A U.S. appeals court has granted a temporary hold on Argentina’s turnover of its 51% stake in the state-owned oil and gas company YPF to the Burford Capital hedge fund. The decision of the 2nd U.S. Circuit Court of Appeals in Manhattan (New York, U.S.) means that the Argentina is allowed to keep its stake on YPF until its appeal against Burford Capital’s lawsuit is resolved. The announcement comes after the Argentinean government warned that the country could face irreparable harm and economic instability if the stay was not granted, even if the appeal were successful.
In July 2025, a U.S. district judge ordered Argentina to transfer its controlling stake in YPF to former shareholders within 14 days to a global custody account at the U.S. bank BNY Mellon, which was then to be transferred to the plaintiffs within one business day, as payment of a US$16bn judgment related to its 2012 nationalisation of the group.
YPF, Yacimientos Petrolíferos Fiscales (51% state-owned) is the Argentinian national oil and gas company. YPF produced 536 kboe/d of oil and gas in 2024, including 258 kb/d of crude oil. In 2012, the government seized control of the 51% stake owned by Repsol because of a lack of investment and decreasing hydrocarbon production by YPF. In 2014, Repsol approved a US$5bn settlement as compensation for its 51% stake and sold its 12% remaining stake to Morgan Stanley for approximately US$1.3bn.
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