Oschadbank vehicle seized in Hungary: Expert on future of currency logistics

The seizure of Oschadbank’s cash-in-transit vehicles in Hungary is a situation with no precedent in the country’s banking history. The state-owned bank had been carrying out standard operations with Austria’s Raiffeisenbank, purchasing foreign currency — euros, dollars and physical gold. All transactions were conducted in line with established rules and procedures, with funds flowing from Austria to Ukraine.

Andriy Dubas, President of the Association of Ukrainian Banks, spoke about the incident on Kyiv 24.

He stressed that this was routine banking activity aimed at supplying the country with the currency needed for the economy to function.

“Such operations are carried out regularly by Ukrainian banks. Nothing like this has ever happened before. It is absolutely unprecedented,” he said.

Dubas added that the whereabouts of Oschadbank employees remained unknown, and appeals had already been sent to Hungarian partners and international organizations for assistance. He urged Ukrainian banks working with European partners and handling cash currency to consider the risks and, if possible, avoid transit through Hungary for the time being.

“This situation will unfold strictly within the legal framework. Ukrainian banks know the instruments to defend their interests in international courts. If unlawful actions by the Hungarian side are confirmed, we will defend our rights by legal means,” Dubas stated.

He recalled that during Russia’s annexation of Crimea, Ukrainian banks’ assets, including those of Oschadbank, were frozen. Court proceedings later confirmed rulings in Ukraine’s favor.

Dubas also thanked international partners, including Greece, for their support and donations. He emphasized that the actions of the current authorities and similar incidents will be judged by society and voters.