A new Hungarian investigation has alleged that former Prime Minister Viktor Orbán personally ordered the March raid on a Ukrainian bank convoy carrying cash and gold from Austria to Ukraine, in an operation that became one of the most contentious episodes in recent Hungarian-Ukrainian relations.
According to a report by Telex, the decision to intercept the convoy on 5 March was not driven by an immediate law-enforcement requirement, but by a political instruction issued from within the previous Hungarian government. The outlet, citing sources familiar with the case, reported that Orbán decided not only that the raid should take place, but also that it should happen on that specific date.
The convoy consisted of two Ukrainian cash-in-transit vehicles travelling from Raiffeisen Bank in Austria to Ukraine’s state-owned Oschadbank. The vehicles were stopped at the Alacska rest area near Budapest after being overtaken by a police car with flashing lights. Armed officers from Hungary’s Counter-Terrorism Centre, TEK, were waiting at the site.
Hungarian authorities seized about 27 billion forints in cash and investment gold. Earlier reporting said the shipment included about $40 million, €35 million and 9kg of gold. The Ukrainian couriers were detained, later released, and expelled from Hungary. Budapest opened a money-laundering investigation, while Kyiv accused Hungary of unlawfully seizing Ukrainian state assets.
The case immediately developed into a diplomatic dispute. Ukraine’s foreign minister Andrii Sybiha accused Hungary of effectively taking Ukrainian bank staff hostage, while Oschadbank rejected claims that the money was linked to organised crime or political financing. The bank said the transfer was part of a routine movement of state bank assets, carried out at a time when air transport options for Ukraine remained limited.
The assets were eventually returned to Ukraine after Orbán’s election defeat. President Volodymyr Zelenskyy said Hungary had returned the full amount belonging to Oschadbank, describing the move as an important step in relations between Kyiv and Budapest.
Telex reported that the formal legal basis for the operation was weak. The complaint that triggered the case was filed by Hungary’s Constitution Protection Office, AH, one day before the raid. However, according to the report, AH acknowledged that the complaint was based on information gathered by the Information Office, IH, Hungary’s foreign intelligence service. Both agencies were under the political supervision of Antal Rogán’s sphere during the previous government.
The investigation states that AH confirmed the timing of the operation came from the State Secretariat supervising civilian national security services within the Prime Minister’s Cabinet Office. According to Telex, several independent sources said Orbán ordered and pushed the operation, and was kept informed of developments throughout the day.
The alleged motive, according to the same report, was connected to Orbán’s belief that Ukraine was deliberately blocking oil deliveries to Hungary through the Druzhba pipeline. On 5 March, the same day as the raid, Orbán told an economic forum that Hungary would force Ukraine and the EU to restart oil deliveries. He said Hungary would “win by force” and compel Ukraine to reopen the pipeline.
The political context was significant. Hungary and Ukraine had already been locked in disputes over Russian oil transit, EU sanctions, and financial support for Kyiv. The seizure also came during a Hungarian election campaign in which Orbán had repeatedly used anti-Ukrainian messaging.
Telex further reported that the case was used by government-aligned media to suggest that the Ukrainian funds were of unclear origin and might have been connected to opposition financing. A separate fact-checking report by Lakmusz found that unlabelled AI-generated images and foreign engagement helped spread social media posts about the Ukrainian convoy in Hungary’s pro-government media network.
The deployment of TEK, rather than NAV’s own operational unit, has also raised questions. Sources cited by Telex said officials believed the Ukrainians might be armed, but one government-linked source did not deny that using counter-terrorism officers made the operation more visually dramatic. TEK told the outlet that it acted at NAV’s request and within its legal powers.
The Ukrainian couriers were not charged with any criminal offence, although they were reportedly kept in handcuffs during their detention. Hungarian prosecutors later opened proceedings over suspected unlawful detention and other alleged offences.
The case has wider implications for Hungary’s institutions and foreign policy. Under the new government led by Péter Magyar, Budapest has moved to reset relations with Kyiv. However, the Telex investigation suggests that the March raid may remain a test of accountability in Hungary, particularly over whether state agencies were used to carry out a politically directed operation against a neighbouring country during wartime.
