A quick look at the Laws of the Game from IFAB suggests that it would only have been a penalty kick/direct free-kick if contact was made. There was no contact made by Hagi and Newell was 'at it' with his head-holding nonsense. I'd concede that it was dangerous play, however without contact. The appropriate decision, therefore, would have been an indirect free kick. Looks perfectly clear to me so can we skip the 'definite penalty' nonsense from some please.
An indirect free kick is awarded if a player:
- plays in a dangerous manner
- impedes the progress of an opponent without any contact being made
- is guilty of dissent, using offensive, insulting or abusive language and/or gestures or other verbal offences
- prevents the goalkeeper from releasing the ball from the hands or kicks or attempts to kick the ball when the goalkeeper is in the process of releasing it
- commits any other offence, not mentioned in the Laws, for which play is stopped to caution or send off a player
Playing in a dangerous manner is any action that, while trying to play the ball, threatens injury to someone (including the player themself) and includes preventing a nearby opponent from playing the ball for fear of injury.
A scissors or bicycle kick is permissible provided that it is not dangerous to an opponent.
Laws of the Game | IFAB (theifab.com)