US President Donald Trump says he will revoke a license which allowed Venezuela to export some of its oil to the US despite sanctions. The move is a major blow to the Venezuelan government as the license provided it, through joint ventures between the state-run oil company and US oil giant Chevron, with a crucial income in dollars.

The Trump administration’s decision to revoke the licenses allowing Chevron and other international companies to produce oil in Venezuela is likely to have a debilitating impact on the Caracas regime’s finances and limit the ability of strongman Nicolás Maduro to keep his ruling coalition together.