Ukraine requests investigation by EU supervisory authorities into assets seized from cash transporters in Hungary

Ukraine has requested an investigation by the European Union's financial and supervisory authorities into the seizure of assets belonging to the Ukrainian state-owned bank Oschadbank in Hungary, Andriy Pyshnyi, governor of the National Bank of Ukraine, announced on Sunday.

According to the Ukrainian state-owned financial institution, the Hungarian authorities seized the assets illegally and they are now demanding their return. The Ukrainian central bank's governor asked Hungary to support the independent investigation. "We will refer the matter to the leadership of the European Central Bank, the Central Bank of Austria, the Directorate-General of the European Commission for Financial Stability, Financial Services and Capital Markets, the EU High Representative for Foreign and Security Policy and others" Pyshnyi said on his Facebook page.

“We are facing a situation where the consul cannot access the citizens of his country, when the lawyer cannot access his clients, when political statements are made without any confirmation, and discreditation becomes the main goal – such actions cannot go without evaluation”, the Governor wrote.

The seven Ukrainian citizens who were arrested for their involvement in the money transfer were taken away by the Hungarian Counterterrorism Center and the National Tax and Customs Authority's commandos with their faces covered and in handcuffs. "They put bags over their heads and transported them as if they were the most dangerous terrorists, even though they were not suspected of anything," the Ukrainians' lawyer said, according to whom there was nothing unusual about the shipment that the money transporters wanted to deliver from Austria to Ukraine.

The Ukrainian central bank’s governor wrote on Sunday that the incident should be given a proper legal assessment and response by the European community. According to Pyshnyi, the Ukrainian Savings Bank did not violate the law, and its employees performed their work within international contracts and on legal grounds.

Ukraine will initiate an independent audit, which will also cover the contractual relationships of the parties involved in the transfer of funds and valuables. The governor of the central bank announced that an international company will be commissioned to carry out the audit. “I individually want to appeal to the Hungarian side to support our independent audit initiated. For example, the European Commission could act as an independent third party for an objective and impartial investigation of all circumstances of this incident.”, the governor wrote.

The detention of the Ukrainian cash-in-transit staff on Thursday further exacerbated the already tense Hungarian-Ukrainian relations. Ukrainian Foreign Minister Andrii Sybiha said that the Hungarian authorities had "effectively taken hostage" the employees of the Ukrainian state savings bank. The minister also hinted at sanctions against Hungary when he posted that those behind the operation would be held accountable.