President Iohannis approves law by which Ministry of Finance represents Romania in all international arbitration disputes

President Klaus Iohannis on Tuesday promulgated the law approving Emergency Ordinance 6/2024, according to which the Ministry of Finance is granted the right to represent Romania or public institutions in all international arbitration disputes, including arbitration requests which have as their object clauses that refer to the mutual protection of investments from the international treaties to which Romania is a party.

In justified cases, the Government will be able to establish by decision that the representation is ensured by another public institution under its subordination/coordination.

At the same time, the provision is introduced according to which the persons, including digitaries, who are or have been involved in the management of the issue that is the subject of international disputes will be obliged to participate in the meetings requested by the lawyers, in the hearings and to sign the witness statements.

Otherwise, they will be fined from 250,000 RON to 2,500,000 RON.