Politics

Magyar orders investigation into 'gold convoy' case that caused Hungary-Ukraine rift under Orban

2 min read
Magyar orders investigation into 'gold convoy' case that caused Hungary-Ukraine rift under Orban
Péter Magyar, leader of the pro-European conservative TISZA party, in Budapest, Hungary, on April 12, 2026. (Ferenc Isza/AFP/Getty Images)

Hungarian Prime Minister Peter Magyar announced on June 17 that an "immediate" internal investigation has been ordered into the government agencies implicated in the so-called "gold convoy" scandal that strained relations between Hungary and Ukraine under former Prime Minister Viktor Orban.

"The Prosecutor General must address the matter without delay," Magyar wrote on X, specifying that the internal investigation would focus on the National Tax and Customs Administration, the Counter Terrorism Center, and "other relevant authorities" implicated in the scandal.

Hungarian authorities seized two bank vehicles in early March traveling from Austria to Ukraine that were transporting a shipment of cash and gold worth about $82 million, under the claim that they were investigating a money laundering scheme.

Employees of Ukraine's state Oschadbank who were accompanying the shipment were briefly detained by Hungarian authorities before being released the next day. Kyiv dismissed all accusations and condemned the seizure as "state terrorism."

A subsequent Hungarian media investigation alleged that Orban ordered the Ukrainian gold seizure "for political reasons."

Magyar's new government has moved to mend the diplomatic rift between Hungary and Ukraine.

President Volodymyr Zelensky reported in early May that Hungary had returned the seized Ukrainian bank assets and welcomed the mood, calling it "a civilized step" in repairing relations between the two countries.

Avatar
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.

Read more
News Feed

During a meeting with Energy Minister Denys Shmyhal on July 12, President Volodymyr Zelensky stressed the need to take additional "more decisive" steps to protect Ukraine's energy infrastructure and emphasized the importance of robust winter preparedness plans for communities and regions.

 (Updated:  )

Yulia Svyrydenko, who replaced former Prime Minister Denys Shmyhal in July 2025, will now take on a new role leading cooperation with Ukraine’s key partners, Zelensky announced on social media.

Video

Once promoted by the Kremlin as a symbol of Russia’s resurgence and a premier tourist destination, the peninsula now faces mounting pressure from Ukrainian drone strikes targeting military infrastructure, logistics, and supply routes.

President Volodymyr Zelensky said on July 11 that he is preparing changes to Ukraine’s “diplomatic efforts” to accelerate weapons deliveries from allies, as Ukraine's stockpile of Patriot air defense missiles has run dry.

Show More