Story perspectives

U.S. Court Overturns $16.1B Judgment Against Argentina's YPF

3/29/2026

Summary

Milei Celebrates Court Victory

A U.S. appeals court overturned a $16.1 billion judgment against Argentina over the 2012 YPF Energy nationalization.
President Javier Milei celebrated the ruling and criticized Cristina Fernández de Kirchner (former president).
The court's decision is seen as a victory amid Argentina's foreign reserves and privatization challenges.
YPF production from Vaca Muerta rose to nearly 600,000 barrels per day in January 2026, contributing a $5 billion profit in 2025.

Summary

Milei Critiques Kicillof

The U.S. court ruling on the Yacimientos Petrolíferos Fiscales (YPF) expropriation overturned a damages award and confirmed YPF's non-liability.
President Javier Milei criticized Axel Kicillof (opposition leader), alleging negligence and that his actions caused a 12-year lawsuit.
Axel Kicillof defended the expropriation as sovereign and essential for Argentina's energy independence.
Cristina Fernández de Kirchner, former President, supported the expropriation, stressing constitutional supremacy over corporate interests.

History

Historical Context

In 2012, Argentina's government nationalized YPF Energy, aiming to reclaim control over its energy resources, which led to a $16.1 billion lawsuit from Repsol. This move followed a regional trend of nationalization, echoing Bolivia's 2006 gas nationalization under Evo Morales. A recent U.S. court ruling that overturned the damages award underscores ongoing tensions in Argentina's energy policy and its implications for economic recovery.

1 of 3

Milei Celebrates Court Victory

A U.S. appeals court overturned a $16.1 billion judgment against Argentina over the 2012 YPF Energy nationalization.
President Javier Milei celebrated the ruling and criticized Cristina Fernández de Kirchner (former president).
The court's decision is seen as a victory amid Argentina's foreign reserves and privatization challenges.
YPF production from Vaca Muerta rose to nearly 600,000 barrels per day in January 2026, contributing a $5 billion profit in 2025.

1 / 3