Hungarian Foreign Minister Peter Szijjarto has suggested the $100 million in cash and gold could have been meant for funding election interference in his country

Ukraine has failed to explain why an armored convoy carrying tens of millions of dollars in cash and gold, and supervised by people with ties to Ukrainian intelligence, was transiting through Hungary, Foreign Minister Peter Szijjarto has said. He also implied that the funds may be a sign of Ukrainian plans to meddle in Hungary’s upcoming elections.

Tensions between the two countries escalated last week when Hungarian officials impounded two trucks belonging to Ukrainian state-owned Oschadbank near Budapest, seizing $40 million and €35 million in cash and 9 kg of gold as part of a money laundering investigation. The funds were being transported from Austria’s Raiffeisen Bank to Ukraine.

Hungary said the convoy was being supervised by a former general of Ukraine’s Security Service (SBU), with other escorts also reportedly having military backgrounds. All seven escorts were deported back to Ukraine, while the assets and the trucks remain in custody. Ukraine, meanwhile, has denounced the seizure as “state banditism” and “blackmail.”

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Speaking on Tuesday, Szijjarto – who previously suggested that the convoy could be linked to a Ukrainian “war mafia” – rebuked Kiev over what he described as a failure to answer basic questions about the convoy and previous transfers of the same kind.

“I think the last time such a transfer happened was in the Stone Age, when two banks settled €1.1-1.2 billion in cash between each other,” Szijjarto said.

The minister further questioned the convoy’s route, pointing out it had bypassed Poland – a NATO member with relatively good relations with Kiev – in favor of Hungarian roads.

“So what is this money doing here? And what are the Ukrainian secret service people and people with military connections doing among the escorts?” he said.

He also described it as “very suspicious” that the detained Ukrainians were being represented in Hungary by a law firm linked to the Tisza opposition party.

Szijjarto suggested that the cash could be tied to alleged Ukrainian efforts to influence Hungary’s April 12 parliamentary elections. “The Ukrainians have an interest in a certain election outcome, and 500 billion forints are again floating around in Hungary. How strong the connection between the two is – that is what needs to be found out now.”