POLITICAL RISK - Facing West

Newly elected president Nicolae Timofti made one of his first state visits to Romania to strengthen diplomatic and business ties. Among the most important projects under discussion was a bi-national gas pipeline connecting the two countries, due to be completed by 2014 and part-funded by the EU. After three years without a president, and parliament divided almost in half between pro-EU and pro-Russia parties, Timofti´s beginning signals an intent to pursue a West-facing foreign policy agenda. This will provide an important anchor for reform, though risks cooler relations with Moscow, with potential consequences for energy supplies and talks to solve

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