President Donald Trump said he plans to revoke Chevron Corp.’s oil license to operate in Venezuela, threatening to torpedo the nation’s slow economic recovery.

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.

The US president said Venezuela had not lived up to its promises on taking back deported migrants.