U.S. judge tells Argentina it has to turn over its 51% stake in its state oil company to pay $16 billion judgement

The ruling-the dramatic effort to impose a $ 16 billion ruling against Argentina-represents a new headache for President Javier Miley, which is an ideological frustration of the former President of Christina Fernadiz de Kirchner, who supervises the controversial Argentina from YPF and takes it on charges of legal forces during the 2007-2015 period). Millie pledged to appeal the ruling.

Fernandez’s sudden move to control YPF at the time helped make the Argentina series the series more famous to give up its global financial obligations. Millie inherited an economy in a state of chaos after decades of the country’s reckless spending and carried it on pledges to privatize government companies.

When the former shareholder request is given largely representatives by Porford Capital, which spends litigation for a share of gains, Judge Lorita Presta gave the southern province in New York Argentina two weeks to transport its shares in YPF to the New York Bank Melon Corp, the main ruling of the United States, according to the ruling that was ranging from Saint Associated.

Since YPF is listed on the New York Stock Exchange, plaintiffs can file a lawsuit in a local American court. YPF 5.6 % closed.

The ruling stems from a long -term legal case in 2023 that Judge Persca Argentina finds a responsibility for $ 16.1 billion of damage and benefits. Prosecutors argue that the government should have a tender for the risks carried by minority shareholders.

Millie, whose government has struggled to build exhausted foreign reserves, pledged to appeal the ruling to “defend national interests” and blamed the problem for his political competitors.

“It has been more than 10 years, and we continue to suffer from the consequences of the worst government in the history of Argentine,” wrote on the social media platform X.

Marcelo J. Garcia, the director of the Americans at Horizon Courgen Consult Consultance, is based on the New York Consultance, that the ruling was a reminder to the Milei administration that the country’s problems will not disappear just because it blames the opposition to them. ”

He added: “Getting on YPF is important for Milli; for this reason, the call is the only option for it.”

Paying the share of control in the YPF – which has become a pillar of the economy and its loss is in control of a decisive moment for the Miley government.

YPF has accelerated its engine to develop the country’s huge shale gas reserves in the Faka Muirta field in Patagonia. The production of crude in Faka Muirta increased steadily, as record production in May recorded 448,000 barrels per day, or more than 22.5 % over the same month in 2024, according to official data.

In 2024, YPF achieved a clear profit of about $ 2.4 billion, an increase of $ 1.3 billion in the previous year.

Millie hopes to take advantage of investments in the Faka Muirta field to treat the old financial weakness in the country and push its tremendous deficit.