US Appeals Court Pauses Investors' Efforts to Trace Argentine Assets in YPF Case

The ruling represents a 'historic milestone' for Argentina in the long-running legal battle over the 2012 nationalization of the country's largest energy company.

Mar. 19, 2026 at 1:38am

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A U.S. Appeals court has temporarily halted efforts by investors to identify Argentina's assets in the United States in order to collect on a $16 billion judgment related to the 2012 nationalization of the South American country's largest energy company, YPF. The court's decision is seen as a victory for Argentina, which has been embroiled in this long-running legal battle for over 12 years.

Why it matters

The YPF nationalization case has imposed significant economic, legal, and reputational costs on Argentina over the past decade. This latest ruling pauses the investors' efforts to trace Argentine assets, which could have allowed them to collect on the massive $16 billion judgment against the country. The case has become a major point of contention between Argentina and foreign investors.

The details

In 2012, former Argentine President Cristina Fernández de Kirchner oversaw the government's takeover of YPF, the country's largest energy company. This move added to Argentina's reputation for failing to meet international financial obligations. Investors were able to sue YPF in the U.S. because the company is listed on the New York Stock Exchange. In 2018, U.S. District Judge Loretta Preska ordered Argentina to compensate the investors for the seizure of YPF. The current value of the judgment has grown to over $18 billion with interest.

  • In June 2022, Judge Preska ordered Argentina to transfer its 51% controlling stake in YPF as partial compensation to the plaintiffs.
  • In August 2022, the appeals court put that order on hold.
  • On March 6, 2026, the Argentine government requested the suspension of the discovery process.
  • On March 19, 2026, the U.S. Court of Appeals for the Second Circuit in New York halted attempts by the investors to obtain evidence on the location of Argentine assets in the United States.

The players

Petersen Energía

One of the former shareholders of YPF that is backed by litigation funder Burford Capital and is seeking to collect on the $16 billion judgment against Argentina.

Petersen Energía Inversora

Another former shareholder of YPF that is backed by litigation funder Burford Capital and is seeking to collect on the $16 billion judgment against Argentina.

Javier Milei

The current President of Argentina, who has described the appeals court's decision as a 'historic' and 'unprecedented' move in Argentina's favor in the YPF case.

Cristina Fernández de Kirchner

The former President of Argentina who oversaw the government's takeover of YPF in 2012, a move that added to the country's reputation for failing to meet international financial obligations.

Sebastián Maril

A Latam Advisors analyst and litigation specialist who cautioned that Argentina's win on a procedural question does not mean the court will ultimately overturn the $16.1 billion judgment.

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What they’re saying

“This decision represents a historic milestone in the defense of the Argentine Republic in litigation that, for more than 12 years, has imposed enormous economic, legal and reputational costs on the country.”

— Javier Milei, President of Argentina

“Wednesday's decision only pauses secondary proceedings like the effort to trace assets until a ruling is issued on Argentina's appeal. Oral arguments were held in October, and a decision has been pending since then.”

— Sebastián Maril, Latam Advisors analyst and litigation specialist

What’s next

The U.S. Court of Appeals for the Second Circuit will issue a ruling on Argentina's appeal of the $16.1 billion judgment against the country.

The takeaway

The YPF nationalization case has been a long-running legal battle that has imposed significant costs on Argentina. While this latest ruling represents a procedural victory for the country, the ultimate outcome of the $16 billion judgment against Argentina remains uncertain as the appeals process continues.