Peter confirmed his father's commercial privileges awarded to Polish traders in Moldavia, and took an oath of vassalage to King Casimir IV.

In 1456, Peter agreed to pay the Ottomans a tribute of 2,000 gold ducats, in order to ensure his southern borders, thus becoming the first of the Moldavian rulers to accept the Turkish demands.

According to the interpretation of the account in the Chronicle of Putna [ro] Vlad had offered Ştefan his full support for his venture.

Following Matthias's incursion and subsequent defeat at the Battle of Baia (15 December 1467), Peter was captured and executed.

Peter Aaron issued new billon and copper currency - on the grosh design but struck in better silver, probably as a part of a reform in monetary standards.