US judge orders state to turn over its controlling stake in state-run oil company YPF SA as partial payment of a US$16-billion court judgment.

Argentina’s financial crisis and legal troubles resulting from the contentious 2012 nationalization have worsened as a U.S. judge ordered Argentina to relinquish its 51% controlling stake in state-run oil company YPF on Monday.

The turnover of the shares comes after a Manhattan judge ruled in 2023 that Argentina owed $16 billion to former minority stakeholders after it expropriated shares in the country’s biggest oil and gas company.