Moldova’s election result has left incumbent President Maia Sandu damaged.

An EU referendum delivered only a wafer-thin vote in favor of membership of the bloc. And in the first round of a presidential vote that Western commentators predicted Sandu might edge narrowly, she fell some way short of the 50% vote share she’d need to land a second presidential term. She will now face a unified group of opposition parties in the second round with her chances of remaining in office in the balance.

Where did it all go wrong?

Sandu’s mistake was in making the Moldovan election about a binary choice between Europe and Russia.

Even before the final votes were counted, Sandu was claiming widespread electoral fraud sponsored by pro-Russian oligarch Ilan Shor. Reports that pro-Russian groups paid voters to come out to vote are credible. If that achieved anything, it was to mobilize voters in Moldova naturally inclined to want ties with Russia, rather than flipping votes of pro-Europeans. With a 33% turnout needed to legitimize the plebiscite, a final roll of just 50% hinted at widespread voter apathy in Moldova.

In a country where only 9% of the population identifies as ethnically Russian, an almost 50% vote against EU membership illustrates wider concerns that the government in Chisinau has not addressed domestic issues important to ordinary people. For example, many Moldovans are worried about the race to EU membership undermining small farmers and local traditions.

Sandu’s claims of interference must also be set against a concerted effort by Moldovan authorities to make it harder for Moldovan voters in Russia and breakaway Transnistria, to vote. A mere 10,000 ballot papers were sent to Russia, where the Moldovan population is thought to number over 150,000 people. The population of Transnistria is 367,000, but they were only allowed to vote in Moldova itself. (For the record, Moldova insists that Transnistria is part of Moldova.)

Meanwhile, Shor’s political party was banned and media channels linked to him closed down. In the end, the pro-European referendum passed with a tiny majority, made possible by a large number of pro-European votes by members of the Moldovan diaspora, who don’t live in Russia.

This will make it difficult for Sandu to claim a resounding endorsement of future EU membership. It will almost certainly stoke anti-EU sentiment in the Russia-backed breakaway Transnistria where a majority of the ethnically diverse population wants closer ties with Russia. Pro-Russian sentiment will also be fueled in the autonomous status of Gagauzia in the south, where 95% of voters did not choose a European future in the referendum.

Of course, the Transnistria question, nor, to a lesser extent, that of Gagauzia, shouldn’t necessarily create a bar on possible future EU membership by Moldova, as Cyprus has shown. But by making the referendum about ethno-nationalist politics, Sandu will have stimulated the secessionist tendencies there, making the process of EU integration more problematic.

She also exposes herself to the accusation of letting Moldova become a geo-strategic test-tube for Western influence, something that Russia will undoubtedly look to exploit. European Commission President Ursula Von der Leyen was in Chisinau shortly before the vote exhorting Moldovans to express their free choice. NATO Secretary General Mark Rutte chose to weigh in with concerns about Russian efforts to derail Moldova’s European future.

These pronouncements are imbued with notions that Moldovan membership of the EU would stabilize Europe’s eastern border and strengthen security against Russia.

But that ignores the lessons of history.

Those same arguments were used in Ukraine in 2014. Making the Moldovan election a zero sum tussle between Europe and Russia — rather than a vote about what ordinary Moldovans want to see happen domestically — risks making Moldova a new, much smaller, more economically vulnerable, version of Ukraine.

And the critical point is that Sandu has yet to make the economic case that EU membership, rather than Moldova maintaining balanced relations with all countries, including Russia, will provide the boost that the country needs. A pro-European report from 2014 shows that significant economic benefits accrue to countries in anticipation of possible membership, but that EU membership won’t necessarily benefit every new member, mentioning Greece.

The reality is that annual economic growth in Moldova since the signing of the Deep and Comprehensive Free Trade Agreement with the EU in 2014 has been significantly lower, on average, than in the first 10 years of the Millennium. That anticipation effect has not yet been seen in Moldova.

A key reason is that Moldova’s trade with Russia has fallen sharply since the DCFTA was signed. Sandu talks about 65% of Moldovan exports going to Europe as a triumph. In fact, Moldova imports twice as much from Europe, stoking a stubborn current account deficit. To some extent, that has been offset by inflows of foreign investment into Moldova. But it is nevertheless clear that strengthened relations with Europe haven’t been enough to make up for the cutting of trading relations with a country — Russia — that had previously been a key trading partner with Moldova.

The other key reason is demographic. Moldova has the fastest shrinking population in the world. Over a quarter of Moldova’s population have taken advantage of EU citizenship, by virtue of their entitlement to Romanian passports. That has led to an emptying of talent from Moldova as young, talented workers seek better pay elsewhere, mostly in Europe, but also in Russia. The economy would need to be growing at a brisker rate than it is to entice the most talented Moldovans back to their country. But, making Moldova the next frontier state for the West’s battle with Russia will place a heavy drag on encouraging diaspora Moldovans to return.

Moldova is a country that I am deeply fond of and have visited many times. As it happens, I have always considered that it is a country that would benefit from closer economic ties with Europe. I also believe that a politically stable and economically prosperous future for Moldova rests on that beautiful country maintaining close relations with Europe and with Russia. Maia Sandu may come to rue her failure to make this election about Moldova itself.