The embargo, which follows months of escalating sanctions on government individuals and entities, blocks all property and assets of the government and its officials, and prohibits any transactions with them, including the Venezuelan Central Bank and the state oil company.
The action puts Venezuela on par with Cuba, Iran, North Korea and Syria, the only other countries under a similar full embargo.
White House national security adviser John Bolton is to give a speech outlining the measure Tuesday at a meeting of international supporters of Juan Guaidó, whom they recognize as Venezuela’s interim president. The meeting is being held in Lima, Peru.
In January, as Maduro began a second five-year term in office, more than a dozen countries in the hemisphere declared his reelection illegal. Within days, those countries followed the United States in recognizing Guaidó, head of the opposition-controlled National Assembly, as Venezuela’s legitimate leader.