EU condemns YPF nationalisation

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EU condemns YPF nationalisation

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The European Parliament has passed a resolution deploring the decision by Argentina’s government to nationalise a controlling stake in YPF, the subsidiary of Spanish energy firm Repsol.

The resolution asks the European Commission to consider retaliatory measures through the World Trade Organisation and the G20, including a “possible partial suspension” of tariffs that benefit Argentine exports into Europe.

The parliament said the move was “unilateral and arbitrary” and constitutes “a failure to perform obligations under international agreements”.

The resolution was adopted in Strasbourg by 458 votes to 71 with 16 abstentions.

MEPs ask the Commission and the European Council to study “all measures necessary to prevent similar situations from recurring”.

Parliament said it believes the dispute could affect the ongoing negotiations on a partnership agreement between the EU and Mercosur, of which Argentina is a member.