The article analyses the real impacts of the Dniester Hydropower Complex on the Dniester River low stream ecosystem and estimates in what scale the authors of this technical document, newly adopted by Ukrainian side, solves the issue of negative impacts. It is demonstrated that, despite long-term draft discussions, the Operational Rule has almost no provisions directed to soften the negative impacts. It is also noted that the format of negotiations on improving the management of water and related resources of the Dniester River is not equal today, and the interests of hydropower dominate over the interests of other stakeholders, and this applies not only to relations between the two riparian countries, but also to stakeholders within Ukraine. The loss of ecosystem services as an outcome of hydropower development should be taken into account. To improve the situation, such format of bilateral cooperation should be revised in favour of the equality of riparian countries and interests of stakeholders. The involvement of the European Union in the water cooperation on the Dniester would be useful.