Tensions Rise Between Ukraine and Hungary Over Cash and Gold Seizure

Tensions between Ukraine and Hungary have escalated following the detention of seven Ukrainian nationals by Hungarian authorities. According to RTHK, the individuals were accused of attempting to transport approximately $80 million in cash and 9 kilograms of gold into Ukraine, allegedly for money laundering purposes. The detained individuals are set to be deported, though the fate of the seized cash and gold remains undisclosed. The incident occurred on Thursday when the employees of Ukraine's State Savings Bank were intercepted by Hungarian armed anti-terrorism units while driving from Austria back to Ukraine. The convoy was subsequently directed to Budapest. Hungary's tax department stated that it is collaborating with anti-terrorism forces to carry out criminal proceedings. The National Tax and Customs Administration revealed that over $900 million, 420 million euros, and 146 kilograms of gold have been transported through Hungary to Ukraine this year alone. Hungarian Foreign Minister Péter Szijjártó demanded an explanation from Kyiv regarding the cash transit, questioning why such a large sum was being moved in cash rather than through bank transfers. In response, Ukraine's State Savings Bank asserted that the transportation was conducted under an agreement with Austria's savings bank and adhered to international transport regulations and current European customs procedures. The bank criticized Hungary's actions as unjustified detention. Ukrainian Foreign Minister Dmytro Kuleba condemned Hungary's actions, equating them to hostage-taking and theft, labeling it as state terrorism and extortion. Ukraine has formally protested to Hungary, demanding the immediate release of its citizens and has called for the European Union's intervention.