A man enters an office of The State Savings Bank of Ukraine, or Oschadbank, in the city of Kyiv on March 6, 2026, amid the Russian invasion of Ukraine. (Photo by Genya SAVILOV / AFP)

 

Hungarian authorities have begun the return of two armored vehicles seized from Ukraine’s Oschadbank, while the cash and gold shipment remains confiscated by government decree.

Hungarian authorities are returning two armored vehicles seized earlier this month from Ukraine’s state-owned Oschadbank, with the handover currently underway involving representatives of the bank and the Ukrainian embassy, three sources told Kyiv Post.

“The Hungarian authorities are returning the vehicles today. We are currently in the process of the handover together with representatives of Oschadbank and the embassy,” the legal representative of Ukraine’s Oschadbank Dr. Lóránt Horváth told Kyiv Post Thursday afternoon.

Another source familiar with the negotiations confirmed this information, adding that “there is a high probability” Oschdbank will receive the vehicles on March 12. “Yes, there is a high probability that they will give it back today,” the source said. The third source also confirmed the handover is coming.

The vehicles were seized on March 5 when Hungarian authorities intercepted an Oschadbank convoy transporting large amounts of cash and gold from Austria to Ukraine.

Horváth also said Hungarian authorities have not yet provided information on whether the armored vehicles sustained any damage during the seizure.

“For the moment, we have no information regarding any damage to the vehicles; if there is any, it will be recorded in a report,” he wrote in a text message.

However, the funds transported in the convoy remain confiscated. “The money was seized by government decree,” he added.

Oschadbank cash confiscated in Hungary by the government

Hungarian authorities intercepted the Oschadbank convoy near Budapest while it was transporting $40 million, €35 million ($38 million), and 9 kilograms (20 pounds) of gold from Raiffeisen Bank International in Vienna to Kyiv.

Hungary’s National Tax and Customs Administration opened a criminal investigation into suspected money laundering against an “unknown perpetrator.” Seven Ukrainian Oschadbank employees were detained during the operation but were later questioned only as witnesses and never formally charged, according to the bank’s legal representatives.

The employees were eventually expelled from Hungary and handed over to Ukrainian authorities at the Záhony border crossing, while the cash, gold, and armored vehicles were seized as evidence in the case.

Ukraine’s state-owned Oschadbank and the National Bank of Ukraine have since demanded the return of the assets, which they say were transported legally as part of a routine banking operation between Raiffeisen Bank International and Oschadbank.

The central bank has also escalated the dispute to European institutions, including the European Commission and the European Central Bank, calling for an independent review of Hungary’s actions.

Source: kyivpost.com