A U.S. judge on Monday ordered Argentina to give up its 51% stake in oil and gas company YPF to partially satisfy a $16.1 billion court judgment, handing a defeat to the cash-strapped country. U.S. District Judge Loretta Preska in Manhattan said Argentina must transfer its YPF shares within 14 days to BNY Mellon,

A US district judge has ordered Argentina to transfer its controlling stake in state-run energy company YPF to former shareholders, escalating pressure on the country to pay a $16bn judgment stemming from its 2012 nationalisation of the group.

The fate of Argentina’s state-run oil company has been thrown into doubt as a U.S. judge ordered the cash-strapped country to give up its 51% controlling stake in YPF.