The head office of The State Savings Bank of Ukraine in Kyiv on March 6, 2026.
Genya SAVILOV / AFP
Hungary has expelled seven Ukrainian nationals after authorities intercepted an armoured cash convoy carrying tens of millions of dollars and gold across the country, intensifying an already bitter dispute between Budapest and Kyiv over energy supplies and EU financial support.
Hungarian authorities said the group was detained on Thursday, March 5th, during an operation involving the country’s tax authority and the Counter-Terrorism Centre.
The convoy reportedly consisted of two armoured vehicles transporting around $40 million, €35 million, and nine kilograms of gold from Austria to Ukraine.
Government officials said the individuals were expelled on Friday, March 6th, after investigators identified their connections to Ukrainian military and intelligence services.
According to the Hungarian government, the transport operation was overseen by a former general of the Ukrainian security services, assisted by a former Ukrainian Air Force major and other individuals with military backgrounds.
Hungarian officials have launched a criminal investigation on suspicion of money laundering.
Foreign Minister Péter Szijjártó said the case raises serious questions about the origin and purpose of the funds. Since January, he said, Ukrainian-linked transports have moved approximately $900 million, €420 million, and 146 kilograms of gold across Hungarian territory.
If this is truly a transaction between banks, why was it not carried out by transfer? Why move such enormous sums in cash through our country?
We demand immediate answers from Kyiv regarding large cash shipments passing through Hungary that raise serious questions about a possible link to the Ukrainian war mafia.
— Péter Szijjártó (@FM_Szijjarto) March 6, 2026
Since January, $900 million and €420 million in cash, as well as 146 kilograms of gold, have been…
The intercepted convoy was reportedly travelling under an arrangement between Ukraine’s state savings bank, Oschadbank, and Austria’s Raiffeisen Bank. Ukrainian officials insist the shipment was a routine bank-to-bank transfer conducted in accordance with international regulations.
Ukrainian authorities reacted angrily to the seizure.
Foreign Minister Andriy Sybiga accused Hungary of effectively “taking hostage” seven Ukrainian citizens. Ukraine’s Foreign Ministry subsequently advised its citizens to avoid travel to Hungary, warning that it could no longer guarantee their safety.
The dispute comes amid an escalating political confrontation between Hungarian Prime Minister Viktor Orbán and Ukrainian President Volodymyr Zelensky.
Relations between the two countries have deteriorated sharply in recent weeks after Hungary blocked a proposed €90 billion European Union financial package for Ukraine. Budapest insists that Kyiv must first restore oil deliveries through the Soviet-era Druzhba pipeline, which supplies Russian crude to Hungary and Slovakia but has been offline since January following damage blamed on Russian strikes.
Speaking on Thursday, Zelensky suggested that if the loan package remained blocked, he might give the contact details of the person responsible to Ukrainian soldiers so they could “talk to him in their own language.” Hungarian officials condemned the remark as an unacceptable threat.
The European Commission also criticised the rhetoric. Commission spokesman Olof Gill said threats against EU member states were “not acceptable” and urged all sides to reduce tensions.
Orbán has refused to back down, vowing to “break the oil blockade” and compel Kyiv to reopen the pipeline. He has also suggested that Kyiv’s actions may be politically motivated ahead of Hungary’s parliamentary elections scheduled for April.
The cash seizure has further raised awareness regarding transparency and corruption risks linked to wartime financial flows in Ukraine—at a time when the European Commission is urging EU member states to agree to fast-tracking Kyiv’s EU accession.
Several analysts and political figures have questioned why enormous amounts of cash and gold are being transported across borders rather than moved through standard financial systems.
Austrian journalist Richard Schmitt wrote:
Why are cash packages worth €40 million and $35 million, along with gold bars worth €1.36 million, being transported by car from Raiffeisen Bank in Vienna to Kyiv?
He also noted that the vehicles were intercepted on Hungary’s M5 motorway, which runs from Budapest toward Serbia, raising further questions about the intended destination.
Interessant: Die aktuelle Sicherstellung der 75 Millionen Euro und US-Dollar Bargeld sowie der 9 Kilo Gold fand auf der ungarischen M5 statt – die führt von Budapest → Szeged → Serbien (Richtung Belgrad).
— Richard Schmitt (@Schmitt_News) March 6, 2026
Also ziemlich sicher nicht in die #Ukraine, wo sich die Empfängerbank… pic.twitter.com/otOmTTYSZo
Ukrainian blogger Anatoly Shariy suggested the shipment might involve politically sensitive funds, claiming the seized amount was, “to put it mildly, not exactly ordinary.”
“I was convinced that the money belonged to Zelensky. Some kind of kickback,” he wrote, before adding that later information suggested the money might belong to “his associates from Europe.”
Another Ukrainian commentator, Myroslav Oleshko, used the incident to criticise Ukraine’s leadership and said, “Zelensky and his friends profit from the war.” He said that many of the president’s associates were linked to the defence industry and had financial incentives to prolong the conflict.
The controversy has also drawn reactions in neighbouring Austria. The opposition right-wing Freedom Party of Austria (FPÖ) demanded a full investigation into the shipment and its possible connections to Austria.
FPÖ secretary-general Christian Hafenecker questioned whether similar cash transports had originated in Austria and whether the funds might include Austrian taxpayers’ money destined for Ukraine.
