Drawing on classical realism, the article investigates whether the Three Seas Initiative (3SI), just like the other subregional projects that Romania took part in since joining NATO in 2004, has been part of Romania’s external balancing towards Russia. In contrast to the 1990s, when the Black Sea area had not been mentioned in Romania’s strategic documents, Bucharest came up with a grand principle (the internationalisation of the Black Sea area) and a grand behaviour (external balancing) once it joined NATO. Considering that the Black Sea area has played a central role in all major strategic documents issued by Romania since 2005, one could draw the conclusion that, at least formally, Romania has devised a grand strategy for the region. The article examines whether 3SI, with its apparent emphasis on desecuritisation, marks a turn in Romania’s grand behaviour in the region, as Bucharest’s previous subregional initiatives have been guided by securitised multilateralism. By bringing into analysis the main differences among 3SI and Romania’s prior strategic initiatives in the area, i.e. the Black Sea Forum for Dialogue and Partnership, Black Sea Synergy, Black Sea Flotilla and Bucharest 9, the article pays heed to the question of change and continuity in Romania’s grand behaviour in the Black Sea area. The article concludes that 3SI is in line with securitised multilateralism, which is the common denominator of all Romania’s subregional projects in the region.