News and developments
Moldova Prevails in Rotalin Gas ICSID Arbitration
Bucharest, Romania – October 7, 2026 – The Republic of Moldova has prevailed in an investment arbitration brought by RTI Rotalin Gas Trading AG and Rotalin Gaz Trading S.R.L. under the ICSID Additional Facility Arbitration Rules, administered by the International Centre for Settlement of Investment Disputes (ICSID).
Moldova was represented by SLV Legal, Bivol & Asociații and Lexters - Stănescu, Vasile și Asociații SCA, with support from ANRE and the Ministry of Energy. The Lexters team was led by Alexandru Stănescu, Partner.
In its 2 October 2026 award, the tribunal in RTI Rotalin Gas Trading AG and Rotalin Gaz Trading S.R.L. v. Republic of Moldova (ICSID Case No. ARB(AF)/22/4) found that Moldova had not breached its obligations under the Energy Charter Treaty and rejected the claimants' financial claims of MDL 471.6 million, plus interest.
The tribunal also rejected the claimants' request for reimbursement of an MDL 38.45 million administrative fine imposed by Moldova's National Agency for Energy Regulation (ANRE), finding that the sanction was neither contrary to the applicable legal framework nor arbitrary or unreasonable. The claimants were ordered to bear all costs of the arbitration.
The dispute concerned the regulatory framework of Moldova's natural gas market and measures adopted by the competent authorities between 2000 and 2022. The claimants alleged, among other matters, breaches of Moldova's obligations under the Energy Charter Treaty in connection with the regulation of natural gas distribution and the treatment of their investments.
Alexandru Stănescu, Partner at Lexters:
“We wanted to invest our time and experience in a case of particular importance to Moldova, a country with close ties to Romania. Our objective was to support the members of our consortium of lawyers and to ensure together that the issues were tested rigorously on their merits and that Moldova received a strong international defence. We are pleased with the outcome and with the opportunity to have contributed to the ICSID proceedings.”
Lexters' Investment Arbitration Experience
Rotalin is the second ICSID investment arbitration in which a Lexters team led by Alexandru Stănescu has acted for a respondent State. Previously, Alexandru Stanescu of Lexters acted as co-counsel for Romania in Fin.Doc S.r.l. and others v. Romania (ICSID Case No. ARB/20/35), in which the tribunal, in its award of 16 January 2025, dismissed on the merits all claims brought by 44 solar investors seeking approximately EUR 243 million in relation to changes to Romania's renewable energy support scheme.
The two matters reflect Lexters' experience in investor-State arbitration, energy and regulatory disputes and complex cross-border proceedings involving significant financial claims.
About Lexters – Stănescu, Vasile și Asociații SCA
Lexters - Stănescu, Vasile și Asociații SCA is an independent Romanian law firm advising companies, investors and sovereign States on complex domestic and cross-border disputes.
Its disputes practice handles litigation and international arbitration under the rules of ICSID, ICC, UNCITRAL, JAMS, HKIAC and SIAC, with experience spanning investor-State disputes, commercial arbitration, energy and infrastructure, technology and financial disputes, regulatory matters, IP disputes and cross-border enforcement.
The firm also handles art recovery and restitution disputes, including proceedings concerning artworks located in the United States and France.
Lexters' broader practice covers technology, digital assets, fintech, IP, corporate/M&A, private equity and venture capital, allowing the firm to provide multidisciplinary advice in complex cross-border matters.
Further information on the case: