I am scheduled to fly KIV-BVA in one week but I just got an email from Air Moldova that the flight was cancelled. In the email they offered to book me on the next available flight (which isn't for another two days afterwards) or give me a voucher in the amount of what I paid for the ticket.

Since this flight was going to the EU, don't EU laws apply? Shouldn't Air Moldova refund my credit card entirely since the flight was cancelled?