Romania operates a national security review mechanism as part of its merger control regime under the Competition Law (No. 21/1996), empowering the Government, at the proposal of the Supreme Council of National Defence (CSAT), to prohibit an operation to take over the control of undertakings or assets which raises risks for the national security. In its Decision No. 73/2012, CSAT has set out sectors in which mergers could trigger such risks. However, the legal framework does not contain specific rules on foreign investment.
Between 15 September and 6 October 2020, the Romanian government held a public consultation on a draft Emergency Ordinance on Measures to Implement EU Regulation 452/2019 of the European Parliament and of the European Council of 19 March 2019 and a related amendment of the Competition Law. The draft Emergency Ordinance proposes, among other things, to create a new inter-ministerial commission to review inward foreign investment to safeguard Romania’s essential security interests and public order, establish new powers for the Prime Minister to authorise or prohibit proposed acquisitions based on the commission’s recommendations and develop a list of factors to determine whether a proposed acquisition is likely to affect adversely Romania’s essential security interests or public order.
"Article 47 [...]
(9) In situations where an operation to take control of certain enterprises or assets poses risks to national security, the Government, on the proposal of the Supreme Council of National Defense, shall issue a decision prohibiting it, in compliance with competence of the European Commission in this field. The Competition Council will inform the Supreme Council of National Defense about the economic concentration operations that are notified to it, which can be analyzed from the point of view of national security. [...]" (Competition Law (No. 21 of 10 April 1996; republished in OG No. 153 of 29 February 2016), last amended by Emergency Ordinance No. 23 of 31 March 2021, Article 47 [google translation]) 
Competition Law (No. 21 of 10 April 1996; republished in OG No. 153 of 29 February 2016), last amended by Emergency Ordinance No. 23 of 31 March 2021, Article 47
Supreme Council of National Defence Decision No. 73 (27 September 2012)
[<a href="http://legislatie.just.ro/Public/DetaliiDocument/8005 ">Law</a>],[<a href="https://csat.presidency.ro/files/documente/Hotararea_CSAT_73_(2012).pdf">Decision</a>],[<a href="http://www.consiliulconcurentei.ro/wp-content/uploads/2020/09/Proiect-de-OUG-FDI_-dezbatere-publica-15-sept-003.pdf">Ordinance</a>]