Hungary Seizes $75 Million in Assets from Ukraine's Oschadbank

Hungarian Authorities Seize Oschadbank Assets

According to Главком: Hungarian customs officials, acting under Government Decree No. 49/2026 (III.9.), have seized assets belonging to Ukraine's state-owned Oschadbank. On March 5, two vehicles carrying seven Ukrainian citizens, along with cash and gold, were intercepted. The seized assets, which include €35 million, $40 million in cash, and nine 1-kilogram gold bars, will remain under state control pending an investigation. The decree, published in the 'Hungarian Gazette,' authorizes a probe lasting up to 60 days from its effective date.

The investigation was launched after authorities could not verify the origin of the funds, their final destination, the purpose of the transport, or the legal basis for moving such assets across Hungarian territory. The unusual method of transporting the cash and gold, which deviates from standard international practice, formed the basis for the criminal proceedings.

Oschadbank's Legal Response

The vehicles and cargo remain impounded, though the bank employees have returned to Ukraine. Oschadbank has initiated legal proceedings to recover the property, which includes the two specialized vehicles, the $40 million and €35 million in cash, and the 9 kg of gold. All relevant documentation has been submitted to the National Bank of Ukraine.

Oschadbank has outlined a two-pronged defense strategy:

• Challenging the actions of the Hungarian immigration service regarding restrictions on the employees' right to enter the EU.
• Examining the alleged violation of the Ukrainian citizens' rights, as they were reportedly held without access to lawyers or consular officials.

The seizure of the employees, vehicles, and valuables in Hungary has drawn significant attention and concern from financial and legal experts.

This situation could have serious repercussions for both Oschadbank and Ukrainian-Hungarian relations.

The lack of clear explanations from Hungarian customs regarding the origin and purpose of the assets calls into question the standards for international financial transactions. This incident occurs against a backdrop of historically complex relations between Ukraine and Hungary, adding a diplomatic dimension to the legal dispute. The bank's response could influence future international investment and cooperation between the two countries.