Romania's Constitutional Court on Monday validated the shock first-round result in its presidential election, setting the stage for a run-off vote on Dec. 8 that could upend the country's pro-Western orientation and erode backing for Ukraine.

Pro-Moscow ultranationalist Cǎlin Georgescu's first-round win has shocked Romanian society and raised suspicions of Russian election meddling. #EuropeNews

A surge in support for the far-right in Romania could complicate efforts to reduce deficits and threaten EU funding, said emerging market bond investors, leading to the possibility of rating downgrades and higher borrowing costs for 2024’s most prolific sovereign bond issuer from the CEEMEA region.