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The Independent UK
The Independent UK
World
Dbora Rey and Isabel Debre

In a blow to Milei, a US judge orders Argentina to turn over its majority stake in state oil company

YPF Javier Milei Argentina Oil United States Cristina Fernández de Kirchner Loretta Preska

The fate of Argentina’s state-run oil company was thrown into doubt Monday as a U.S. judge ordered the cash-strapped country to give up its 51% controlling stake in YPF in partial compensation for seizing the shares of former investors during its 2012 nationalization of the energy group.

The ruling — a dramatic effort to enforce a $16 billion U.S. court judgement against Argentina — presents a new headache for libertarian President Javier Milei, the ideological foil for left-wing former President Cristina Fernández de Kirchner who oversaw Argentina's contentious takeover of YPF and ensuing legal battles during her tenure (2007-2015). Milei vowed to appeal the ruling.

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