Politics

As election approaches, Hungary claims new 'evidence' against seized Ukrainian bank convoy

2 min read
As election approaches, Hungary claims new 'evidence' against seized Ukrainian bank convoy
Photo for illustrative purposes. Hungary's Prime Minister Viktor Orban carries a beverage as he takes part in the Informal EU Leaders' Retreat at the Alden Biesen Castle in Alden Biesen, central Belgium on Feb. 12, 2026. (Ludovic MARIN / AFP via Getty Images)

Hungary claimed on April 8 that it had new "evidence" that the Ukrainian bank convoy it seized earlier in March was part of a money laundering operation.

From the start of the ongoing incident, Ukraine has denied the claim, condemning the seizure as theft.

Zoltan Kovacs, the spokesperson for the Hungarian government, wrote that investigators had found "freshly-printed euros and dollars that had never entered circulation" and claimed that they were "tied to multiple banks, including Ukraine's Oschadbank, as well as Polish and Gibraltar-based institutions."

The new "evidence" also reportedly includes a video of a Ukrainian official "falsifying documents in a gas station restroom" and his associates discussing "corruption-related payments."

Hungarian authorities seized two Ukrainian armored bank vehicles on March 5 that were transporting approximately $82 million in cash and gold from Austria to Ukraine.

While the Ukrainian personnel accompanying the vehicles were released from detention the following day, Hungarian officials have not yet returned the financial assets, claiming they are part of an ongoing investigation. Ukraine's Oschadbank has said it will pursue legal action to recover the funds.

As Hungary approaches its parliamentary election on April 12, Prime Minister Viktor Orban has increasingly invoked Ukraine as a political foil, using the neighboring country as a rallying point to energize his base.

Investigative reports emerged in early March that Russia has been meddling in the elections to help sway them in Orban's favor, and there have been ongoing concerns among EU officials that Budapest may be sharing intelligence with Moscow.

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Kate Tsurkan

Culture Reporter

Kate Tsurkan is a reporter at the Kyiv Independent who writes mostly about culture-related topics. Her newsletter Explaining Ukraine with Kate Tsurkan, which focuses specifically on Ukrainian culture, is published weekly by the Kyiv Independent and is partially supported by a generous grant from the Nadia Sophie Seiler Fund. Kate co-translated Oleh Sentsov’s “Diary of a Hunger Striker,” Myroslav Laiuk’s “Bakhmut,” Andriy Lyubka’s “War from the Rear,” and Khrystia Vengryniuk’s “Long Eyes,” among other books. Some of her previous writing and translations have appeared in the New Yorker, Vanity Fair, Harpers, the Washington Post, the New York Times, the Los Angeles Review of Books, and elsewhere. She is the co-founder of Apofenie Magazine and, in addition to Ukrainian and Russian, also knows French.

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