11 August, 2017
Unlike many other countries, the Russian government supported Venezuela's National Constituent Assembly (ANC).
Business with the Venezuelan government or private individuals or involving Venezuelan assets must be explicitly approved by "the relevant Reputational Risk Office", reads the memo.
In the statement released by Russia's Ministry of Foreign Affairs, Moscow also criticizes the countries that are imposing sanctions against the President Nicolás Maduro's government.
Many of those targeted by the United States are regional representatives on the new assembly, including Adan Chavez, the brother of Venezuela's former leader, who died in 2013.
Cuban President Raul Castro expressed today his "immense revolutionary jubilation" over the results of the past elections to the National Constituent Assembly in Venezuela, local media reported.
President Donald Trump's administration is continuing to weigh possible sanctions against more senior figures, including Venezuelan Defense Minister Vladimir Padrino and Socialist Party No. 2 Diosdado Cabello, and they could be included in future sanctions packages if Maduro does not change course, the USA officials told Reuters.
The Venezuelan government reacted by saying the USA was "making a fool of itself in front of the world".
Speaking to the newly elected members in the Federal Legislative Palace, Maduro acknowledged the results of the July 30 polls, in which more than 8 million people voted, with an assurance that "nobody is above the original power" before subordinating himself to their authority.
The ban comes as the US considers a range of economic sanctions against the government of President Nicolas Maduro, who is facing mounting global criticism over a crackdown on opponents and moves to consolidate power.
But he added: "The time has now come for the president to act on his promise to impose significant economic sanctions on the illegitimate Maduro dictatorship".
