The 14-member bloc additionally resolved to "coordinate actions in order that worldwide and regional financial organisms do not grant loans to the Venezuelan government" in a bid to increase the pressure on the re-elected Maduro administration.
The financial stranglehold on Venezuela triggered by a collapse in oil production and previous US sanctions barring the government from restructuring its debts will likely only worsen the misery.
When asked during a background briefing on the order what makes this "sham" election different than other sham elections that the president has endorsed or congratulated, namely Russian Federation and Turkey, senior administration officials told reporters that the humanitarian scale of this crisis differentiates it.More news: Ryanair reports soaring profits in 2018
The order follows a first wave of restrictions a year ago that banned the purchase of new debt from the government, essentially choking off any potential restructuring with creditors as a way to apply pressure on Maduro to release political prisoners and hold free and fair elections.
Speaking in Argentine capital Buenos Aires, where he has discussed Venezuela with fellow foreign ministers of the G20, Mr Johnson said he was concerned about the "man-made humanitarian and economic crisis" gripping the South American state. However, the impact of these sanctions is felt by the Venezuelan people who struggle to deal with the high levels of inflation and scarcity of food and medicine. "We've never seen a country as wealthy as Venezuela is. dive into such a death spiral so quickly by such a group of individuals determined to enrich themselves at the expense of millions of people".
"(The sanctions) are madness, barbaric, and in absolute contradiction to global law", Foreign Minister Jorge Arreaza said in a short statement at the Miraflores presidential palace. "The Maduro regime uses hunger as a weapon", said the official.
With over 6 million votes (68% of the votes) cast in his favour, Nicolás Maduro was re-elected as President of the Bolivarian Republic of Venezuela. And Venezuelans busy trying to survive amid widespread food shortages and hyperinflation seem too demoralized to engage in protests like the ones that past year resulted in more than 140 deaths.
Fourteen countries in the region, including Brazil, Colombia, Argentina and Mexico, have recalled their ambassadors from Caracas for consultations.More news: Will Smith to work with Diplo on official World Cup song
Venezuelan opposition lawmaker and economist Angel Alvarado said: "What these sanctions are seeking to avoid is that countries outside the Western hemisphere come rescue Maduro financially so that he can consolidate an autocracy".
Prior to Sunday, CEELA observers participated in all fourteen of the pre-election audits conducted by the CNE in conjunction with all participating political parties, in addition to overseeing the "hot audit" of 54.4 percent of all voting machines mandatorily carried out on election day.
Venezuelan President Nicolas Maduro (C-Front) delivers a speech during an event to celebrate his reelection at the Miraflores Palace, in Caracas, Venezuela, on May 20, 2018.
As President Trump hardens his resolve against the oil-rich state, Mr Maduro will be forced to act with his worn out country in desperate need of food and medicine.
She said her brother, who used to run a business providing building materials to Chinese state-owned companies working in Caracas, fled to Canada past year, adding that numerous China-led development projects had been shelved and that nearly all Chinese workers had left Venezuela for safety reasons.More news: Sweden distributes war pamphlets to public for first time since 1960s