The Fort Worth-based carrier will continue operating 10 weekly flights out of Miami to Caracas and Maracaibo. American said it is owed $750 million as of March 2014 for tickets sold in bolivars and have not been exchanged for U.S. dollars.
"Since we are owed a substantial outstanding amount and have been unable to reach resolution on the debt, we will significantly reduce our flights to the country after July 1," the airline said in a statement.
American will end its weekly flight between Dallas/Fort Worth airport and Caracas. It will also cut flights between Caracas and San Juan and New York-JFK. It is also reducing the frequency between Miami and Caracas and Maracaibo.
"We continue to work with the government of Venezuela on this matter," American said.