U.S. Supports Argentina's Bid to Delay YPF Stake Turnover Amid Investor Dispute

The U.S. government has backed Argentina's move to temporarily halt a court mandate requiring it to relinquish its controlling 51% stake in oil and gas leader YPF, amidst a $16.1 billion legal judgment in favor of two investors.

The government argued that resolving the underlying legal issues is vital and that proceeding without delay could jeopardize U.S.-Argentine foreign relations.

Investors Petersen Energia Inversora and Eton Park Capital Management have requested that the appeals court dismiss Argentina's request for a stay, criticizing the nation's tactics of 'delay and obstruction' while cautioning against irreversible economic ramifications.

(With inputs from agencies.)