March 27 (UPI) -- Argentina's government praised a U.S. court decision Friday that overturned a ruling ordering the country to pay more than $16.1 billion in a lawsuit tied to the 2012 expropriation of oil company YPF.
"We won the case," President Javier Milei wrote on X, noting the amount at stake was comparable to key financial obligations, including recent loans from the International Monetary Fund.
According to a statement from the presidential office, the Court of Appeals for the Second U.S. Circuit reversed a lower court's decision that had ordered Argentina to pay billions in damages over how the state renationalized the company.
"The court fully overturned the ruling against the Argentine state in what represents the best possible outcome, with less than a 15% probability of occurrence, and avoided an estimated payment of approximately $18 billion," the statement said.
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