Argentina Challenges Court Ruling to Transfer YPF Shares

(MENAFN) Argentina has announced plans to challenge a New York court's decision ordering the transfer of 51% of the shares of its state-owned oil and gas giant YPF, President Javier Milei confirmed on Monday.

"We have just learned that Judge (Loretta) Preska ruled against the Argentine State in the case of the expropriation of YPF ... All Argentines know that we are going to appeal this ruling in all the appropriate instances to defend the national interests," Milei stated on the social media platform X.

The decision, issued earlier in the day, saw U.S. District Judge Loretta Preska granting the plaintiffs' request to seize control of YPF's shares, following a prior ruling in 2023 that mandated Argentina pay them approximately $16.1 billion.

Under Monday's ruling, the shares are required to be placed in a custody account at the Bank of New York Mellon within 14 days. Subsequently, the assets must be transferred to the plaintiffs or their representatives within one business day after the deposit. The case has raised significant concerns over Argentina's control of its energy resources amid a deepening financial crisis.

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