Latin America’s biggest airline group LATAM is suspending flights to Venezuela , and was soon followed by German flag carrier Lufthansa.
Both airlines blame the ‘complex economic scenario’ which has resulted in severe currency restrictions.
Airlines have struggled to repatriate millions of dollars held in local currency and Lufthansa claims it is owed about $100 million.
There is about $3.8 billion in ticket revenue being held in the country which is owed to 24 airlines, the International Air Transport Association said.
"Latam Airlines will suspend temporarily and for an undefined time its operations to Caracas airport," the Chile-based company said in a statement.
Flights from Sao Paulo to Caracas have stopped, and routes to Caracas from Santiago and Lima will end in July.
Carriers such as Alitalia, Air Canada and Gol have pulled out of the Venezuela market in recent years while other major carriers have severely reduced services.
