Hungarian Detention of Cash Couriers Halts Ukraine's Oschadbank Currency Imports

Oschadbank Suspends Cash Shipments to Ukraine Following Incident

According to Главком: Oschadbank, the sole commercial bank in Ukraine licensed to import currency from the EU, has temporarily halted its cash imports. This action comes after Hungarian special services detained the bank's cash-in-transit couriers. The bank stated that the detained employees have now returned to Ukraine and that it intends to legally challenge the actions of the Hungarian authorities.

Alleged Kidnapping and Harsh Treatment of Staff

On March 5, Oschadbank reported that its employees, armored vehicles, and valuables were seized while transporting funds through Hungary. The detained couriers, including Hennadii Kuznetsov, were subjected to harsh interrogation. One required urgent hospitalization in serious condition. For over a day, they were held in handcuffs and forced to undergo medical procedures without any formal legal proceedings, aside from being questioned about weapons.

Oschadbank is a critical supplier of foreign cash within Ukraine's banking system. It has provided a total of $1 billion USD and €800 million in cash to 39 other banks. Throughout 2025, the bank sold approximately $1.45 billion USD and €387 million to the public, while buying back $522 million USD and €82 million from citizens. The National Bank of Ukraine compensates for currency demand using its own reserves. Before the full-scale invasion, currency was transported by air via Boryspil Airport; since 2022, weekly shipments have been conducted by armored vehicles overland.

Led by Yurii Katsion, Oschadbank plans to contest the Hungarian immigration service's restriction of its couriers' right to enter the EU. A separate review will consider the violation of the Ukrainians' rights, as they were held for over a day without access to lawyers or a consul. Hungary has promised to return the seized Oschadbank funds and gold if suspicions against the Ukrainian couriers are not substantiated.

This incident has significant implications for Ukraine's financial stability, given Oschadbank's pivotal role in supplying cash currency to other banks. The temporary suspension of imports could lead to cash shortages in the market and affect customer service. Meanwhile, the actions of Hungarian special services raise concerns about the protection of Ukrainian citizens abroad, potentially impacting diplomatic relations between Ukraine and Hungary. The situation underscores the complex logistical challenges Ukraine faces in maintaining its financial system during wartime.

In light of the recent events surrounding Oschadbank, it's crucial to understand the broader implications of Hungary's actions against the bank. For instance, the seizure of significant assets, including a reported $75 million, raises questions about the stability of Ukrainian financial institutions. To explore the details of this asset seizure and its potential impact on Oschadbank's operations, read more about the financial consequences for Oschadbank.