Hungarian authorities have returned armored vehicles carrying more than $87 million equivalent in gold and currency to a Ukrainian bank, following a week-long detention that sparked a diplomatic dispute. The vehicles, stopped March 6th on the outskirts of Budapest, were handed back to representatives of Oscchadbank on Thursday, March 12th, according to reports.
The vehicles had been held at a National Tax and Customs Administration (NAV) facility in Csepel, a district of Budapest, while authorities investigated potential money laundering concerns. Before the vehicles were released, they were inspected by canine units, and the contents were inventoried, officials said.
“The NAV, as an investigative authority, officially handed over the vehicles and personal belongings associated with the seven individuals to Oscchadbank,” said Loránt Horváth, president of the Lawyers’ Circle and legal representative for the Ukrainian money transporters, in a statement to Telex. “This involved a lengthy process, including unlocking official seals, followed by a thorough search of the vehicles by dogs, and then the handover of items and equipment found inside.”
Horváth stated that the Ukrainian bank considers the entire procedure to be completely unlawful, both under Hungarian and international law, and will pursue all available legal avenues to defend its rights.
The two vans were transporting the valuable cargo from Vienna to Kyiv when they were intercepted by Hungarian authorities. During the operation, a special task force, TEK, detained and handcuffed the seven Ukrainian citizens involved, though they were later released without charges and expelled from Hungary.
Horváth Lóránt, president of the Lawyers’ Circle and legal representative for the Ukrainian money transporters, at the NAV Csepel facility on March 12, 2026 – Photo: Huszti István / Telex
Hungarian authorities maintain the vehicles were not officially seized, stating that “no decision was made regarding the seizure or termination of the seizure.” The bank’s legal representative confirmed this, adding that the vehicles and their contents were placed “under guard,” but the legal classification of this action remains unclear. “The fact that these were in the possession of the authorities is certainly unlawful,” Horváth said. He likewise noted that the authorities were cooperative throughout the process.
Ukraine’s foreign ministry has characterized the incident as state terrorism, alleging that the treatment of its citizens violates the European Convention on Human Rights and the Vienna Convention on Consular Relations. Oscchadbank and Ukrgasbank demanded the return of the seized funds and gold.
The Hungarian government and its affiliated media have claimed since Monday that there were issues with the shipment, suggesting potential money laundering and a possible link to financing the Tisza Party. However, no evidence has been presented to support these allegations. A decree issued Tuesday stated that “the legal title of the assets seized in the Ukrainian money transport vehicles could not be clarified on site.”
Horváth believes this admission effectively acknowledges the unlawful seizure of the assets. He added that the shipment fully complied with both Hungarian and international regulations. “Oscchadbank has been transporting funds along this route with the knowledge of Hungarian authorities since 2022. The amounts involved are not considered unusual for this type of transport,” he said.
