The decision follows a failed uprising spurred by opposition leader Juan Guaido, who is recognized as the legitimate ruler of Venezuela by the US and about 50 other countries, and growing speculation that strongman Nicolas Maduro will hold on to power, since the country's military and pro-government militias have firmly backed him, the FT reports.

One of the worst humanitarian crises in the world has been festering in Venezuela for about five years now, spurred by chronic mismanagement under the Maduro regime, and that of his predecessor, Hugo Chavez. Because of security concerns, rapid inflation, the difficulty of moving capital out of the country, and a shortage of passengers, most US airlines have already suspended flights.

Of the 32 foreign airlines operating in Venezuela in 2013, only about one-third remain active in the country, and the number of seats on international flights have fallen by 80%. American Airlines was the last major carrier to suspend flights to VZ, which it did in March.