Hungarian authorities blocked a cash transport for Ukraine after Oschadbank decided to transport funds independently. Previously, the market was controlled by Criterion, a company owned by Istvan Garanci, a close friend of Prime Minister Viktor Orban. Police stopped the Ukrainian crew on the M0 highway immediately after the bank bypassed the long-term intermediary.
Telex reported that Garanci’s firm held a monopoly on interbank transfers since 2022. The company transported billions of euros and gold bars weekly from Vienna to the Ukrainian border under Hungarian police escort. In 2024 alone, approximately 15 billion euros passed through this channel, generating massive profits for Criterion.
Reasons behind the detention
Last week, Oschadbank attempted to move valuables without involving the Hungarian intermediary. Security forces immediately detained the vehicle under the pretext of a “money laundering” investigation. Although Hungarian authorities were aware of the shipment, they chose to conduct a demonstrative arrest rather than provide the usual escort. While seven Ukrainians eventually returned home, the millions of dollars and gold seized remain in Hungary.
Experts view this incident as political blackmail. Budapest is likely attempting to force the resumption of Russian oil transit through Ukraine by targeting the banking sector. Furthermore, the loss of a lucrative contract for an individual close to Orban triggered an immediate reaction from law enforcement. Consequently, Ukraine is already seeking safer logistical routes through other European Union member states.
This scandal threatens Hungary’s status as a financial hub. Due to closed airspace, Ukraine served as a key client for Hungarian transporters during the full-scale invasion. Now, Budapest’s aggressive policy forces Ukrainian banks to abandon transit through this territory. This shift will result in million-dollar losses for local businesses that profited from Ukrainian financial flows for years.
Previously, The Ukrainian Review reported that Viktor Orban claimed that Ukrainians allegedly threatened his family.
