BUENOS AIRES, Argentina (AP) 鈥� A New York appeals court on Friday struck down a , overturning a lower court鈥檚 order to compensate former shareholders of the nationalized energy giant YPF, a decision that was celebrated by .
In the latest ruling in the long-running legal case, which was reviewed by The Associated Press, the U.S. Court of Appeals for the Second Circuit overturned a 2023 judgment in which U.S. District Judge Loretta Preska 鈥� Petersen Energ铆a and Petersen Energ铆a Inversora 鈥� for the seizure of a majority share in YPF Energy in 2012.
鈥淭oday is a day of celebration for the good Argentines,鈥� said Milei in a national broadcast on Friday. 鈥淲hat seemed impossible, we made possible.鈥�
The president also announced that his government sent a bill to Congress to limit expropriations and increase compensation for those affected.
The president also earlier took aim at former left-wing leader , whose administration oversaw the nationalization of YPF.
鈥淏ecause I鈥檓 Milei, I鈥檒l say it the Milei way,鈥� he wrote Friday morning, adding that his government has 鈥渃leaned up the mess鈥� left by the former leader.
Kirchner has been under house arrest since 2025, following a for corruption.
In June last year, Judge Preska Argentina to transfer its 51% controlling stake in YPF as a partial compensation to the plaintiffs. Two months later, the appeals court placed that order on hold.
Milei, who has struggled to rebuild depleted foreign reserves and has pledged to privatize state-owned companies, has frequently blamed his political opponents for the legal fallout from the YPF seizure.
The 2012 nationalization of Argentina’s largest energy company, further damaged Argentina鈥檚 international standing by reinforcing its history of abandoning its global financial obligations.
Plaintiffs were able to sue YPF in the U.S. because the company is listed on the New York Stock Exchange.
Since its nationalization, YPF has accelerated the development of Argentina’s vast shale gas reserves in the Vaca Muerta field in Patagonia. Crude production at Vaca Muerta has steadily climbed, reaching nearly 600,000 barrels per day in January, about 68% of national output. In 2025, YPF reported a profit of $5 billion, its highest level in the past 10 years.
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