Hungary Returns Oschadbank Seized Assets

Hungary has returned approximately $82 million in cash and gold belonging to Ukraine's state-owned Oschadbank, which had been seized in March. The assets, including $40 million, 35 million euros, and 9 kilograms of gold, were detained by Hungarian authorities during transit from Austria to Ukraine, citing suspicions of money laundering. This incident led to a diplomatic dispute, with Ukraine condemning the seizure and accusing Viktor Orbán's government of using it as a political tool. Seven Oschadbank employees accompanying the shipment were detained, subjected to pressure, and later expelled from Hungary. The dispute unfolded against a backdrop of strained relations between Hungary and Ukraine, particularly concerning Russian oil transit via the Druzhba pipeline and Hungary's blocking of a European Union loan to Ukraine. The return of the assets, announced by Volodymyr Zelenskyy, marks a significant de-escalation in tensions, especially following the electoral defeat of Viktor Orbán and the rise of Péter Magyar's Hungary — Tisza Party, which has signaled a more constructive approach towards Kyiv. Hungary subsequently lifted its veto on the EU loan to Ukraine after oil flows resumed.