An investigation by the Hungarian outlet Telex has alleged that the March seizure of a Ukrainian bank convoy carrying cash and gold near Budapest was ordered directly by former Hungarian Prime Minister Viktor Orbn and was motivated by political considerations rather than legitimate law enforcement concerns.
The convoy, which was transporting approximately USD80-82 million worth of cash and gold from Austria's Raiffeisen Bank to Ukraine's state-owned Oschadbank, was stopped by Hungarian authorities on March 5. At the time, officials claimed they were investigating possible money laundering. Several employees accompanying the shipment were detained, while the valuables were confiscated. Hungary later returned both the personnel and the seized assets.
According to Telex, the operation had been planned in advance and lacked a solid legal foundation. Journalists cited multiple sources familiar with the case who said the decision to carry out the raid originated at the highest levels of government. ?Government officials, namely Viktor Orbn, decided that a raid on the Ukrainian ?gold convoy? should take place on March 5, even though there were no professional grounds for such an operation,? the publication reported.
The investigation claims that instructions regarding the operation were communicated through Hungary's security and intelligence structures. Hungary's Constitution Protection Office reportedly confirmed that a directive had arrived from the State Secretariat for the Supervision of Civil National Security Services within the Prime Minister's Office specifying that the operation was to take place on March 5. According to the report, Orbn was regularly informed about developments throughout the day and personally insisted that the operation move forward.
Sources cited by Telex said the former prime minister viewed the action as a response to disruptions affecting Russian oil deliveries through the Druzhba pipeline. Although Ukraine maintained that transit problems were caused by Russian attacks on infrastructure connected to the pipeline, Hungarian officials accused Kyiv of deliberately restricting supplies. Orbn reportedly believed Ukraine was using the issue for political leverage and sought to retaliate.
On the same day the convoy was intercepted, Orbn publicly addressed the dispute over oil transit. ?We will win, and we will win through strength. There will be no compromises. We will break the oil blockade. We will force the Ukrainians to resume oil supplies,? he declared during an event organized by the Hungarian Chamber of Commerce and Industry.
The investigation further alleges that Hungarian authorities attempted to portray the convoy as suspicious by highlighting discrepancies between documents in different languages and raising concerns about the intelligence background of one of the Ukrainian employees accompanying the shipment. Telex noted that none of these circumstances were illegal, yet they were used to justify intervention by law enforcement agencies.
According to Ukrainian and Austrian officials, the transportation of cash and valuables between European banks is a routine and lawful practice. Ukrainian authorities emphasized that land transportation of funds has become increasingly common since the start of Russia's full-scale invasion.
The operation also sparked controversy over the treatment of the Ukrainian personnel. Reports later emerged that Oschadbank employees were kept in handcuffs during their detention. One staff member was reportedly given two injections between interrogations. The employees were released the following day, but the seized assets remained in Hungary for several weeks.
Telex also reported that government-linked media attempted to reinforce suspicions surrounding the convoy. Publications associated with Orbn's Fidesz party allegedly circulated AI-generated images depicting the Ukrainian security personnel as detained criminals and promoted claims that the money's origin was questionable or connected to political activities.
Ukraine strongly rejected the accusations and described the seizure as an act of 'state terrorism.? The Kyiv Independent noted that it was unable to independently verify the claims made in the Telex investigation.
The valuables were eventually returned in early May, shortly after Orbn's Fidesz party lost parliamentary elections to Pter Magyar's Tisza movement. Following the publication of the investigation, Hungary's current Prime Minister Pter Magyar called on Orbn to accept responsibility for the affair.
?Viktor Orbn personally directed the work of the law enforcement agencies and special services,? Magyar wrote. ?He was able to make decisions himself on carrying out raids or delaying investigations. He must take responsibility.?
According to Magyar, the operation against Oschadbank represented a politically motivated attempt to pressure Ukraine over the Druzhba pipeline dispute rather than a legitimate criminal investigation. The controversy continues to fuel debate in Hungary over the use of state institutions for political purposes during Orbn's time in office.
