LATAM Airlines has suspended its operations in Venezuela due to the ongoing issues with repatriating funds held in Venezuela's local bolivar currency.
To date, the Venezuelan government is estimated to be holding $3.8 billion in airline funds belonging to 24 carriers, according to the International Air Transport Association (IATA), which has consistently called for a resolution to the issue. LATAM estimates it has $3bn held in Venezuela.
LATAM will halt all flights between Sao Paulo and Caracas will from today, and those from Santiago and Lima will end in July.
A LATAM Airlines spokesman said it had around $3 million tied up in Venezuela.
This week, Lufthansa has also suspended flights to Caracas for the same reason as the company has more than $100 million held up in Venezuela.