A permit issued by the United States government allowing energy giant Chevron Corp. to pump and export Venezuelan oil will be terminated this week, President Donald Trump announced Wednesday, ending what became a financial lifeline for the South American country.

The United States is rescinding a Treasury license allowing Chevron to produce and export oil from Venezuela, despite U.S. sanctions, President Donald Trump said Wednesday, because President Nicolás Maduro was not legitimately elected and has not accepted Venezuelans deported from this country fast enough.

US President Donald Trump has decided to cancel the oil deal between the US and Venezuela. It was signed during the tenure of his predecessor, Joe Biden, as reported by Bloomberg. “We are hereby reversing the concessions that Crooked Joe Biden gave to Nicolás Maduro,