Last week, tensions peaked when Hungarian anti-terrorist forces intercepted a Ukrainian state bank convoy transporting cash and gold. Kyiv swiftly accused Budapest of holding its nationals hostage. But how did this situation arise?

According to the classic Hollywood formula, often credited to Alfred Hitchcock, an effective thriller begins with a dramatic explosion, followed by increasing suspense.

ADVERTISEMENT ADVERTISEMENT

In the conflict unfolding between Hungary and Ukraine, the explosion was an actual pipeline incident.

Since late January, the Druzhba pipeline has ceased operations. Kyiv attributes the blast to Russia, which stopped Russian oil supplies to Hungary and Slovakia.

Conversely, Budapest accuses Kyiv of leveraging the situation and is blocking a crucial €90 billion EU loan to Ukraine.

The escalation did not end with financial vetoes. Hungarian Prime Minister Viktor Orbán pledged to break the oil blockade by force, although he did not provide details on the method.

In response, Ukraine’s President Volodymyr Zelenskyy retorted, indicating he might share Orbán’s contact number with Ukrainian forces. Budapest condemned this comment as a threat to life.

However, there is a larger context. Both leaders face severe deadlines in April. If the EU loan to Ukraine is not approved by early April, Ukraine will exhaust its funds, leading to drastic public service cuts.

Meanwhile, Orbán is approaching critical elections on 12 April, using opposition to Kyiv as part of his campaign strategy.

This situation has forced the EU to expedite efforts to lift the veto and provide funds before Ukraine’s finances collapse, all while attempting to avoid appearing biased toward Hungary.

Striking this balance is particularly challenging as this political drama nears its climax—so prepare, as the final act is about to unfold.

Watch the Euronews video in the player above for the full story.