American Airlines announced Tuesday that it will cancel almost 80 percent of its flights to Venezuela next month due to a dispute over the repatriation of revenue.

According to The Associated Press, as of July 2, American Airlines will offer only 10 flights per week to Venezuela, significantly lowering the number of flights from its curent 48.

American Airlines is in the middle of a disagreement over revenue being held in the oil-wealthy country due to tight currency controls.

The airline said it will only fly to Venezuela from Miami, cancelling its flights that normally fly out of Dallas, New York and Puerto Rico.

It says Venezuela is withholding at least $750 million in revenue that should be repatriated to the United States.

A number of other airlines have also reduced or suspended the number of flights to the South American country over similar disagreements.

The International Air Transport Association, which is a trade group for many world airlines, said Venezuela is holding $4 billion in revenue from airlines due to problems with its currency control. Air Canada and Italy's Alitalia have suspended flights to Venezuela, and other U.S. airlines have also restricted flights to the country due to the government's refusal to re-appropriate the money from ticket sales to the U.S.

In May, the Venezuelan government struck a deal that would allow six Latin American countries to repatriate revenue from sales in 2012 and 2013. But Venezuelan authorities have now restricted access to dollars and want to make them more expensive to purchase.

Strict controls over foreign currency exchanges were first imposed in 2003 following a coup against then-President Hugo Chavez.

American Airlines is the largest foreign airline serving Venezuela, and the suspension could lead to significant revenue losses for the country.

Drug companies and car manufacturers have also faced complications when trying to get money from the government's currency system due to a scarcity of U.S. dollars in the wake of last year's financial crisis.

Casey Norton, a spokesman for American Airlines Group Inc., told The Associated Press that American Airlines values their "business and longstanding relationships with the government." However, he said that flights to the country must be suspended due to the dispute over the millions in revenue.

"We continue to work with the government of Venezuela on this matter," Norton said.

American Airlines currently flies four times a day between Caracas and Miami and five times a week between Caracas and New York.

As of July 2, the airline will only offer daily flights between Caracas and Miami, with a flight on Saturday and two flights every week between Maracaibo and Miami.

President Nicolas Maduro said that airlines that reduced their operations in Venezuela will face "severe measures."

"The company that leaves the country will not return while we hold power," Maduro said.