Hungary has returned to Ukraine the cash and gold that belonged to Oschadbank, the Ukrainian state-owned financial institution, and which Hungarian intelligence services seized in March, President Volodymyr Zelensky announced on Facebook on Wednesday.

Oschadbank gets back belongings, Zelenskyy thankful

Ukrainian President Volodymyr Zelenskyy said Wednesday that Hungary returned funds seized from a state-owned Ukrainian bank earlier this year, describing the move as an “important step” in relations between Kyiv and Budapest, the Turkish Anadolu news agency wrote.

In a statement on the US social media platform X, Zelenskyy said funds belonging to Oschadbank that were seized by Hungarian authorities in March had been fully returned to Ukrainian territory.

“I am grateful to Hungary for its constructive approach and civilized step. I thank everyone on Ukraine’s team who fought for a fair decision and defended the interests of our state and our people,” Zelenskyy said.

Ukrainian Foreign Minister Andrii Sybiha also described the move as a “welcome development” on the path toward normalizing bilateral relations, while thanking the Hungarian side.

A good sign

“We take this as a sign of Hungary’s willingness to advance our relations with mutual respect and healthy pragmatism — and we are ready to reciprocate,” Sybiha said.

In early March, Ukraine accused Hungarian authorities of “taking hostage” seven employees of Oschadbank in Budapest, as well as seizing more than $80 million in cash and 9 kilograms of gold.

Hungary’s National Tax and Customs Administration announced at the time that it had detained the seven Ukrainian nationals, along with two armored cash-transport vehicles, amid criminal proceedings launched on suspicion of money laundering.

Authorities said the seized vehicles had been transporting a total of $40 million, €35 million and 9 kilograms of gold to Ukraine from Austria. The seven individuals were expelled from Hungary two days after being detained.

Crude deliveries resumed

The detention of the Ukrainian nationals came amid diplomatic tensions between Kyiv and Budapest caused by a halt to oil shipments through the Druzhba pipeline after a 27 January incident, which Ukraine blamed on Russia.

Hungary and Slovakia, however, have accused Ukraine of intentionally blocking deliveries to gain political leverage.

Bratislava confirmed late last month that crude oil deliveries to the country via Druzhba resumed, after Ukraine said it concluded repairs to the damaged section of the pipeline.

If you missed our previous articles concerning Ukraine:

PM Péter Magyar and Ukrainian President Zelensky may meet soon in Transcarpathia

Ukraine extends olive branches to Hungary: oil shipments, minority rights, cooperation – normalisation underway?