The bank is demanding the return of $40m, €35m and 9kg of gold seized by Hungarian authorities near Budapest, flatly rejecting Hungarian claims the funds were linked to organised crime or opposition party financing. The personnel on the cash-carrier have been banned from the EU for three years.
Ukraine's Oschadbank is demanding the immediate return of cash and gold confiscated by Hungarian authorities last week, lawyers representing the bank in Hungary told Euronews.
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The incident triggered a diplomatic row after Hungarian police raided a convoy of cash carriers near Budapest and seized $40 million, €35 million and 9kg of gold.
Hungary expelled seven Ukrainian nationals accompanying the transport the following day and opened an investigation into suspected money laundering.
Horváth Lawyers, a law firm representing Oschadbank and its seven employees in Hungary, told Euronews that the Ukrainian vehicles were carrying out a routine transfer from Austria's Raiffeisen Bank to Oschadbank's headquarters in Kyiv.
'Conducted lawfully'
"The origin, purpose, and legal title of the funds can be clearly identified by documentary evidence, and there is no evidence to suggest that the money is derived from or related to criminal activity," the law firm said, adding that the seizure must be ended immediately.
The lawyers noted that Oschadbank had been conducting cash transfers through Hungary since Russia launched its full-scale invasion of Ukraine in 2022, with the knowledge of Hungarian authorities.
"The transfer was conducted lawfully, under the control of the relevant authorities," they said.
Ukrainian Foreign Minister Andrii Sybiha accused Hungary of kidnapping and state terrorism, while his Hungarian counterpart, Péter Szijjártó, said the funds could be linked to criminal activities.
"The question rightly arises whether this is not the money of the Ukrainian war mafia," Szijjártó said.
János Lázár, Hungary's minister for construction and transport, suggested the funds could be used to finance opposition parties ahead of Hungarian elections.
Horváth Lawyers rejected both claims.
"The data from the proceedings do not support those political statements. Based on our knowledge, the case has no Hungarian party financing implications and no Ukrainian criminal groups have been implicated," the firm said.
Seven Ukrainians banned from EU
Horváth Lawyers also disclosed that the seven Ukrainian nationals they represent have been banned from the Schengen area and the broader European Union for three years, with Hungary citing national security grounds.
"The case also contains several elements that are of legal concern, including the lack of substantive content of the national security justification, the limited transparency of the reasoning behind the decision, and the narrow scope of legal remedies," the firm said.
The lawyers indicated the concerns raised could form the basis of a case before the European Court of Human Rights.