Romania wins final ruling in Roșia Montană case as ICSID rejects Gabriel Resources

Final ruling

An ad-hoc committee of the ICSID, made up of three members, rejected the annulment request filed by Gabriel Resources. The Romanian Ministry of Finance says the decision rejects in full the grounds raised by Gabriel Resources Ltd and Gabriel Resources (Jersey) Ltd. The ruling was pronounced on 13 November 2026 and exhausts the last extraordinary remedy under the ICSID Convention, so the arbitral award is now final and binding. Law firm LALIVE, working with the Romanian firm LDDP, announced that it secured the second and last win for the Romanian state in the dispute.

The claim and the 2024 award

Gabriel Resources brought the case against Romania in 2015, arguing that the state breached obligations under bilateral investment treaties with Canada and the United Kingdom. The company sought compensation of about 6.5 billion dollars, roughly 31.5 billion lei, which ProTV describes as the largest financial claim ever made against the Romanian state in international arbitration. On 8 March 2024 the arbitral tribunal ruled that the authorities had not breached those treaties and ordered Gabriel Resources to reimburse the state's legal costs.

Annulment proceedings

After the award, Gabriel Resources asked for it to be annulled, citing alleged irregularities in how the tribunal was formed and how the proceedings were conducted. The company also argued that the tribunal exceeded its powers and failed to give reasons for some aspects of its decision. The annulment procedure ran from July 2024 to November 2026 and included written submissions and a hearing of the parties. The committee rejected all of the company's arguments.

Government position

The Ministry of Finance argues that the outcome confirms Romania respected its international obligations toward foreign investors. It also states that decisions on environmental protection, cultural heritage and local communities were made in line with the law. The ministry stresses the importance of protecting the Roșia Montană heritage. Reports put the value of the claim at different figures: ProTV cites about 6.5 billion dollars, while the G4Media headline gives 6.7 billion dollars.