But while a senior USA official said the Trump administration had had "pointed discussions" with Russian Federation and China, Venezuela's two biggest creditors, demanding that they not counteract the sanctions, the Kremlin indicated on May 21 that it will continue to provide Maduro with critical support.
Rising crime rate is one of the many challenges being faced by Venezuelan President Nicolas Maduro, who won his second six-year term in office in a disputed election on Sunday..
It prohibits "all transactions related to the purchase of any debt owed to the government of Venezuela, and this includes accounts receivable by any USA person or anyone within the United States". The order also prevented Venezuelan officials from selling equity in any entity majority-owned by the government. However, it stopped short of imposing sanctions on oil sales, which would have crippled the country's economy.
Vice President Pence said in a statement that the country's "election was a sham - neither free nor fair" and he said that "The United States will not sit idly by as Venezuela crumbles and the misery of their fearless people continues".
"The United States remains committed to the Venezuelan people, who have suffered immensely under the Maduro regime", Trump said in his statement. President Donald Trump signed an order that bars Americans from dealing with Venezuela's oil industry. "The United States will not sit idly by as Venezuela crumbles and the misery of their fearless people continues".
Venezuela's foreign minister, Jorge Arreaza, called the new sanctions illegal, saying they were "madness, barbaric and in absolute contradiction to global law". That was 67 percent of the vote with 90 percent counted, according to the BBC.
The election has been met with global condemnation and the 14-nation "Lima Group" of countries in the Americas, from Canada to Brazil, said in a stinging statement it did not recognise the vote and would downgrade diplomatic relations.
Venezuela is suffering from food shortages stemming from its economic crisis and voter turnout was low.
"We will be the most powerful and largest political force in Venezuela for a long time", he told a festive crowd of supporters who poured into the grounds of the presidential palace to celebrate. The group deplored Venezuela's "grave humanitarian situation".
Florida Governor and Senate candidate Rick Scott (R) also referred to it as a "sham election" and said that "It's a fraud", and that "The US can not stop fighting the Maduro Regime".
London-based Capital Economics said that after Maduro's win "an escalation of U.S. sanctions seems inevitable".
Falcon refused to recognize the results, and said the election "lacks legitimacy".
Venezuela's multiple creditors are considering accelerating claims on unpaid foreign debt, while oil major ConocoPhillips has been taking aggressive action in recent weeks against PDVSA, part of a claim for compensation over a 2007 nationalisation of its assets in Venezuela. As Maduro and the diverse sectors of Chavismo have already expressed, the victory is just the first step, the challenges that Venezuela faces are complex but they will confront them in the spirit of the Bolivarian revolution, always putting the most needy people first and never compromising on humanist and socialist values.