WASHINGTON/CARACAS (Reuters) - The United States on Monday sanctioned three Venezuelans and 20 companies with ties to socialist President Nicolas Maduro for narcotics trafficking activity, and U.S. Vice President Mike Pence called for more nations to increase pressure on Caracas. Trump has so far opted not to impose new oil-related sanctions that it has considered for a Venezuelan oil services company and on insurance coverage for tankers carrying Venezuelan oil, though the measures are still under consideration, one administration official said, speaking on condition of anonymity. READ MORE: US Calls on American States Organization to Halt Venezuela's Membership — Pence

The United States has repeatedly blamed Maduro for attacking the democratic rights of the Venezuelan people and destroying the country's economy as result of the reign of corruption, which caused Venezuela to plunge into a political and economic crisis. "To uphold the democracy and freedom, we call the members of the OAS to suspend Venezuela from the Organization of American States," said Pence, the first U.S. vice president to address the group since Al Gore in 1994. Pence, in a speech to the OAS, urged socialist Venezuelan President Nicolas Maduro to suspend elections scheduled for May 20, saying they would be a “fraud” and a “sham.” He also urged Venezuela’s neighbors in the hemisphere to step up their own measures against Caracas, imposing visa restrictions for leaders and taking other action to hold Maduro accountable. We are counting the days so we can leave, but this is the most dangerous place in the world for Venezuela and I have to show up to defend Venezuela," he said. “There is zero possibility that elections will be suspended,” said Samuel Moncada, Venezuela’s ambassador to the United Nations, condemning Pence’s speech. The U.S. Department of the Treasury's Office of Foreign Assets Control said Pedro Luis Martin Olivares was indicted in 2015 by a grand jury in Florida for willfully conspiring to distribute a controlled substance into the United States and possession with intent to distribute a controlled substance on board an aircraft registered in the United States. U.S. oil major ConocoPhillips has moved to take Caribbean assets of PDVSA to enforce a $2 billion arbitration award, three sources told Reuters.
United States Vice President Mike Pence calls on Venezuela to suspend its presidential election later this month citing corruption concerns. This follows a similar announcement made by the European Union.