations. Discussions are expected on Hungary’s potential eurozone entry and further coordination on EU financial assistance to Ukraine.
