The Ukrainian Foreign Minister, Andrii Sybiha, has publicly criticized Hungary’s proposal to legislate a two-month freeze on funds and gold seized from Ukraine’s Oschadbank. He characterized the move as a descent into lawlessness.
In a statement shared on social media platform X, Sybiha remarked, “Following the theft of funds from a Ukrainian state bank, they are now proposing legislation to ‘legalize’ this illegal seizure. This is a clear acknowledgment that Hungary’s actions lack any legal foundation, compounding lawlessness with further lawlessness.” He assured that Kyiv would hold accountable all those involved.
“Not only for the theft of money but also, crucially, for the mistreatment of seven Ukrainian citizens, which violates the European Convention on Human Rights and the Vienna Convention on Consular Relations,” he added.
On March 9, the Hungarian parliament received a draft bill aimed at freezing the assets of Oschadbank, which were confiscated during the arrest of cash transporters. The proposal was introduced by the leader of the ruling Fidesz party’s parliamentary faction, Mate Kocsis, and has been presented to the National Security Committee of the Hungarian Parliament.
During the committee meeting, a Fidesz member stated that the government is assessing how the designation and use of the seized assets could impact national security. Kocsis indicated that the parliament would hold several sessions before the upcoming elections on April 12, suggesting the urgency of passing the bill.
However, Zoltan Sas, head of the National Security Committee from the opposition Jobbik party, contested the rapid introduction of the proposal, citing insufficient time for thorough examination.
Ultimately, the committee voted in favor of Kocsis’s initiative, with four votes supporting it, while Sas and another opposition member abstained. The committee subsequently recommended that the parliament consider the bill on an expedited basis.
Regarding the detention of Oschadbank employees, on March 6, Sybiha announced that Hungarian authorities had apprehended seven bank workers who were transporting cash from Austria. Oschadbank confirmed the disappearance of its employees and the confiscation of cash and valuables.
According to GPS data, the bank’s vehicles are currently located in central Budapest, near a Hungarian security agency’s building. The bank stated that its employees were transporting money and valuables under an international agreement with Austria’s Raiffeisen Bank, compliant with international transport regulations and European customs procedures. The total value of the seized assets was reported to be $40 million, €35 million, and 9 kilograms of gold.
Informed sources indicated that the confiscated vehicles are now held at a secure site of the local Anti-Terrorism Center. The Hungarian National Tax and Customs Administration later confirmed the detention of the seven Ukrainians on suspicion of money laundering, asserting that the Hungarian authorities promptly informed the Ukrainian consulate about the investigation.
The Ukrainian Foreign Ministry condemned the detention of the Oschadbank cash transporters as an act of lawlessness and advised Ukrainian citizens to refrain from traveling to Hungary due to safety concerns.
Andrii Pyshny, head of the National Bank of Ukraine, announced that a team from the bank would urgently travel to Budapest to clarify the situation surrounding the apprehension of Oschadbank’s cash transport teams. He reiterated that the transport of currency valuables by Ukrainian banks adheres to international norms and involves no violations.
By the evening of March 6, the seven detained cash transporters returned to Ukraine. Despite allegations of money laundering, Hungary did not detain the individuals transporting the funds, while the valuables remain on Hungarian territory.
The Ukrainian government has condemned Hungary's proposed legislation to freeze assets from Oschadbank, following the detention of bank employees. Ukrainian officials assert that Hungary's actions lack legal justification and violate international norms.