US set to hit Venezuela with new sanctions after election

U.S. officials say the Trump administration is preparing to levy new sanctions on Venezuela, following through on threats to impose fresh penalties if the country went through with a controversial weekend election.

The officials say the new sanctions could be imposed as early as Monday and will likely target Venezuela's oil sector, including possibly its state owned petroleum company. One official said an announcement was imminent. The officials were not authorized to discuss the matter publicly and spoke on condition of anonymity.

The administration warned Venezuela last week that new sanctions would be coming if President Nicolas Maduro went ahead with Sunday's election for a constituent assembly. The assembly will draw up a new constitution that many believe is aimed only at securing Maduro's increasingly authoritarian rule.