UK 'very concerned' over YPF expropriation plans

British Foreign Secretary William Hague said he was “very concerned” at President Cristina Fernández de Kirchner’s announcement to expropriate YPF, a decision he believes “goes against all the commitments Argentina has made in the G20 to promote transparency and reduce protectionism.”

“I am very concerned at the announcement of Argentina’s intention to nationalise a large part of energy company YPF,” Hague said in a written statement.

“This is the latest in a series of trade and investment related actions taken by Argentina which are damaging to business interests and will undermine Argentina’s economy by reducing its attractiveness to international investors,” he added.

Hague was referring to one of the Government’s recent decision to boycott British goods as part of her strategy in the Malvinas Islands sovereignty dispute. 

“The Argentine Government has made no secret of the fact that it wishes to reduce imports and boost its domestic trade surplus through a variety of restrictive trade measures,” he added.

The statement concludes by warning that Britain “will work with Spain and our EU partners to ensure the Argentine authorities uphold their international commitments and obligations.”