Pyshny explained what money Oschadbank was transporting through Hungary and why: details of the scandal
7 March 01:06
The head of the National Bank of Ukraine, Andriy Pyshnyy, explained the situation with the detention of Oschadbank’s cash collection vehicles in Hungary. Pyshnyy wrote about this on his Facebook page, according to "Komersant Ukrainian".
According to him, the cargo transported by Ukrainian cash transporters was legally registered, and the transportation of cash between banks is standard practice during a full-scale war.
Pyshnyy said that the National Bank participated in a briefing by the Ministry of Foreign Affairs for ambassadors of the European Union, the United States, and other partners, where the Ukrainian side provided detailed information about the incident involving the detention of Ukrainian citizens and currency valuables.
The cargo was legally documented
According to the head of the NBU, the regulator’s inspection confirmed that all transportation documents were drawn up in accordance with the law.
“Our check confirmed that the cargo was properly documented. The package of accompanying documents complies with the Customs Code, and we have no objections to the contracts. Oschadbank also has the appropriate license for international transportation, issued by the State Service of Ukraine for Transport Safety,” Pyshnyy said.
He emphasized that the regulator has no complaints about international cash currency transportation by banks:
“We have no objections to banks carrying out international cash currency transfers within the framework of concluded international agreements, which are confirmed by relevant documents from both banks.”
Why banks transport large amounts of cash
Pyshny explained that after the start of Russia’s full-scale invasion, banks changed the way they transport cash:
“Transporting cash exclusively by land transport has been standard practice since the start of Russia’s full-scale invasion of Ukraine. Before that, they were transported by air.”
According to him, the amounts of cash transported by banks are also not unusual:
“The amounts of money transported by banks are not abnormal. The demand for cash currency is caused by objective reasons related to the full-scale war.”
He recalled that Ukraine has restrictions on currency transfers in accordance with NBU Board Resolution No. 18, which also affects the demand for cash currency.
Why banks import large amounts of currency
Pyshny noted that in 2023, the National Bank lifted restrictions on the purchase of cash currency by the population in order to reduce the difference between exchange rates on the cash and non-cash markets:
“In view of this, there was a growing need to import significant amounts of cash foreign currency into the country, which Ukrainian banks receive from their European partners in exchange for non-cash currency.”
That is why banks’ cash collection flights take place regularly.
“Such flights are carried out by cash collection vehicles of Oschadbank and other banks on a weekly basis,” Pyshnyy noted.
The NBU advises banks to change their routes
After the incident with the detention of Ukrainian cash collectors, the National Bank communicated with all banks that transport valuables across the border.
“Our recommendation is to adjust routes and exclude travel through countries where there is a risk of transport being blocked.”
Hungary has not explained the reasons for the detention
According to Pyshnyy, the Ukrainian side has not yet received official documents explaining the reasons for the detention of Ukrainian citizens:
“At this time, no clear classification of violations confirmed by documents regarding Ukrainian citizens has been provided by official sources on the Hungarian side.”
He also noted that the collectors are to be deported, not tried:
“This indirectly confirms the fact that the employees of the collection teams are allegedly being prepared for deportation from Hungary, which means that no criminal cases have been opened against them.”
The NBU called the accusations manipulations
Pyshny stated that some Hungarian officials are appealing to the military experience of Ukrainian cash collectors:
“Representatives of the Hungarian authorities are manipulating the military combat experience of Oschadbank employees. But Ukraine has been living in a full-scale war for four years now, and has been resisting Russian aggression for a total of 12 years, so men with military experience are the norm for our country.”
Ukraine is working with international partners
The National Bank, together with the Ukrainian diplomatic service, continues to communicate with international partners regarding the situation.
“We emphasize the unacceptability of such incidents, as they can have negative consequences for Ukraine’s financial stability and undermine the efforts of partners aimed at supporting it,” said the head of the National Bank.
Pyshnyy added that Ukraine expects the collectors and the currency cargo to be returned to their rightful owner as soon as possible:
“We hope that our citizens will return to Ukraine as soon as possible. And we expect that the cargo will be returned to its rightful owner, Oschadbank.”
Why Ukrainian cash collectors were detained
The incident occurred during the transportation of large sums of money between European banks.
Two cash transport vehicles were carrying:
- $40 million
- 35 million euros
- 9 kg of bank gold.
The Ukrainian side emphasizes that there were no legal grounds for detaining citizens and confiscating property.
Ukraine demands an investigation
After the incident, Ukrainian law enforcement agencies opened criminal proceedings on the following grounds:
- the abduction of Ukrainian citizens
- seizure of an official vehicle.
Sybiga also stated that Ukraine is considering sanctions against individuals involved in restricting the rights of Ukrainian citizens.
