Fidesz caucus leader Mate Kocsis, referring to the matter as the "Ukrainian gold convoy", told the National Security Committee that the bill aims to give the Hungarian National Tax and Customs Administration (NAV) additional powers to investigate suspicious financial transactions.

"Funds of unknown origin and purpose must be thoroughly investigated, including their intended destination, ownership, and whether they have entered or left Hungary," he said, adding that the method of transportation and the identities of those involved could pose national security risks.

He said the proposed legislation is necessary despite potential retroactive concerns and apologised for the short notice of convening the committee.

Hungary’s anti-terrorist TEK group raided the convoy on March 5, when it was carrying $40mn, €35mn and nine kilograms of gold from Austria to Ukraine. Ukrainian state-owned Oschadbank and Raiffeisen issued statements saying the entire transfer had been coordinated in accordance with international transportation rules.

The NAV announced that it had launched criminal proceedings on suspicion of money laundering. Authorities detained seven men, who were expelled from Hungary the following day. According to the legal representative, the Ukrainians were denied legal recourse during their custody. 

At the parliamentary meeting, Kocsis, repeating the government’s unsubstantiated narratives, accused Ukrainian President Volodymyr Zelenskiy of pushing for a pro-Ukrainian government in Hungary.

"To this end, an alliance has been formed with the Tisza Party, and in pursuing this objective, Ukraine is placing Hungarian households and businesses at considerable risk by decoupling from Russian oil.

Over the weekend, Fidesz politicians, including Prime Minister Viktor Orbán, made veiled allegations suggesting that the Tisza Party may have been among the recipients of these funds. 

Analysts say Fidesz is heightening war fears and escalating tensions with Ukraine to consolidate its support base and is attempting to portray opposition leader Peter Magyar as Zelenskiy’s man.

According to the Policy Solution polling firm, years of extensive smear campaigns in Hungary have caused Zelenskiy's approval rating to drop to levels comparable to those of Russian President Vladimir Putin.

Ukrainian Foreign Minister Andriy Sybiha sharply criticised the arrests, accusing Hungary of taking hostages and stealing money. He also described Orban’s actions as akin to those of an organised criminal group. Kyiv has since advised Ukrainian citizens not to travel to Hungary.

In his latest X post commenting on the bill that would "legalise the illegal seizure" he accused Budapest of adding "lawlessness on top of lawlessness". 

"We will hold everyone involved accountable, not only for the theft of money but first and foremost for the brutal treatment of seven Ukrainian citizens in violation of the European Convention on Human Rights and the Vienna Convention on Consular Relations," he wrote.

Oschadbank also announced that it would take legal measures to recover the seized assets.