Hungary has returned funds and valuables belonging to Ukraine’s state-owned Oschadbank that were seized earlier this year, President Volodymyr Zelensky said on Wednesday, May 6.
In a Telegram post, Zelensky described the move as an “important step” in bilateral relations, adding that the assets are now fully back on Ukrainian territory.
“I am grateful to Hungary for a constructive and civilized step,” Zelensky said, thanking Ukrainian officials involved in securing the return.
The funds had been seized in March, when Hungarian authorities – under the outgoing, pro-Kremlin Prime Minister Viktor Orban – detained Ukrainian cash collectors transporting cash and gold between Austria and Ukraine.
According to Oschadbank, the convoy was carrying approximately $40 million, €35 million (about $37.9 million), and 9 kilograms (about 20 pounds) of gold as part of a routine banking operation conducted under international agreements.
Although the personnel and vehicles were released earlier, the money and valuables remained in Hungary as Budapest claimed they were part of an investigation into suspected money laundering.
Ukraine’s central bank said its review found no irregularities in the shipment and confirmed that all documentation complied with customs and international regulations.
The seizure came amid heightened diplomatic tensions between Kyiv and Budapest over Russian oil flowing through the Druzhba pipeline, with Orban threatening retaliation and Hungary’s foreign minister visiting Moscow days before the seizure.
Ukraine is seeking to reset relations with Hungary following the election of Prime Minister Péter Magyar, whose government replaced Orbán’s pro-Russian government.
President Volodymyr Zelensky congratulated Magyar and his Tisza party on their landslide election victory, expressing readiness to deepen cooperation and strengthen good-neighborly ties between the two countries.
After the victory, Magyar has voiced sympathy for Kyiv’s defense against Russia’s invasion but has ruled out backing Kyiv’s accelerated accession into the EU.
In recent weeks, Kyiv and Magyar were also embroiled in a minor diplomatic spat over the rights of Hungarian speakers in Ukraine, with Magyar arguing that his administration will not support Kyiv’s EU accession unless greater protections are granted to the Hungarian minority.