The Hungarian government has enacted a decree that will freeze the assets of Oschadbank, including cash and gold, for a minimum of 60 days. This decision follows the seizure of substantial amounts of money and precious metals linked to Ukrainian nationals.
On March 5, authorities discovered the valuables during a routine inspection of two vehicles carrying seven Ukrainian individuals. The seized assets include €35 million in cash, $40 million in cash, and nine gold bars weighing one kilogram each.
According to the decree, issued by Prime Minister Viktor Orbán’s cabinet, the Hungarian National Tax and Customs Administration is authorized to retain these funds while investigations are ongoing. Officials claimed that the transport methods used did not align with standard international practices, prompting a criminal investigation into the matter.
The Hungarian government has expressed concerns that the circumstances surrounding the transport of such significant assets may pose a national security risk. Investigators will look into potential connections between the transporters and organized crime.
The assets will remain under the control of Hungarian authorities for 60 days following the decree’s implementation, which has already been officially published.
Last week, Hungarian law enforcement intercepted two cash transport vehicles moving money and gold from Austria to Ukraine, belonging to Oschadbank. Ukrainian Foreign Minister Andrii Sybiha emphasized that the transport of currency and gold is a routine procedure.
In addition to the assets, Hungarian authorities have also detained the Ukrainian cash transporters, escalating tensions between Budapest and Kyiv. On March 9, a committee of the Hungarian parliament discussed a proposed bill to extend the asset freeze until the investigation concludes, with committee members recommending its approval.
Hungary has frozen Oschadbank's assets, including cash and gold, for at least 60 days due to security concerns. This follows the seizure of substantial amounts during a vehicle inspection involving Ukrainian nationals.