Milei announces sanctions against oil firms operating off the Falklands without Argentine approval

Argentine President Javier Milei announced sanctions on Thursday against oil companies operating off the Falklands without Argentine approval, as well as the construction of a naval base in Tierra del Fuego. The sanctions, which are part of Law 26,659 and will extend to shareholders, directors, and suppliers of the non-approved companies, will be enforced starting the same night the decree is signed.

The Sea Lion project in the North Falkland Basin, a development involving Sea Lion project, and Rockhopper Exploration as well as Navitas Petroleum from Israel, are targeted by the sanctions. Milei stated that companies operating in Argentine territory without authorization must choose between illegal activity in disputed territory and profitable operations in a sovereign country.

The sanctions come amid rising tensions with the UK, following US President Donald Trump's comments questioning US support for the UK. Milei also unveiled plans to increase the Defense Ministry budget to build an integrated naval base in Tierra del Fuego and strengthen telecommunications capabilities, aiming to make Argentina a central logistics hub in the South Atlantic and boost its projection towards Antarctica.