On March 5, 2026, two Oschadbank cash-in-transit vehicles, accompanied by seven crew members, were unlawfully detained in Hungary while transporting foreign currency and precious metals between Raiffeisen Bank Austria and Oschadbank Ukraine. The vehicles, carrying $40 million USD, €35 million EUR, and 9 kg of gold, are confirmed to be near a Hungarian law enforcement facility in Budapest, though the whereabouts of the staff remain unknown. Oschadbank demands the immediate release of its employees and property, emphasizing that the shipment was conducted in compliance with international agreements and European customs procedures.
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On March 5, Hungarian authorities detained seven Ukrainian citizens, employees of Oschadbank, along with two bank vehicles. These vehicles were transporting a significant sum of money, totaling $40 million, €35 million, and 9 kg of gold, between Austria and Ukraine. The Ukrainian Ministry of Foreign Affairs has characterized these actions as state terrorism and racketeering, demanding the immediate release of the employees and the return of the seized assets. This incident follows recent tensions between Hungary and Ukraine regarding the transit of Russian oil.
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The Paris Court of Appeal affirmed a 2018 arbitration ruling, rejecting Russia’s challenge and mandating compensation to Ukraine’s Oschadbank for losses stemming from the annexation of Crimea. This decision requires Russia to pay over $1.5 billion in damages and legal fees, marking the first such victory for a Ukrainian bank against Russia. Oschadbank has been actively pursuing Russian assets to enforce the award, recently seizing over 87 million euros in France. The bank is prepared for a prolonged legal battle to ensure Russia fulfills its financial obligations.
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John Q. Hosedrinker