Hungary launches investigation into seized Ukrainian cash and gold convoy

Hungarian Prime Minister Peter Magyar ordered an immediate internal investigation of the “Ukrainian gold convoy” case after Hungary seized two Oschadbank armored vehicles in March carrying roughly $40 million, €35 million and 9 kg of gold. The convoy, part of a regular weekly operation, was intercepted en route from Austria to Kyiv, and seven Ukrainian bank staff were briefly detained on suspicion of money‑laundering. Magyar’s directive involves the National Tax and Customs Administration, the Counter‑Terrorism Centre and other authorities.

The incident, valued at about $82 million, has been linked by some reports to associates of former Prime Minister Viktor Orbán, raising questions about possible sanctions‑evasion. Hungary later cancelled deportation orders and Schengen bans on the detained staff, and returned the seized cash and gold to Ukraine shortly before Magyar’s inauguration. Ukrainian President Volodymyr Zelensky welcomed the return as a “civilised step.” The case has revived diplomatic tension between Budapest and Kyiv, intersecting broader disputes over minority rights and Hungary’s stance on EU sanctions against Russia.