The United States will also extend temporary protections for roughly 600,000 Venezuelan migrants in the United States.

Venezuelan President Nicolas Maduro took the oath for a third term as president, while the US increased the bounty on him.

The US on Friday announced it was raising a bounty on President Nicolas Maduro to $25 million, as the Venezuelan leader was sworn in for a third term in office. Also named in the sanctions announced by the Treasury Department are eight Venezuelan officials who lead “key economic and security agencies enabling Nicolas Maduro’s repression and subversion of democracy in Venezuela”.