Argentina lodged an appeal Thursday after a US court ordered the South American nation to sell its majority stake in oil firm YPF, at the heart of a long-running nationalisation dispute.
Last week, a federal judge in New York ordered Argentina to sell its 51 per cent stake in YPF towards settling a debt of $16.1 billion to two former minority shareholders.
Argentina in 2012 seized 51 per cent of the company from Spanish oil giant Repsol, which received about $5 billion in compensation.
But minority shareholders Petersen Energia and Eton Park Capital 鈥� which jointly held about 25 per cent of the company 鈥� went to court claiming they were not properly compensated.
A district court ruled in favour of the plaintiffs and in September 2023 ordered Argentina to pay the two firms, which has not happened.
Last week, the judge said Argentina must sell its stake in YPF to offset the debt.
The Argentine treasury鈥檚 legal division told AFP on Thursday the country has initiated appeal proceedings.
A decision is also pending on Argentina鈥檚 request for the payment to be suspended until its appeal is heard.
The ruling is seen as a setback for libertarian president Javier Milei, whose administration is seeking to bolster foreign currency reserves and rein in soaring inflation while navigating a heavy debt burden.
If it loses its appeal, Argentina has vowed to seek relief from higher courts.
