Hungary to Return Seized Armored Cars to Ukraine, But Keeps Millions in Cash and Gold.

Armored Vehicles Detained in Hungary

According to TSN.ua: Hungary has agreed to return two seized armored cash-transport vehicles to Ukraine's Oschadbank, but will keep the substantial cash and gold they were carrying under a newly enacted law. This follows an incident on March 6, 2023, when Hungarian law enforcement detained the two bank-owned vehicles. The decision highlights ongoing tensions between the two nations, which have been strained over various political and economic issues.

At the time of the seizure, the vehicles contained significant valuables:

• $40 million US dollars,
• €35 million euros,
• 9 kilograms of bank-grade gold.

The seven Oschadbank employees accompanying the vehicles were released the same day. Despite the return of the cars themselves, the cash and precious metals will remain confiscated in Hungary under the terms of the urgently passed legislation.

The incident has drawn sharp criticism from the Ukrainian bank. Andriy Sybiga, commenting on the situation, characterized the Hungarian side's actions as

"an act of state terrorism."

Political Background

Hungary has scheduled national elections for April 12, 2023, a factor that may influence how events unfold. The detention of the armored cars and the confiscation of the large sum of money and gold have caused significant public controversy, underscoring the strained relations between Ukraine and Hungary.

The new law passed by the Hungarian parliament raises serious legal questions regarding international financial transactions, potentially setting a concerning precedent for Ukrainian banks operating abroad. With elections approaching, this incident could be used as a political tool in the campaign, affecting how Hungarian voters perceive Ukrainian interests.