Budapest is demanding immediate explanations from Ukraine regarding a substantial flow of cash and gold through Hungary, raising concerns that the funds may be linked to illicit activities. Hungarian Foreign Minister Péter Szijjártó alleges the money could be connected to a “Ukrainian military mafia,” prompting a formal investigation and escalating tensions between the two countries.
The allegations center around large sums of money and precious metals reportedly transported through Hungary in recent months. Szijjártó stated that Hungarian authorities are investigating what he called a “shocking crime,” and are seeking clarity on the origin and purpose of these funds. The situation has also led to a diplomatic fallout, with Ukraine’s Foreign Minister Dmytro Kuleba labeling Hungary’s actions as “terrorism and hostage-taking” and advising citizens to avoid travel to Hungary.
According to Szijjártó, between January and March 4, 2026, a total of $900 million and €420 million in cash, along with 146 kilograms of gold bullion, passed through Hungary. “This raises several serious questions,” Szijjártó said. “First, This represents a huge amount of cash, and the question arises as to why Ukrainians need to transport such a large amount of cash. If this is indeed a transaction between banks, the question arises as to why the banks do not transfer the money to each other, why such a large amount of cash needs to be transported, especially through Hungary.”
The Hungarian Foreign Minister further emphasized that the individuals involved in these transactions appear to have ties to Ukrainian intelligence services. “These questions arise primarily because these money transfers are accompanied by people who have obvious connections to Ukrainian special services,” he stated. “We demand an explanation as to why Ukrainians have been transporting such a huge amount of cash through Hungary in recent months. What is this money used for, whose money is it?”
Investigation and Allegations of Illicit Funds
Szijjártó questioned whether the funds were solely in transit through Hungary or if some were being left within the country for potentially illicit purposes. “It is perfectly reasonable to request whether this is about money from the Ukrainian military mafia,” he asserted. He stressed that Hungarian authorities will conduct a thorough investigation until they receive satisfactory answers from Ukraine.
On Friday, March 6, 2026, Hungary’s National Tax and Customs Administration reported the seizure of armored vehicles and bank employees from Ukraine, citing suspicions of money laundering. The agency claims that a former general of Ukrainian intelligence was overseeing the transport of $40 million USD, €35 million, and 9 kilograms of gold. Pravda.com.ua reported on the incident, noting the seizure occurred as the funds were being transported.
Ukraine’s Response and Counterclaims
The initial report of the seizure came from Ukraine’s National Bank, which stated the funds belonged to Oschadbank and were being transported from Austria to Ukraine. Yet, Ukraine has strongly condemned Hungary’s actions, with Foreign Minister Dmytro Kuleba calling the detention of Ukrainian citizens “terrorism and hostage-taking.” He also advised Ukrainians against traveling to Hungary, according to reports.
The escalating dispute comes amid ongoing geopolitical tensions in the region. Péter Szijjártó, whose image can be found on Getty Images, has been a vocal advocate for maintaining economic ties with Russia despite international sanctions, a position that has drawn criticism from some European allies. He recently visited Moscow on March 4, 2026, to discuss energy supplies, as reported by Pravda.com.ua.
What’s Next?
The situation remains fluid as Hungary awaits a response from Ukraine. The outcome of the Hungarian investigation and Ukraine’s explanation will likely have significant implications for bilateral relations and regional security. Further developments are expected in the coming days as both countries navigate this diplomatic crisis.
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