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Conina said:

Developers/publishers can remove their games from the virtual store shelves.

But I doubt that they are allowed to remove sold licenses from Steam libraries (without refunding the money to the customers).

They can be revoked at any time for any reason. Obviously, if that started to happen en masse people would lose faith in the entire system of digital videogame content distribution, hence it seldom is applied, but there are examples.

Technically that is true even for physical copies, since that is just the means of transporting a licensed piece of software no different than digital content, but that would be much harder to enforce.