Hungary Returns $82 Million Ukrainian Cash and Gold Shipment

Hungary has returned a shipment of Ukrainian cash and gold worth around $82 million to Ukraine's state Oschadbank, President Volodymyr Zelenskyy said Wednesday. The shipment was seized on March 5 when Hungarian counter-terrorism authorities detained two armored cars transporting the assets through the country.

Hungarian authorities said at the time they suspected money laundering. The tax authority then held the shipment, which included $40 million and 35 million euros in cash as well as 9 kilograms of gold, in custody for up to 60 days while an investigation proceeded.

Ukrainian bank employees traveling with the shipment were held for more than 24 hours before being expelled from Hungary. Ukrainian officials said the transfer was a routine movement of assets between state banks.

The seizure prompted accusations from Ukrainian officials that Hungary's government acted illegally and used the incident during its election campaign. The neighboring countries had been engaged in a dispute over Hungary's access to Russian oil via a pipeline crossing Ukrainian territory.

Hungary had blocked a 90-billion euro European Union loan to Ukraine linked to an interruption of Russian oil flows through the Druzhba pipeline, which was damaged by a Russian drone strike. Flows resumed after Hungary's election last month. Hungary then lifted its veto, allowing the loan to proceed.

“I am grateful to Hungary for its constructive approach and civilized step.”

Zelenskyy wrote on social media that the return represented an important step in relations with Hungary after the election defeat of the previous government. He said the change raised hopes for a less antagonistic policy toward Ukraine.