Did the bank raid become a “lifeline” for Orban?

The purpose of stopping the Ukrainian bank's convoy was not to enforce the law, but to trigger a diplomatic crisis between Hungary and Ukraine, which could benefit Prime Minister Viktor Orban in the pre-election campaign, the VSquare website wrote on Friday, citing sources close to the matter.

The Hungarian anti-terrorism agency carried out a raid on March 5 on two armored vehicles belonging to the Ukrainian state bank Oshchadbank, which were transporting cash from Austria to Ukraine through Hungary as part of a routine transit. Seven bank employees were detained and approximately USD 82 million in cash and gold were confiscated.

“The operation was motivated by political considerations, not legitimate law enforcement concerns,” four sources familiar with the details of the operation told VSquare. They added that the action was intended to trigger a confrontation with Ukraine, which plays a central role in the pre-election campaign of Prime Minister Orban's camp.

Hungarian agents monitored the bank's courier operations between Austria and Ukraine at least since early January 2026. Some of the supervision was conducted abroad.

The original plan – referred to by sources as “Plan A” – assumed the arrest of a convoy carrying illegal weapons, which would constitute grounds for linking the case to terrorism or arms trafficking. For this reason, a well-armed anti-terrorist unit, TEK, was assigned to the operation.

However, the operation did not go according to plan, VSquare noted. After the arrest, it was found that the Ukrainians' documentation, money transfers and the entire transport logistics were legal. It also turned out that the drivers and guards did not have weapons with them. According to multiple sources, it became clear that there was no legal basis for the search or for the subsequent detention, interrogation without a lawyer, or for the expulsion of the Ukrainian personnel, VSquare noted.

An emergency “Plan B” was quickly activated: the Hungarian tax office NAV was ordered to open an anti-money laundering investigation to ensure the legal protection of the operation. The move allegedly caused tensions at NAV because the authority's anti-money laundering unit had not been consulted in advance.

The bank employees were held for over 24 hours – most of the time blindfolded and in handcuffs, without a Ukrainian translator – before they were deported to Ukraine and banned from entering the Schengen area, the website reported. The confiscated cargo remains in Hungary – it was added.

The Guardian daily, which describes the case – also citing its sources – wrote on Friday that Hungarian officers injected one of the detainees with an unidentified substance during interrogation. Ukrainian security sources told the newspaper that they believed the substance was a relaxant intended to make the interrogated person talkative. One of the sources described the method as “Russian” and reminiscent of the so-called truth serum from the KGB era.

The agent caused a reaction that resulted in the man losing consciousness. He was taken to hospital.

VSquare noted that despite logistical failures and a questionable legal context, those responsible for the operation interpreted it as a political success. According to them, news of the detention reached Ukrainian President Volodymyr Zelensky, who later uttered words criticized by Hungary and the EU and perceived as a direct threat to Orban.

“Zelensky's statement gave Orban the electoral lifeline his team was counting on. For several days, the ruling Fidesz built a narrative around Zelensky's threats,” the portal emphasized.

The elections in Hungary will take place on April 12. The opposition TISHA leads Fidesz in most independent polls. In a February poll by Median, Magyar's party gained a 20-point lead among decisive voters.

Jakub Bawołek from Budapest (PAP)

jbw/kar/