Airlines established in Romania must be majority owned and effectively controlled by EU states and/or nationals of EU states, unless otherwise provided for through an international agreement to which the EU is a signatory.
"Article 4 - Conditions for granting an operating licence:
An undertaking shall be granted an operating licence by the competent licensing authority of a Member State provided that: [...]
(f) Member States and/or nationals of Member States own more than 50 % of the undertaking and effectively control it, whether directly or indirectly through one or more intermediate undertakings, except as provided for in an agreement with a third country to which the Community is a party; [...]" (Regulation (EC) No 1008/2008 on common rules for the operation of air services in the Community, Article 4(f))
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"Article 53
(1) Romanian air carriers may perform commercial air transport on domestic or international routes, by regular or irregular flights, only under the conditions of holding a valid air operator's certificate and an operating license issued by the Ministry of Transport, Infrastructure and Communications in accordance with the provisions of specific European and national regulations.
(2) Exceptions from the provisions of par. (1) may be established by specific national regulations issued by the Ministry of Transport, Infrastructure and Communications or by European regulations.
(3) Foreign air carriers may perform commercial air transport to / from Romania or within Romania, in accordance with the provisions of European regulations and international treaties to which Romania is a party, as well as, as the case may be, based on traffic rights granted by the Ministry. Transport, Infrastructure and Communications, in accordance with the law. [...]" (Civil Air Code of March 18, 2020 (OG no. 222 of March 19, 2020), Article 53 [google translation])
Regulation (EC) No 1008/2008 on common rules for the operation of air services in the Community, Article 4(f)
Civil Air Code of March 18, 2020 (OG no. 222 of March 19, 2020), Article 53 
Order no. 808 of October 14, 2011 of the Ministry of Transport and Infrastructure for the approval of the Procedure for granting, suspending or revoking the operating license (OG no. 748 of October 25, 2011)
[<a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02008R1008-20201218">Reg</a>],[<a href="http://legislatie.just.ro/Public/DetaliiDocumentAfis/223897">Code</a>],[<a href="http://legislatie.just.ro/Public/DetaliiDocument/132408">Order</a>]