The sanctions are not expected to include a ban on all oil exports, which could devastate the country’s economy further

The US government is preparing to hit Venezuela with new sanctions after the election of a new legislative body to redraft the country’s constitution in a vote described by Washington as a “sham”.

President Nicolás Maduro hailed Sunday’s election as a popular mandate to dramatically recast the Venezuelan state, but his political opponents have warned it could lead to the dissolution of existing powers and turn the country into a fully fledged dictatorship.

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