Hungary seizes gold and cash linked to ‘Ukraine war mafia’

Budapest is accusing Kiev of blocking the transit of Russian oil in order to spark a crisis ahead of general elections.

Hungarian officials have announced a money laundering investigation that has led to the seizure of two armored vehicles transporting cash and gold from Austria to Ukraine – a move Kiev has described as hostage-taking.

Ukraine and Hungary have been locked in tensions for months, which recently escalated over Budapest’s accusation that Kiev had imposed a politically motivated blockade on Russian crude being shipped to Hungary and fellow EU member Slovakia via the Soviet-built Druzhba pipeline.

Ukraine’s state-owned Oschadbank, the country’s second-largest lender, broke the news Thursday. It said two vehicles carrying about nine kilograms of gold and cash, including $40 million and €35 million, from Austria’s Raiffeisen bank were intercepted by Hungarian officials along with seven guards.

GPS tracking placed the vehicles next to the office of a local law enforcement agency, which Ukrainian media identified as the Hungarian Counter Terrorism Centre (TEK).

Hungary’s National Tax and Customs Administration (NAV) said Friday that the detention was part of a joint investigation with TEK targeting a major money laundering channel.

“This year alone, more than $900 million, €420 million and 146 kilograms of gold in bars were transported through Hungarian territory to Ukraine,” the agency stated.

Hungarian Foreign Minister Peter Szijjarto said the flow of valuables could be linked to “the Ukrainian war mafia.”

Government spokesman Zoltan Kovacs said the intercepted Ukrainian transfer was being supervised by a retired general of the Security Service of Ukraine (SBU), with a retired Air Force major as his right-hand man. All seven will be deported, he added.

Since November, Kiev has been shaken by a series of corruption scandals involving longtime associates of Ukrainian leader Vladimir Zelensky.

Hungarian officials denied claims by Ukrainian Foreign Minister Andrey Sibiga that Budapest has failed to provide explanations, saying Kiev’s consular services had been immediately informed. Sibiga urged an EU intervention, describing the incident as “Hungary taking hostages and stealing money.”

Hungarian Prime Minister Viktor Orban, who accuses Zelensky of trying to trigger a fuel crisis ahead of key parliamentary elections next month, has warned that he may use force over Kiev’s refusal to resume Russian oil transit. He has already suspended the supplying of diesel to Ukraine and blocked a €90 billion EU loan needed to fund Zelensky’s government.

Zelensky responded with a personal threat, saying that unless Orban backs off, the Ukrainian military will be given his address and “speak to him in their own language.”