Background
The 2001–2002 economic crisis — pesification, currency controls, emergency banking measures — generated more than 40 ISDS filings, primarily by U.S., European, and Latin American investors. The cases established much of the modern doctrine on the state-of-necessity defence and on indirect expropriation through monetary measures.
YPF expropriation
The 2012 nationalisation of YPF, the country's largest oil company, generated separate proceedings including Repsol's settlement and subsequent litigation by minority shareholders. The Burford-funded litigation over YPF in U.S. courts has become a benchmark for third-party-funded post-expropriation claims.
See our third-party funding glossary entry and ICSID caseload analysis.
Recent wave
Post-2019 measures — currency controls, retail electricity tariff freezes, hydrocarbon export regimes — have produced new filings. The pattern is familiar: macroeconomic pressure drives policy reversals which engage treaty obligations to foreign investors.
Necessity defence
Argentina has consistently invoked the customary international law defence of necessity. Tribunals have applied the Article 25 ILC formulation variably, with the LG&E and CMS lines of reasoning producing contradictory outcomes.
Current state
Argentina remains one of the most actively-cited respondents in modern arbitration doctrine. Recent fiscal measures suggest the caseload will continue to grow.
Frequently asked questions
Why is Argentina one of the most active ISDS respondents?
Argentina's 2001–2002 financial crisis — pesification, currency controls, and emergency banking measures — generated more than 40 ISDS filings, and it remains one of the most actively-cited respondents in modern arbitration doctrine.
What was the YPF expropriation dispute?
The 2012 nationalisation of YPF, Argentina's largest oil company, generated separate proceedings including Repsol's settlement and litigation by minority shareholders. The Burford-funded YPF litigation in U.S. courts has become a benchmark for third-party-funded post-expropriation claims.
What is the state-of-necessity defence Argentina relies on?
Argentina has consistently invoked the customary international law defence of necessity. Tribunals have applied the Article 25 ILC formulation variably, with the LG&E and CMS lines of reasoning producing contradictory outcomes.
What is driving Argentina's recent investment disputes?
Post-2019 measures such as currency controls, retail electricity tariff freezes, and hydrocarbon export regimes have produced new filings, as macroeconomic pressure drives policy reversals that engage treaty obligations to foreign investors.