Ukrainian President Volodymyr Zelensky has expressed strong optimism that Hungary’s newly elected leadership will return the state funds illegally seized during the detention of Oschadbank cash-in-transit vehicles. Speaking during a national telethon broadcast on Sunday, April 19, the President announced his intention to discuss the issue directly with Péter Magyar, whose TISZA party recently secured a parliamentary majority.
“We would like to get the money back. They took some of our money,” Zelensky stated. “We will talk to Magyar now. I think they must return it. This money was simply stolen by Orban”.
Background of the “Golden Convoy”
In early March 2026, Hungarian anti-terrorism units (TEK) conducted a highly controversial operation, detaining two armored vehicles belonging to Ukraine’s state-owned Oschadbank on the M5 highway. The vehicles were engaged in a standard, fully documented international transfer of currency and banking metals between Austria’s Raiffeisen Bank and Ukraine. The convoy carried $40 million, €35 million, and 9 kilograms of bank gold. Seven Ukrainian bank employees were held in handcuffs for over 28 hours before being released. While the damaged vehicles were eventually returned to Ukraine, the massive financial cargo was confiscated by Hungarian authorities under the guise of a dubious money-laundering investigation.
The Corruption Angle
Investigative reports revealed that the unprecedented seizure was a retaliatory move by Viktor Orban’s government. For years, a company named Criterion, owned by István Garancsi—a close ally of Orban—held a lucrative monopoly on transporting interbank currency to Ukraine. When Oschadbank terminated its reliance on this intermediary to handle logistics independently, the Hungarian state apparatus was weaponized to intercept the convoy. The move was widely condemned by Kyiv officials as an act of state-sponsored racketeering and blackmail.
Looking Forward
The recent victory of Péter Magyar’s TISZA party marks a dramatic turning point in Hungarian politics, putting an end to Orban’s prolonged rule. Magyar, who campaigned heavily on an anti-corruption platform, now faces a critical early test of his commitment to the rule of law and his willingness to repair bilateral relations with Ukraine.
Restoring the $75 million in cash and the gold bullion would not only rectify a blatant injustice but also signal a definitive break from the politically motivated extortion tactics that defined the Orban era. Ukrainian diplomats and state banking officials are currently preparing the groundwork for bilateral talks, hoping the new administration in Budapest will swiftly return the stolen assets to the Ukrainian state budget.