US wants Venezuela punished by 35-nation group
The U.S. also has imposed economic sanctions on Venezuela at a time when it's seeking to refinance a huge global debt.
Vice President Mike Pence announced the sanctions on Pedro Luis Martin Olivares during a speech at the Organization of American States.
Platts Analytics said in a recent note that a Maduro win "would remove nearly any prospect for the economic reforms required to reverse production declines, and could create even more pressure on PDVSA by triggering U.S. oil sector sanctions".
Pence said the USA has already sanctioned more than 50 current and former senior Venezuelan officials and cut off the so-called "petro" digital currency from the United States banking system.
Earlier, the US imposed new sanctions against Venezuela and its oil companies, which prohibit U.S. citizens and U.S. banks to purchase new bonds issued by the Venezuelan government and state oil companies.
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Pence said the OAS should suspend Venezuela's membership, and urged other members to cut off the nation's leaders from financial systems and restrict them from travel visas. "There will be no real election in Venezuela on May 20, and the world knows it", Pence said.
In response, Moncada said that "there is no possibility of the elections being suspended", a timetable has been successfully fulfilled according to statements made by the directors of the National Electoral Council (CNE).
For his part, Maduro has largely laughed off the US sanctions and continues to blame the United States for his country's hardships. The U.S. State Department has said not all political parties have agreed to the elections, limiting the ability of individuals to run.
Oil prices rose to their highest levels since late 2014 on Monday, boosted by fresh troubles for Venezuelan state oil company PDVSA [PDVSA.UL] and a looming decision on whether the United States will reimpose sanctions on Iran over its nuclear program.
The action freezes any of their assets in the US or held by people in the U.S. The move could deal a further blow to the company's declining oil output and exports.
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