Once Russia signed a peace treaty with the Central Powers it was inevitable that Romania would follow suit. Most of Romania was overrun in 1916 after its leaders joined the Allies, with only Bessarabia in the east remaining unoccupied. Without Russian help it was no longer possible for the Romanians to fight on. After agreeing an armistice last December, today the Romanians sign a peace treaty with the Central Powers near Bucharest.
The terms are harsh. Romania is obliged to cede territory to Austria-Hungary and Bulgaria. The remainder of the country becomes little more than a German client state, its oil industry and railways placed under German control and the country obliged to supply its agricultural surplus to the Central Powers. Romanian trade is now tied to Germany through its forced membership of a customs union.
As with Brest-Litovsk, the Treaty of Bucharest serves to remind the western Allies of the kind of terms they can expect if they are forced to make peace with Germany.
Prime Minister Alexandru Marghiloman of Romania signs the treaty (Wikipedia: Alexandru Marghiloman)
French cartoon depiction of Germany forcing Romania to sign the treaty (Wikipedia: Treaty of Bucharest)
territory lost by Romania (Wikipedia: Treaty of Bucharest)