Hungary returns seized Ukrainian cash and gold in further sign of better relations

In a separate statement, Oschadbank chairman Yuriy Katsion thanked Hungary for its “constructive approach”, noting that the seizure “was a violation of many international norms and rules of interstate cooperation.”

The dispute erupted in early March, when Hungarian authorities stopped a convoy in Budapest that was transporting the assets between Austria and Ukraine on behalf of Oschadbank. They detained seven Ukrainians in the process, and Kyiv reacted furiously. Foreign Minister Andrii Sybiha accused Budapest of “taking hostages and stealing money,” calling the seizure “state terrorism and racketeering.”

Orbán’s government then doubled down. Days later, Hungary’s ruling Fidesz party introduced legislation aimed at formalizing the confiscation while a national security probe unfolded.

The incident happened during the final weeks of Orbán’s rule, during a bitter election campaign. But since Magyar’s April 12 election victory, relations between Budapest and Kyiv have started to thaw.

Hungary has already dropped its veto on the release of a €90 billion EU loan to Ukraine, while tensions over the Druzhba oil pipeline — the cause of another schism between the two countries — have eased since oil shipments to Hungary resumed in late April.