Authored by Thomas Brooke via REMIX,

Hungarian authorities have detained seven Ukrainian citizens and seized tens of millions of dollars, euros, and gold that were being transported through the country in armored vehicles, triggering the latest diplomatic dispute between Budapest and Kyiv.

Hungary’s National Tax and Customs Administration (NAV) confirmed on Friday that criminal proceedings had been launched on suspicion of money laundering following an operation carried out on March 5. Authorities intercepted two armored cash-transport vehicles traveling through Hungary from Austria toward Ukraine.

According to the Hungarian authorities, the vehicles were carrying approximately $40 million, €35 million in cash, and 9 kilograms of gold.

Hungarian Foreign Minister Péter Szijjártó said the case raised serious questions about the movement of large quantities of physical cash through the country.

“Since January, a total of $900 million and €420 million in cash has been transported through Hungary, and 146 kilograms of gold bars have also been transported through the country,” he said, as cited by Magyar Hírlap.

“We have a number of serious questions about this. First of all, this is a huge amount of cash, and we wonder why Ukrainians need to transport such a large amount of cash. If it is true that this is a transaction between banks, then the question rightly arises as to why the banks do not settle this between themselves by bank transfer, why it is necessary to transport such a large amount of cash, and why it has to be transported through Hungary,” Szijjártó added.

“These questions arise mainly because these cash shipments are accompanied by people who have clear ties to Ukrainian secret services.”

Hungarian Prime Minister Viktor Orbán’s political director, Balázs Orbán, also commented on the case, raising concerns about the purpose of the funds.

“Hundreds of millions in cash and gold moving through Hungary toward Ukraine — escorted by people linked to Ukrainian intelligence. Armored vehicles, suitcases full of money, staggering sums,” he wrote on X.

“Whose money is this? What was it meant to finance? Who benefits from it? And why must such enormous amounts of cash travel across our country instead of being transferred through normal banking channels?”

He added that authorities would conduct a full investigation and argued that the Hungarian public had a right to know where such funds were coming from and what they were intended for.

Ukraine, however, has strongly rejected the allegations and accused Hungary of illegally detaining its citizens and confiscating bank property.

Ukrainian Foreign Minister Andrii Sybiha said the seven individuals were employees of the state-owned Oschadbank who were conducting a routine cash transfer between financial institutions.

“Today in Budapest, Hungarian authorities took seven Ukrainian citizens hostage. The reasons are still unknown, as well as their current well-being, or the possibility of contacting them,” Sybiha said in a social media post cited by Ukrinform.

According to Kyiv, the vehicles were transporting currency and precious metals between Raiffeisen Bank Austria and Oschadbank Ukraine as part of standard banking operations.

Sybiha accused Hungary of acting unlawfully. “If this is the ‘force’ announced earlier today by Mr. Orban, then this is the force of a criminal gang. This is state terrorism and racketeering,” he said.

Oschadbank also confirmed that two of its armored vehicles and a seven-member transport team had been detained in Hungary while carrying out what it described as a routine transfer of funds and banking metals.

“The value of the assets in the seized vehicles amounted to $40 million, EUR 35 million, and 9 kg of gold,” the bank said in a statement, adding that the transport had been documented in accordance with international banking and customs procedures.

According to GPS tracking data cited by the bank, the vehicles were last located in central Budapest near one of Hungary’s law enforcement agencies. Ukrainian officials said the whereabouts of the bank employees were not immediately known.

Ukraine’s foreign ministry has also issued a warning advising Ukrainian citizens to avoid traveling through Hungary following what it described as the “kidnapping” of the bank employees and seizure of state bank assets.

The incident marks the latest escalation in already strained relations between the two countries.

On Thursday, Ukrainian President Volodymyr Zelensky sparked outrage among European nationalist politicians by suggesting that Hungarian Prime Minister Viktor Orbán’s address could be given to Ukrainian armed forces so they could “speak to him in their own language.”

Hungarian officials interpreted the remark as a threat directed at Orbán amid ongoing disputes over Hungary’s opposition to a proposed €90 billion EU loan package for Ukraine.