YPF's controlling stake, owned by Spain's Repsol, was seized by President Cristina Fernandez's government.
Spain's Industry Minister Jose Manuel Soria said it was considering unspecified action on diplomacy, trade, industry and energy.
YPF's debt was also downgraded.
Ratings agency Moody's cut the oil firm's debt rating to B3 from Ba3, saying further downgrades were possible.
Trading in YPF's shares were suspended for a second day in New York on Tuesday.'Not unpunished'
Argentina has taken 51% of YPF, wiping out Repsol's 57.4% majority stake.
Repsol executive chairman Antonio Brufau said Argentina's move "will not remain unpunished" and it will seek $10.5bn in compensation.
The authorities in Argentina have accused YPF of not investing enough to increase output from its oil fields, and so lessen the need for imports, an accusation it rejects.