Hungarian authorities intercepted two Ukrainian armored trucks near Budapest on Thursday, seizing tens of millions of dollars in cash and nine kilograms of gold in a dramatic operation that has triggered the most serious diplomatic confrontation between the two nations in months.
The timing of the seizure coincided with Ukrainian President Vladimir Zelensky issuing what appeared to be a direct military threat against Hungarian Prime Minister Viktor Orban.
While Hungarian officials suggested the trucks might be connected to a money-laundering operation run by a Ukrainian "war mafia," Kiev fired back with accusations of "blackmail," "theft," and "state banditism." Unconfirmed media reports have also speculated that the shipment could be linked to backroom dealings between Zelensky and European Union power brokers.
The incident has further inflamed already tense relations
between Budapest and Kiev, which are currently locked in disputes over oil
transit and Hungary's refusal to back Ukraine in its conflict with Russia.
A Budapest Bust
On March 5, Hungary's Counter-Terrorism Centre (TEK) swooped on two armored vehicles near Budapest. Officers dressed in black surrounded the trucks at a gas station and forced the crew members to the ground.
🚨 Watch the moment the “Ukrainian gold convoy” was stopped.
— Balázs Orbán (@BalazsOrban_HU) March 6, 2026
In the video: armored cash vehicles carrying $40M, €35M and 9 kg of gold through ðŸ‡ðŸ‡º Hungary toward Ukraine. Among those detained was a former Ukrainian intelligence general.
This is not an ordinary transfer. Since… pic.twitter.com/LpMfQvlK71
The vehicles and their crews belonged to Ukraine's state-owned Oschadbank and were carrying $40 million and €35 million ($40.6 million) in cash, along with nine kilograms of gold from Austria's Raiffeisen Bank International.
Hungarian authorities briefly detained seven Ukrainian
nationals, who were later deported back to their homeland. The cash, gold, and
vehicles, however, remain impounded as evidence in the ongoing criminal
investigation.
Who Was Transporting Millions to Ukraine?
Neither Ukraine nor Hungary has officially disclosed the
names of those involved in the transfer. However, Hungarian government
spokesman Zoltan Kovacs said the operation was overseen by a former general
from the Ukrainian Security Service (SBU), with a former Air Force major acting
as his deputy. Several other crew members reportedly also had military
backgrounds.
‼️ We demand answers from Ukraine’s leadership!
Photos show the so-called “Ukrainian gold convoy” operation.
Hungarian authorities detained seven Ukrainian nationals — including a former intelligence general — who were transporting $40 million, €35 million and 9 kg of gold… pic.twitter.com/PWUm82lqoE
Ukrainian investigative journalist Vitaly Glagola, citing
sources, identified the general as Gennady Kuznetsov, the former head of the
SBU's Center for Special Operations to Combat Terrorism, adding that he had
links to the Alpha special forces unit.
Ukrainian 'War Mafia'
Hungary's Foreign Minister Peter Szijjarto demanded "immediate answers" from Kiev regarding large cash shipments passing through the country, adding that they "raise serious questions about a possible link to the Ukrainian war mafia."
According to Szijjarto, in 2026 alone, more than $900 million, €420 million, and 146 kilograms of gold bars were transported across Hungarian territory into Ukraine.
"Until Kiev provides clear explanations about the origin and purpose of the funds, Hungarian authorities will conduct a thorough investigation," he added.
Ukrainian journalist Anatoly Shariy drew attention to the fact that the cash and gold were not packed in standard secure containers, suggesting the transfer could be tied to corrupt dealings between high-ranking Ukrainian officials and their backers in Brussels.
Citing sources, he claimed "the money belonged not to Zelensky himself, but to his accomplices from Europe."
"The money belongs to very specific people. And in
Brussels, they know to whom it belongs," he said, adding that Orban's move
"hit where it hurts."
Zelensky Threatening Orban
On the day the cash trucks were impounded, Zelensky escalated his long-running war of words with Orban, denouncing his decision to block a planned €90 billion emergency EU loan for Kiev. Budapest said the move was a response to Ukraine preventing key Russian oil supplies from reaching Hungary via the Druzhba pipeline.
Zelensky said he hoped "one person" in the EU blocking the loan—widely understood to mean Orban—would reconsider his position. Otherwise, he warned, "we will give the address of this person to our armed forces… so they can communicate with him in their own language."
Orban responded by saying "no threats to my life will
deter me" from opposing what he described as Ukraine's attempt to impose
an "oil blockade" on Hungary.
Why Was Millions in Cash in Armored Trucks?
Typically, shipments of cash and gold of such value across distances of hundreds of kilometers would be transported by air. However, after the escalation of the Ukraine conflict in 2022, Ukrainian airspace was closed, forcing such transfers to go overland for security reasons, according to Ukrainian news outlet Strana.ua.
A source within Oschadbank told the outlet that similar deliveries had been carried out "for years, almost every week, with the same partner—Austria's Raiffeisen Bank—and with a standard set of documents." The source added that "this is why we view the detention as politically motivated." Raiffeisen Bank told Bloomberg its employees were not involved, declining to comment further, citing security policies.
According to Strana, Ukraine's banking sector imported $11.8 billion in foreign cash in 2025 and $15.9 billion in 2024, compared with $4.3 billion in 2021.
Sources at Oschadbank described the seized shipment as a
routine delivery intended to replenish cash reserves at the bank's branches and
partner banks. However, the outlet did not explain the involvement of a former
SBU general in the operation.
Can Ukraine Retaliate Against Hungary?
Officials in Kiev said they were preparing to retaliate by urging the EU to impose sanctions on Hungary. Ukraine's national police have opened criminal proceedings against Hungary on charges of hostage-taking and unlawful deprivation of liberty, filing requests with Europol.
According to a source cited by Strana, the National Bank of Ukraine was "furious" over the incident and is considering measures against OTP Bank Ukraine, a subsidiary of Hungary's OTP Group and one of the country's key banks.
However, the same source warned that any serious action
against the bank could pose major risks to Ukraine's economy at a time when it
can least afford them.
Why Is Ukraine Targeting Hungary?
Relations between Hungary and Ukraine have been strained for years, as Budapest has been reluctant to support Kiev's aspirations to join NATO and the EU and has refused to send arms to its neighbor.
In recent months, the standoff escalated over the Soviet-era Druzhba pipeline carrying Russian oil through Ukraine to Hungary and Slovakia. In late January, Kiev shut down the artery, claiming it was damaged in Russian strikes—a claim Moscow has denied. Budapest and Bratislava have echoed Russia's stance, accusing Ukraine of blackmail and deliberately disrupting supply for political reasons.
In response, Orban vetoed a new round of EU sanctions
against Russia and blocked the €90 billion loan package, while also deploying
Hungarian troops to guard key energy infrastructure, warning that Ukraine could
attempt further disruptions.