The Ministry of Foreign Affairs of the Republic of Cuba has learned of the decision made by the government of the Republic of Argentina to expropriate 51% of the oil company YPF, as stipulated in national legislation. Yacimientos Petrolíferos Fiscales is a subsidiary of the Spanish corporation Repsol which operates in Argentine territory.

The company YPF, originally an Argentine state enterprise, was among the many privatized or sold at implausibly low prices by President Carlos Saúl Menem, who governed the country between 1989 and 1999, within the framework of neoliberal policies which were imposed on Our America during this period given the insistence and collusion of the United States.

Cuba reiterates its unconditional solidarity with the Argentine Republic and affirms that the country is acting within its rights to fully exercise its sovereignty over its natural resources, including oilfields. The country’s action is based on international law and numerous related decisions which have been adopted by the General Assembly of the United Nations.