Hungarian authorities seized approximately $80 million in cash and gold from two armored vehicles belonging to Ukraine's state-owned Oschadbank on Thursday while they transited the country from Austria to Ukraine. The vehicles carried $40 million in U.S. dollars, 35 million euros, and 9 kilograms of gold valued at around $1.5 million, according to the bank.

Hungary's National Tax and Customs Administration detained seven Ukrainian bank employees during the operation, which involved the country's counter-terrorism unit, TEK. The agency opened a money-laundering investigation, noting the convoy was overseen by a former Ukrainian intelligence general. The workers were released on Friday and expelled back to Ukraine after questioning, but the assets remain in Hungarian custody.

Ukraine condemned the action as "state banditism" and theft. Foreign Minister Andrii Sybiha accused Budapest of hostage-taking and dragging Kyiv into Hungary's domestic politics ahead of the April elections. Oschadbank described the transport as a routine interbank transfer with Austria's Raiffeisen Bank, backed by full documentation and compliant with international rules. The bank confirmed the employees crossed into Ukraine safely on Friday evening.

Hungarian officials questioned why such large sums were moved in physical cash rather than electronically. Foreign Minister Péter Szijjártó highlighted prior shipments through Hungary this year alone: over $900 million, €420 million, and 146 kilograms of gold to Ukraine. Prime Minister Viktor Orbán linked the incident to broader disputes, stating Hungary would halt vital transits for Ukraine until it resumes Russian oil flows via the Druzhba pipeline, damaged in a January Russian strike according to Kyiv.

The pipeline halt has fueled tensions, with Hungary accusing Ukraine of deliberate sabotage and blocking a €90 billion EU aid package for Kyiv in response. Orbán, trailing in polls before the April 12 vote, has intensified anti-Ukraine rhetoric, vetoing EU sanctions on Russia and deploying troops to secure energy sites. Ukraine's President Volodymyr Zelenskyy warned of retaliation if the blocks continue.

The probe continues as diplomats from both sides traded barbs Friday. Kyiv demanded the immediate return of its property, while Budapest insisted on verifying the funds' legitimacy. The episode underscores deepening rifts between the NATO allies amid Russia's war in Ukraine.