Hungary Returns $82M Cash and Gold Shipment to Ukraine Amid Tensions Over Russian Oil Pipeline

Ukrainian President Volodymyr Zelenskyy announced on Wednesday that a shipment of Ukrainian cash and gold worth around $82 million has been returned to Ukraine’s state Oschadbank. The valuables were seized earlier this year by Hungarian authorities, causing outrage in Ukraine where officials accused Hungary’s pro-Russian government of acting illegally.

The seizure occurred amid ongoing tensions between neighboring countries over Hungary’s access to Russian oil through a pipeline crossing Ukrainian territory. However, Zelenskyy expressed gratitude for Hungary’s constructive approach and the return of the valuables, which he described as an important step in relations with Hungary following Orbán’s landslide election defeat last month.

At the time of the seizure, Hungarian authorities suspected money laundering and held the shipment, including $40 million and 35 million euros in cash, and 9 kilograms (19.8 pounds) of gold, for up to 60 days while tax authorities investigated. The Ukrainian bank employees traveling with the shipment were expelled after over 24 hours of detention.

Ukrainian officials accused Orbán’s government of blackmailing Kyiv to pressure it into restoring interrupted shipments of Russian oil through the Druzhba pipeline, which had been damaged by a Russian drone strike. Orbán suggested without evidence that the shipment may have been intended for his primary political opponent, the center-right Tisza party.

Orbán’s government blocked a major 90-billion euro ($106 billion) European Union loan to Ukraine over the interruption of Russian oil via the Druzhba pipeline. Once flows resumed following Orbán’s electoral defeat, Hungary lifted its veto and allowed the loan to go through.