Ukrainian President Volodymyr Zelenskyy has expressed readiness to engage with Hungary’s new leadership following the country’s parliamentary elections, while emphasizing that the return of Oschadbank assets seized in March remains a prerequisite for constructive dialogue. The assets, which include approximately $40 million, €35 million and 9 kilograms of gold, were detained by Hungarian authorities on suspicion of money laundering during a special operation on March 5. Zelenskyy has repeatedly characterized the seizure as an act of banditry and accused former Prime Minister Viktor Orbán of personally orchestrating the confiscation.
The president’s willingness to meet with Péter Magyar, leader of the victorious Tisza Party, comes amid broader efforts to normalize relations between Kyiv and Budapest after years of tension over issues including minority rights, energy transit, and historical narratives. However, Zelenskyy has made clear that the return of the Oschadbank funds is non-negotiable, stating in a national telethon interview that “the money simply Orbán stole” and that Ukraine expects its return through negotiations with Hungary’s new government.
Magyar, who has positioned himself as a reformist alternative to Orbán’s Fidesz party, has acknowledged the demand to discuss the return of the seized assets but has as well echoed Orbán’s earlier claims that the money may have Russian origins—a position Kyiv firmly rejects. In interviews with European Pravda and other outlets, Magyar stated that his party “does not know the truth” about the funds and has only seen “propaganda,” while calling for a transparent investigation into the circumstances of the seizure.
The detention occurred when Ukrainian cash-in-transit vehicles belonging to Oschadbank were stopped at a filling station on Hungary’s M5 motorway near the village of Vecsés. Seven guards were initially detained but later released and returned to Ukraine. The incident triggered a diplomatic protest from Kyiv, with Ukraine’s Ministry of Foreign Affairs summoning Hungary’s ambassador on March 9 to demand clarification.
Zelenskyy has framed the dispute as part of a broader pattern of Orbán’s governance, accusing the former prime minister of building his political strategy on hostility toward Ukrainians—a tactic he claimed ultimately backfired in the April 2024 elections. “On hatred, you can win tactically, but lose strategically,” Zelenskyy said, adding that the election results signaled Hungarian voters’ rejection of Orbán’s approach.
Despite the friction over the seized assets, both sides have signaled openness to cooperation on other fronts. Zelenskyy has noted Ukraine’s commitment to preparing the Druzhba oil pipeline for operation by the conclude of April as part of its international obligations, suggesting that energy cooperation could serve as a foundation for renewed engagement regardless of the outcome of the Oschadbank negotiations.
The coming weeks will test whether Magyar’s leadership can deliver on promises of a more constructive relationship with Ukraine while addressing Kyiv’s core demand for the return of state funds. As of now, no date has been set for a direct meeting between Zelenskyy and Magyar, though both leaders have confirmed that discussions are expected to begin soon.
For ongoing updates on Ukraine-Hungary relations and the status of the Oschadbank asset recovery, readers are encouraged to follow official communications from the Office of the President of Ukraine and the Ministry of Foreign Affairs.