According to BBC, under the sanctions, US firms and individuals are banned from doing business with President Maduro. The election of a constituent assembly on Sunday was held amid mass protests.
At least ten people were killed. However, President Maduro said the poll was a vote for the revolution, saying sanctions from the empire does not scare him.
Venezuela's new constituent assembly will have the power to rewrite the constitution and disband the opposition-controlled National Assembly.
The opposition coalition, which boycotted the election, said 88-percent of voters had abstained. It has refused to recognize the election. Electoral officials said the turnout was 41.5-percent. Protesters have blocked a number of roads in the capital, Caracas.