Hungary gives back bank vehicles taken from Ukraine, but keeps $100 million in cash and gold

Hungary Returns Armoured Vehicles to Ukraine, Retains Millions in Assets

On March 12, Hungary handed back two armoured bank vehicles to Ukraine but kept hold of cash and gold valued at around US$82 million (S$104 million). Hungarian authorities justified their decision by referencing an ongoing probe into suspected money laundering, a move that Ukraine has strongly criticized as an act of theft.

Tensions between the two countries have escalated, particularly after Hungary—whose Prime Minister Viktor Orban maintains close relations with Russia—recently detained seven Ukrainians who were transporting the assets. Ukraine claims that the detained bank staff were lawfully carrying out a financial transfer and accuses Hungary of using their detention as leverage to push Ukraine into resuming halted oil shipments.