The International Air Transport Association (IATA) says it has asked the US Department of Transportation (DOT) to grant anti-trust immunity to international airlines to allow them to discuss options that will allow them to maintain connectivity to Venezuela despite the country's worsening foreign currency shortage.

In a statement, IATA’s Director General and CEO, Alexandre de Juniac, said the negotiations would take place against the backdrop of Nicolas Maduro's government's unwillingness to release USD3.8 billion worth of ticket remittances to foreign airlines.

“To be clear, the intention is not to do anything that is anti-competitive. On the contrary, our member airlines seek to explore a global solution allowing them to keep Venezuela connected to the world and do business normally in a country that is not meeting its international obligations,” he said.

Since 2003, Venezuela has operated a currency control system which forces all foreign firms looking to expatriate earnings to first seek government approval. However, with the collapse in the price of oil and a consequent shortage of US dollars, approvals have not kept up to speed with applications.

"The situation became critical in 2015 when only one request to repatriate funds was approved. There has been only one approval in 2016," de Juniac added.

The dearth of available funds has resulted in a chronic backlog of payments; a condition that has forced most international carriers to either scale back their Venezuelan services or abandon the market altogether.

The ch-aviation route database shows the only foreign carriers to maintain service to Caracas Simón Bolivar are: ABX Air (Cargo); Aerolíneas Argentinas; Air Europa; Air France; American Airlines; Avianca; Caribbean Airlines; Copa Airlines; Cubana; Delta Air Lines; Dynamic International Airways; Iberia; InselAir; LATAM Cargo Brasil; Martinair (Netherlands) (Cargo); TAME Ecuador; TAP Portugal; and United Airlines.

Passenger carriers that have exited the market include: Air Canada; Lufthansa, Alitalia; Aeroméxico; and LATAM Airlines Group.