Hungary's new PM orders investigation into "gold convoy" incident that fractured Hungary-Ukraine relations

Hungarian Prime Minister Péter Magyar has ordered an investigation into the so-called "gold convoy" incident, in which Hungarian authorities detained in March a transport belonging to Ukraine's National Bank carrying cash and gold, and arrested seven Ukrainian citizens. The incident triggered a serious diplomatic crisis between Hungary and Ukraine and deepened tensions that had already accumulated during the tenure of former Prime Minister Viktor Orbán.

Hungarian Prime Minister Péter Magyar has ordered the launch of an official investigation into the circumstances of the so-called "gold convoy" incident, according to The Kyiv Independent.

What happened in March?

During the incident, Hungarian authorities stopped a transport belonging to Ukraine's National Bank in March 2024 that was carrying cash and gold. In addition, seven Ukrainian citizens were arrested. The incident immediately provoked a sharp reaction in Kyiv and significantly damaged relations between the two neighbouring countries.

Orbán's shadow over Magyar

The scandal occurred during the tenure of former Prime Minister Viktor Orbán, when Hungarian relations with Ukraine were already strained. Orbán had stood out among Western partners for his anti-Ukraine stance and was one of the few European Union leaders to refrain from taking a strictly critical position towards Russia.

Magyar's decision to investigate the incident signals the new Hungarian leadership's desire to operate with greater transparency than before and to improve bilateral relations with Ukraine.