Oschadbank demands Hungary return its illegally seized assets and valuables
Oschadbank of Ukraine will take legal steps to reclaim the property and valuables that were illegally detained in Hungary on March 6.
This was reported by the bank on its Facebook page, according to Ukrinform.
"After the illegal seizure in Hungary on March 5, 2026, of seven Oschadbank employees, two armored cash-in-transit vehicles, and the valuables they were transporting, the Ukrainian citizens have returned home. However, the vehicles and valuables remain illegally held," the bank emphasized.
Oschadbank noted that further protection of its rights in addressing the Hungary incident will proceed along two lines.
"First: challenging the decision regarding restrictive measures that prevented the bank’s cash-in-transit employees from remaining in the EU, which were unjustly imposed by the Hungarian migration authorities. The matter of the employees’ rights being violated during detention – held for over 24 hours without access to legal assistance or consular support – will also be thoroughly examined," the bank said.
"Second: taking legal steps to recover the bank’s property – two cash-in-transit vehicles and valuables totaling USD 40 million, EUR 35 million, and 9 kg of bank gold," Oschadbank stressed.
The statement emphasized: "Oschadbank is fully confident in the legality of its actions. Complete documentation and supporting information have been submitted to the National Bank of Ukraine. To further confirm its legal position, the bank will consult a leading international firm for an independent audit of the processes and contractual relationships among all parties involved in the transport of the funds and valuables."
Facts regarding the Hungary incident, according to Oschadbank:
- The transport of cash and valuables was carried out under an international agreement between Oschadbank and Raiffeisen Bank Austria. The shipment complied with international transport regulations and European customs procedures.
- Oschadbank holds a valid license for international transport issued by the State Service of Ukraine for Transport Safety.
- During the full-scale war, banks conduct cash transports exclusively by land. Such shipments occur on average weekly.
- The cash-in-transit team included seven regular employees with between 3 and 21 years of experience at the bank. Traditionally, one of the heads of the cash collection department accompanies international deliveries; this time, the team was led by the deputy director of the department.
- The money being transported from Vienna to Ukraine belonged to Oschadbank. These funds were entrusted to the bank by Ukrainian citizens and businesses for further circulation and to supply the country’s cash market.
- Packaging of money and valuables was carried out according to all regulatory and transport requirements.
"Oschadbank demands the return of its cash-in-transit vehicles and valuables in full," the statement concluded.
As previously reported by Ukrinform, on the night of March 6, Minister of Foreign Affairs Andrii Sybiha said that Hungarian authorities in Budapest had taken seven Ukrainian Oschadbank employees hostage and seized the cash they were transporting. The seven employees were traveling with two bank vehicles in transit between Austria and Ukraine as part of regular servicing between state banks.
Later that day, the Hungarian tax authority confirmed the detention of the seven Oschadbank cash-in-transit staff and two vehicles carrying cash from Austria to Ukraine, stating that a criminal investigation was underway on suspicion of money laundering.
In the evening, Sybiha announced that Ukraine had secured the release of the seven Ukrainians held in Budapest – they had already crossed the Ukrainian border.
The National Bank of Ukraine advised banks to adjust transport routes and avoid countries where there is a risk of shipment blockages.
On March 7, the National Bank stated that the illegal seizure of Oschadbank’s cash-in-transit vehicles in Hungary could create temporary logistical difficulties in delivering foreign currency from abroad. The National Bank confirmed that it is ready to support bank cash reserves with foreign currency if needed.