The dispute concerned the regulation of the natural gas market and measures taken by the authorities of the Republic of Moldova, including during the energy crisis. The companies claimed that these measures had affected their investments and breached the state’s obligations under the Energy Charter Treaty. The tribunal examined the case on its merits and found no breach of these obligations on the part of the claimants.
For Moldova, this outcome means it has avoided significant payment obligations and confirms that the contested measures did not breach the investment protection standards set out in the treaty. The ruling is significant for how the state fulfils its responsibility to protect consumers and ensure energy security and supply, whilst respecting investors’ rights.
“The Republic of Moldova needs investment in the energy sector and clear, fairly applied rules. At the same time, the authorities are responsible for protecting consumers and ensuring uninterrupted supplies, including during times of crisis. The rejection of these claims is an important outcome for our country. “I would like to thank the team at the Ministry of Energy, the experts at NARE and the lawyers who have contributed to safeguarding the state’s interests,” said Energy Minister Dorin Junghiu.
The fine will not be refunded either
The tribunal also rejected the claim for the refund of a fine of approximately 38.45 million lei imposed by NARE on Rotalin Gaz Trading SRL. The claimants were ordered to pay the full costs of the proceedings.
The arbitration award is final, subject to appeal before the competent courts.
This story was translated with the assistance of artificial intelligence.The translation was also reviewed by the Logos Press editorial team.
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