Magyar Orders Probe Into Hungary’s ‘Ukrainian Gold Convoy’ Case

Hungarian Prime Minister Péter Magyar has ordered an immediate investigation into the so-called “Ukrainian gold convoy” case involving a shipment of cash and gold transported by Ukraine’s state-owned Oschadbank.

“We have ordered an immediate internal investigation at the National Tax and Customs Administration, the Counter Terrorism Centre, and the other relevant authorities in connection with the Ukrainian ‘gold convoy’ case,” Magyar wrote on X on Wednesday, June 17.

“The Prosecutor General must address the matter without delay,” he added.

Probe follows dispute over seized Ukrainian assets

The case dates back to March, when Hungarian authorities detained two Oschadbank armored vehicles transporting funds and banking metals from Vienna to Kyiv.

According to the Ukrainian state bank, the convoy carried $40 million, €35 million and 9 kilograms (19.8 pounds) of bank gold under an international agreement with Raiffeisen Bank Austria.

Hungarian authorities initially launched a suspected money-laundering investigation, detained the convoy’s personnel and vehicles, and imposed deportation orders and Schengen entry bans on seven Oschadbank employees.

In May, Hungary canceled the deportation orders and three-year Schengen entry bans after withdrawing claims that the Ukrainian employees posed a national security threat.

Oschadbank said Hungarian authorities also removed all related records from official registries following legal challenges by the bank.

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