Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Wealth
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    ;
    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Headlines

    Romanian centrist presidency candidate wants to spend more on defence, keep backing Ukraine

    Published by Global Banking and Finance Review

    Posted on April 24, 2025

    Featured image for article about Headlines

    By Luiza Ilie

    BUCHAREST (Reuters) - A pro-European presidential contender in Romania's May 4 election has said defence spending should rise to 3.5% of GDP by 2030 from 2.5% and argued that maintaining support for Ukraine in its war with Russia is essential for Romania's security.

    Nicusor Dan, the 55-year-old two-term mayor of Bucharest, is an independent running neck-and-neck with ruling coalition centrist Crin Antonescu and nationalist former prime minister Victor Ponta in a bid to reach a runoff on May 18, alongside the hard-right frontrunner George Simion.

    Dan is running on an anti-corruption platform, something also likely to find favour with European Union and NATO allies as Romania assumes growing importance as a bulwark against Russian influence on the border with Ukraine and Moldova, another state under pressure from Moscow.

    "I want to underline that the war in Ukraine is essential for the security of Romania and Moldova," Dan told Reuters in an interview.

    "I appreciate what the Romanian state has done so far, the direction ... was correct and must continue."

    The election is being closely watched abroad after being cancelled in December, before the runoff, amid accusations of Russian meddling, which Moscow denies.

    The first round had been won by a far-right pro-Russia newcomer, Calin Georgescu, who has since been banned from running again as he faces a criminal investigation over his support for fascist groupings and campaign funding issues.

    Dan said the Constitutional Court decision to cancel the election, which has been criticised by members of U.S. President Donald Trump's administration, had been correct.

    Concerns are growing that the U.S. is set to cut troop numbers across Europe, demanding that European countries take more of the burden of maintaining the NATO alliance's security umbrella.

    Romania has donated a Patriot air defence battery to Kyiv, is training Ukrainian fighter pilots and has enabled the export of roughly 30 million metric tons of Ukrainian grain through its Black Sea port of Constanta since the war began in 2022.

    Around 1,700 U.S. troops are currently stationed in Romania, most at the Kogalniceanu air base on the Black Sea, into which Bucharest is investing 2.5 billion euros ($2.8 billion) to turn it into one of NATO's biggest European bases.

    Dan said Romania could use the base as a lever to encourage the U.S. to maintain its presence:

    "That American troops are using the Kogalniceanu air base is an advantage for them for the influence they want to have in the Middle East," Dan said.

    "Beyond that, everything depends on technical discussions. If Romania can do something (to keep the U.S. troops) we want to do that."

    He also said Romania should continue to facilitate Ukrainian grain exports, but must consult with Romanian producers so they were not disadvantaged.

    ($1 = 0.8788 euros)

    (Reporting by Luiza Ilie; Editing by Kevin Liffey)

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe