The action is part of the Trump administration's expanding sanctions campaign against Venezuelan President Nicolás Maduro's cash-strapped Socialist government.
Mr Maduro, the USA vice president said in a speech to the Organisation of American States, "promised people he would restore prosperity but delivered only deep poverty".
WASHINGTON-The U.S. Treasury imposed sanctions on Monday against Venezuela's former financial intelligence chief over his alleged work as a drug kingpin, and 20 Venezuelan and Panamanian firms for allegedly laundering narcotrafficking proceeds.
"We have frozen their assets, blocked their access to our nation, so they can no longer poison our people with their deadly drugs", Pence said.
Pence previously has urged the worldwide community to increase pressure on Maduro, who the United States blames for a deep recession and hyperinflation in Venezuela that have caused shortages of food and medicine and a flood of migrants into neighboring countries. The U.S. also has imposed economic sanctions on Venezuela at a time when it's seeking to refinance a huge worldwide debt.More news: Twitter Testing Encrypted Direct Messaging Feature
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Additionally, OFAC designated Walter Alexander Del Nogal Marquez and Mario Antonio Rodriguez Espinoza for assisting Martin, and 20 companies in Venezuela and Panama that are owned or controlled by these three individuals.
The suggestion was immediately rejected by Caracas.
"Samuel Moncada accuses Mike Pence of an global crime by violating the charters of the OAS and the United Nations in light of his statements at the protocolary meeting of the OAS Permanent Council", the statement released on Monday said. The Venezuelan government has said that it fears sectors of the right-wing opposition will carry out violent attacks on election day with the foreign assistance.
Maduro, himself subject to sanctions previous year, regularly laughs off Washington's disapproval and blames the U.S.
"Systemic corruption and a collapse in the rule of law are defining features of Venezuela's government", U.S. Treasury Secretary Steven Mnuchin said in a statement Monday. It is the third-largest source of USA imported oil. The move could deal a further blow to the company's declining oil output and exports.