On 5 March 2026 Hungarian law enforcement authorities stopped two armored cash-in-transit vehicles belonging to a Ukrainian state bank. The cargo included approximately USD 40 million, EUR 35 million and 9 kg of gold with a total estimated value of about USD 82 million. This paper provides a legal analysis of this unprecedented detention of an interbank cash shipment within the framework of European Union law, particularly the Fourth Anti-Money Laundering Directive (EU 2015/849) and Regulation (EU) 2018/1672 on controls of cash entering or leaving the Union. As a real-world case study, this publication initiates a comprehensive legal and scientific analysis that will continuously examine all procedural stages of this ongoing dispute. The study examines the legal balance between legitimate cross-border transit of banking reserves and the potential misuse of anti-money-laundering mechanisms. It outlines the strengths and weaknesses of the legal positions of both states, evaluates possible litigation scenarios ranging from Hungarian national courts to international arbitration and the European Court of Human Rights, and proposes strategic steps Ukraine may take to protect its international cash logistics under wartime conditions.
Anton Chubenko (Sat,) studied this question.