When routine bank transit meets Hungarian hostility

Ukraine faces a new crisis with Hungary over the kidnapping of cash collectors. Olena remembers when criminals killed bank staff in Ukraine — now Hungary detains them.

It was a shock to the system, and sent ripples in European-Ukrainian relations.

On March 5th, Hungary detained two Ukrainian Cash-in-Transit (CIT) vehicles on the pretense that money laundering might be occurring.

The CIT officers were later released, but the seized cargo — cash and gold — remains in Hungary, a country led by Putin ally Viktor Orban.

“I simply didn’t believe it. I thought it was fake news because I couldn’t imagine something like this happening…Mostly because the whole operation seemed so poorly organized… Like, what is actually happening here?”

That was Olena Shpundra’s reaction, a former bank employee, to the news about the incident.

Olena Shpundra, a former bank employee, currently a psychologist. Photo provided by Olena.

Later, the Ministry of Foreign Affairs of Ukraine reported that the CIT officers were detained by Hungary’s Anti-Terrorist Center, whose officers were armed with machine guns and grenade launchers. The detainees were transported, blindfolded and handcuffed, and were interrogated for 28 hours. They were denied medical assistance, as well as a meeting with a Ukrainian consul.

This case deepens already present tensions between Ukraine and Hungary, including oil transit disputes, EU support for Ukraine, and Orban’s anti-Ukraine messaging. Now, ordinary cash transit workers are caught in the fallout.

“We will defeat them. We will break the oil blockade. We will force the Ukrainian to restart deliveries. Not through business, not through agreement, not through compromise, but by force,” Orban said.

Olena worked in Ukraine’s banking system for eleven years, from 1997 to 2009. She worked in several financial institutions closely with CIT workers, eventually finishing as a deputy chief accountant at a bank.

There were times in Ukraine when banking was far from a safe job. In the 1990s, the country had just reclaimed its independence after the Soviet Union’s collapse. Ukraine was drowning in economic chaos, and was teeming with criminal organizations. They controlled nearly every key sector of the state, and were engaged in everything from corruption to robberies to contract killings.

“These were the wild 90s…what I liked about the job was simply that I had one... I was hired for the lowest position in one of Kyiv’s banks,” Olena said.

People in charge of collecting and transiting cash were at great risk. The cash is picked up from stores, ATMs, offices, and other places, then delivered safely to bank branches, central vaults, or cash processing centers. A CIT officer’s job also includes delivering bank metals and valuable documents using armored vehicles.

Fortunately, the bank where Olena worked was never attacked. But Olena was haunted by a bloody attack in Kharkiv in 2004, when three Oschadbank cash-in-transit collectors and their driver were shot dead.

“Back then it caused a huge stir across the whole banking system. Everyone talked about it, there were warnings for employees to be more careful, and security measures were strengthened,” she recalled.

This month, CIT officers from the same bank were kidnapped by a foreign country, despite hope that the most dangerous times were years behind.

Hungary-Ukraine relations have faced significant tensions since Russia launched its full-scale invasion in 2022. Hungary has often blocked decisions related to Ukraine’s EU accession, the allocation of aid, or sanctions against Russia.

This time the crisis between Kyiv and Budapest deepened tremendously before a coming election in Hungary, which will take place on April 12. Orban’s re-election campaign relies on anti-Ukraine messaging.

”We do not want to let them into the European Union. They already behave as if they were members, making demands and issuing threats,” Orban said.

For instance, Hungary displayed publicly funded billboards featuring AI-generated images of Zelenskyy alongside EU officials with the slogan “We won’t pay!” implying that Hungary shouldn’t help Ukraine financially because such aid would bankrupt the country.

A billboard showing an AI-generated image of Ukrainian President Volodymyr Zelenskyy, center, flanked by European officials is displayed at a bus stop in Budapest, Hungary, Monday, Feb. 23, 2026. (AP Photo/Bela Szandelszky)

The countries’ leaders have repeatedly traded public accusations and threats. One of the most high-profile disputes concerned the Druzhba oil pipeline, which supplies Hungary with Russian oil. The row escalated after Russia struck a section of the pipeline during a January attack on Ukraine’s Lviv region, through which it runs.

Budapest claims that Ukraine is refusing to repair the pipeline and is deliberately delaying the work, while Kyiv says the repairs will take months to complete.

On March 5, Viktor Orbán threatened to use force to restore the Druzhba oil pipeline. By the next night, it emerged that seven Ukrainian cash-in-transit guards had been taken hostage in Budapest.

The Druzhba pipeline construction site. Photo by Sammlung Heinz/picture alliance via Getty Images

“The profession of a collector is directly connected with risk — enormous risk. It existed then and I’m sure it still exists now…There’s a constant kind of paranoia — you keep looking around, checking everything fifteen times. There’s the risk not only of losing the valuables you transport, but also the risk of losing your life or receiving injuries [by criminals who would want to steal money],” she said.

Olena was neither ready nor willing to work as an independent cash-in-transit guard, partly because she felt the job was not fairly compensated. She said the salary was roughly the same as that of other bank employees, despite the far greater daily risks involved

“These were honestly not the kind of sums for which I personally would risk my life, along with the constant paranoia or fear of being followed,” she said.

During the war, CIT officers work under extra security. Since they often work near combat zones, they use armored vehicles, bulletproof vests, and weapons. They are protected from being drafted because they are critical for the banking system.

Since the start of Russia’s full-scale invasion, cross-border cash-in-transit operations have been carried out exclusively by land, with such shipments taking place every week, said the governor of the National Bank of Ukraine.

He stated that the seized cargo was in transit from Austria through Hungary, intended to supply Ukraine’s domestic cash circulation.

After the kidnapping incident, Oschadbank stated the cargo was transported in accordance with all regulations and customs procedures, calling this detention unlawful.

However, the cargo, valued at $35-40 million euros, and 9 kilograms of gold seized from Oschadbank will remain in Hungary until the Druzhba pipeline resumes operations, according to the Hungarian Transport Minister.

According to GPS data, the vehicles of the kidnapped cash-in-transit guards are located in central Budapest, near the building of one of Hungary’s security agencies.

On March 6 the CIT officers returned to Ukraine despite the money laundering accusations. One of the CIT officers ended up in a hospital after the interrogation.

On March 11, Budapest stated that it sent a delegation to Ukraine to check the state of Druzhba and restore its operation. Kyiv stated that these representatives of Hungary don’t have delegation status.

“The way Hungarian security forces treated our collectors — besides creating additional stress that is difficult even to describe — is also a classic example of Hubris syndrome, when a person enjoys abusing their power,” she reflected.

The atmosphere of Olena’s workplace is now completely different. The environment, which consisted of different perfumes and office supplies, indications of human collaboration, has been replaced with the smell of home, a soft blanket, and pets nearby.

Olena became a psychologist and does not plan to return to the banking sector because of the stress it might bring.

“We should simply treat them humanely. They deserve decent working conditions and access to therapeutic support groups. People should understand that these workers take greater risks than most others,” she reflected.

NEWS OF THE DAY:

By Oksana Stepura

Good morning to readers; Kyiv remains in Ukrainian hands.

U.S. COMPANY SENDS ROBOT SOLDIERS TO UKRAINE: The U.S.-based company Foundation sent two humanoid robots to Ukraine to assist with frontline resupply. These robots can operate standard firearms and perform dangerous tasks to reduce the risk to human soldiers.

U.S. DEPLOYS UKRAINIAN INTERCEPTOR DRONES: The U.S. has sent 10,000 interceptor drones – originally developed and tested in Ukraine – to the Middle East, to counter Iranian drone attacks. These relatively low-cost drones are meant to reduce reliance on expensive missile air defense systems like Patriot and THAAD.

IRAN THREATENS UKRAINE OVER ALLEGED DRONE AID: An Iranian parliamentary official warned that Ukraine became a “legitimate target” for providing done support to Israel. As of now, there are no reports of Ukrainian drones being sent to Israel, butUkraine has sent Interceptor drones to Gulf countries to help counter Iranian attacks.

DOG OF WAR:

This is Anastasiia’s friend’s dog. Her name is Aika. She was adopted from the URSA shelter and is already enjoying the feeling of being at home.

Stay safe out there!

Best,
Anastasiia and Oksana