The Republic of Moldova has won an international arbitration case brought by RTI Rotalin Gas Trading AG and Rotalin Gaz Trading SRL before the International Centre for Settlement of Investment Disputes (ICSID). In a ruling issued on 2 October 2026, the arbitral tribunal dismissed all claims against the state, worth more than MDL 471 million, plus interest.

The dispute concerned the regulation of the natural gas market and measures adopted by the Moldovan authorities, including during the energy crisis. The companies argued that these measures had affected their investments and breached the state’s obligations under the Energy Charter Treaty. After examining the merits of the case, the tribunal found no breach of those obligations in relation to the claimants.

For the Republic of Moldova, the outcome means avoiding a substantial financial liability and confirms that the challenged measures did not violate the investment protection standards established by the treaty. The ruling is relevant to the way the state exercises its responsibility to protect consumers, ensure energy security and maintain energy supplies while respecting investors’ rights.

“The Republic of Moldova needs investment in the energy sector and clear, fairly applied rules. At the same time, the authorities have a responsibility to protect consumers and ensure continuity of supply, including during periods of crisis. The dismissal of these claims is an important result for our country. I thank the team at the Ministry of Energy, the specialists from ANRE and the lawyers who contributed to defending the state’s interests,” said Minister of Energy Dorin Junghietu.

The tribunal also dismissed the request for reimbursement of the fine of approximately MDL 38.45 million imposed on Rotalin Gaz Trading SRL by the National Agency for Energy Regulation (ANRE). The claimants were ordered to bear the arbitration costs in full.

The Republic of Moldova was represented by a consortium comprising SLV Legal, Bivol & Asociații and Lexters, with technical and expert support from the Ministry of Energy, the Ministry of Justice and ANRE.

The Ministry of Energy will continue to promote the development of a competitive market, attract investment and strengthen energy security through transparent rules and dialogue with market participants.

The arbitral award is final, subject to the limited possibility of an application for annulment under the restrictive conditions applicable to such proceedings before the competent judicial authorities.