Cristina Kirchner said on March 27 that the expropriation of YPF was carried out according to law, following a decision by the United States Court of Appeals for the Second Circuit in Manhattan that overturned a $16.1 billion judgment against Argentina related to the privatization of YPF.
The topic is significant as it concerns Argentina’s energy sovereignty and financial responsibilities arising from legal disputes over state actions regarding its national oil company.
In a statement published on her social media, Kirchner highlighted the strategic importance of regaining control over energy resources during her government. She said, “It is more than clear that the expropriation with public utility purposes of YPF was done according to law.” She also added, “It is also clear that the political decision to recover YPF and our energy sovereignty was strategic for our country; because with the development of Vaca Muerta since 2012… today we can proudly say that Argentina has billions of dollars in surplus in its energy balance.”
Kirchner began her post by thanking “the staff of lawyers at Sullivan & Cromwell LLP who carried out the defense of the Argentine State since January 2020.” She congratulated them “for upholding Argentina’s legal arguments regarding how corporate bylaws cannot prevail over a country’s National Constitution and legal order… which is nothing more or less than recognizing state sovereignty.”
She further stated, “It is fair to recognize that Argentina’s position was always supported by the United States; both under Democratic and Republican administrations.”
Kirchner concluded her remarks by expressing gratitude as both former president and Argentine citizen towards those who defended Argentina’s interests before New York courts.
