Argentine President Javier Milei announced a national sovereignty defence bill to sanction oil firms drilling near the Falkland Islands, a move timed as the United States reviews its neutral stance and 1.7 billion barrels of resource are at stake.
During a televised address on Thursday, Milei said Congress would consider tougher penalties for unauthorized operations, extending sanctions to shareholders and suppliers, while US President Donald Trump indicated his administration is reviewing the US neutral position on the archipelago, a development that follows Argentina's claim that the Sea Lion project, a 1.7 billion‑barrel resource jointly owned by Navitas and Rockhopper, could begin production in months.
British Defence Minister Wes Streeting reiterated that the UK’s commitment to the Falklands is absolute and unshakeable, while Rockhopper’s share price slipped 8% after the announcement; the proposed sanctions target not only the drilling firms but also their shareholders, directors and suppliers, signalling a broader legal and market response to the sovereignty dispute.