As far as I can tell, Moldova and Ukraine have a Treaty whereby Ukraine is going to obtain title over that road (but not the land on the South-side of the road), but this Treaty has only partially been carried out. Says the Moldovan Deputy Foreign Minister in 2009:
Similarly, we have a problem in Palanca – there is a needed to complete the demarcation process, but also to deliver on the Republic of Moldova’s commitment to transfer into the property of Ukraine not only the asphalt but also the land area of 7.7 kilometers of road (which is a portion of the 300 km road between Odessa and Reni), and also to clarify the situation with the land, which under the Treaty of 2001, should be transferred into the property of Ukraine. Moreover, attention - even those who are trying today to politicize this issue and making all sorts of speculation have already passed the road surface and land pertain to the road into the property of Ukraine in February 2002. Thus, the surface was transferred, yet without transferring also the land from under the road.In the words of one article: Ukraine made Moldova a Maritime State by Mistake. How awesome is that???
But no worries, the EU is on the case.