The European Commission confirmed on Wednesday that it has received a letter from Ukraine’s central bank governor, Andriy Pyshny, calling on EU institutions to examine Hungary’s actions, adding that the issues raised in the letter are currently under review.
“We can confirm we have received such a letter. We’re now looking into the points raised in the letter, and that’s all we’re going to say for today,” European Commission deputy chief spokesperson Olof Gill told reporters during a midday briefing.
The letter was sent earlier in the week after Ukraine’s central bank, the National Bank of Ukraine (NBU), raised concerns over what it described as unlawful actions by Hungarian authorities affecting Ukrainian financial operations.
Pyshny told Ukrainian media outlet European Pravda that the National Bank believes EU institutions should investigate Hungary’s actions and issue public conclusions on the matter.
According to Pyshny, Kyiv expects the case to be examined impartially and hopes the process will demonstrate the EU’s commitment to the rule of law.
The governor said he expects the review to lead to “appropriate public conclusions” and results that would allow the European Union to demonstrate in practice its adherence to the rule of law.
The dispute follows Hungary’s decision to pass legislation allowing authorities to seize currency and valuables from cash collection vehicles belonging to Ukraine’s state-owned Oschadbank.
Pyshny earlier accused the Hungarian government of “international blackmail” after the move allowed the seizure of millions in cash and gold belonging to the Ukrainian bank.
Hungarian authorities detained assets worth about $79 million, including $40 million, €35 million ($38 million) and 9 kilograms of gold that were being transported from Raiffeisen Bank International in Austria to Kyiv’s Oschadbank. The shipment was intercepted near Budapest on March 5.
Pyshnyi wrote in a statement that the Hungarian government had rushed through a resolution retroactively labeling what the bank described as a routine financial transfer as a threat to national security. The decision removed the case from a criminal investigation and placed the seized assets under government control, where they could remain frozen for at least 60 days.
Hungarian authorities have claimed the seizure is part of a money-laundering investigation involving an “unknown perpetrator,” Dr. Lóránt Horváth, lead attorney at E. Rechtsanwalt (Austria) and Oschadbank representative, told Kyiv Post in an exclusive interview. Ukrainian officials, however, maintain that the transfer had all the required permits and customs clearances.
The incident began after Hungary’s Counter-Terrorism Centre (TEK) intercepted two Oschadbank armored vehicles near Budapest and detained several Ukrainian employees. Seven staff members were later deported after roughly 28 hours in custody, while Ukrainian officials said their detention involved violations of international law.