Hungarian PM Orders 60-Day Hold on $82M Ukrainian Assets Amid Election Battle

Hungarian Prime Minister Viktor Orbán has directed authorities to detain seized Ukrainian cash and gold worth $82 million for up to 60 days while investigating suspected money laundering. The seizure has sparked outrage from Ukrainian officials who call Hungary's actions illegal, coming as Orbán faces a tight election battle next month.

BUDAPEST, Hungary — Prime Minister Viktor Orbán has directed Hungarian officials to detain a shipment of Ukrainian money and gold valued at approximately $82 million for as long as 60 days while the nation’s tax agency conducts an investigation.

Hungarian forces intercepted the valuable cargo last Thursday as it traveled by road through the country, with officials citing concerns about potential money laundering activities. The confiscated materials consisted of $40 million in U.S. currency, 35 million euros in cash, and 9 kilograms of gold bullion.

Ukrainian leadership has expressed fury over the confiscation, with officials condemning Hungary’s Russia-aligned administration for what they consider unlawful conduct.

Footage from Hungary’s Counter Terrorism Center depicted masked tactical officers detaining seven workers from Ukraine’s government-operated Oschadbank. The employees were traveling in two armored vehicles that had departed Austria and were bound for Ukraine.

Ukrainian officials characterized the transport as a standard transfer of resources between government banking institutions.

The banking personnel remained in custody for more than 24 hours before being removed from Hungary on Friday evening. Hungarian authorities provided no explanation for their release or whether criminal charges were being considered.

The directive issued by Orbán on Monday evening instructs the National Tax and Customs Administration to investigate the cargo’s source, final destination, and planned usage. The order also calls for background checks on the seven deported Ukrainian citizens “and their possible links to criminal or terrorist organizations.”

Ukrainian Foreign Minister Andrii Sybiha criticized Hungary’s actions on social media Monday night, stating the country was “falling down a spiral of lawlessness.” He accused Orbán’s administration of attempting to “‘legalize’ the illegal seizure.”

“This is a de facto recognition that Hungary’s actions lack any legal grounds,” Sybiha wrote. “They are just adding lawlessness on top of lawlessness.”

Hungary’s tax administration has not yet provided a response to requests for comment.

The country has maintained a “state of danger” declaration due to the conflict in adjacent Ukraine, granting Orbán’s administration the power to implement policies through executive orders without legislative approval.

In his latest decree, Orbán—who confronts his most significant electoral challenge from a center-right rival with voting scheduled for next month—also directed the tax authority to examine whether Ukrainian financial transfers have supported “Hungarian criminal organizations, terrorist organizations present in Hungary or political organizations.”

Leading up to the April 12 election, the right-wing populist leader and his network of supportive media have repeatedly claimed, without substantiation, that his main challenger Péter Magyar and the Tisza party receive Ukrainian funding.

The inclusion of “political organizations” in the executive order has generated speculation that Magyar and Tisza might become subjects of the cash shipment investigation.

Orbán, whose polling numbers currently lag behind Tisza in most surveys, has intensified his anti-Ukraine messaging in recent weeks before the election. He has labeled Ukraine as Hungary’s “enemy” and warned that his electoral defeat would result in national financial ruin and force Hungarian young people into combat roles.

Tensions with Kyiv escalated further when Hungary’s parliament approved a resolution Tuesday authorizing the government to block Ukraine’s European Union membership bid and oppose any weapons or financial support initiatives for Ukraine.