The US has hit Venezuelan President Nicolas Maduro with financial sanctions following a controversial election to rewrite the constitution and give his ruling party virtually unlimited power.

In a statement, US treasury secretary Steven Mnuchin described the election as "illegitimate" and said it was proof that Mr Maduro is a "dictator who disregards the will of the Venezuelan people".

No oil-related measures were mentioned in the announcement, but Mr Mnuchin said the US would "monitor the situation" to consider additional sanctions against the country.

The current sanctions will freeze all of Mr Maduro's assets in US jurisdiction, and Americans are barred from doing business with the leader.

In response, Mr Maduro said the move showed Donald Trump's "desperation and hate".


Deadly protests in Venezuela

Last week, the Trump administration imposed sanctions on more than a dozen Venezuelan officials - warning more measures would follow the election and its implementation.

The controversial vote, held on Sunday, elected a constitutional assembly that would supersede the country's opposition-controlled National Assembly.

It was met with scorn from the international community and opposition figures within Venezuela, who branded it a sham that would give unlimited power to President Maduro.

Mexico, the UK, Colombia and Peru are among the nations that have not recognised Sunday's vote, and the European Union has expressed unhappiness over the result.

Only Cuba, Nicaragua and Bolivia have remained loyal to Mr Maduro.

The government claims that eight million people voted in Sunday's election, which Mr Maduro called "the biggest vote the revolution has ever scored in its 18-year history".

But opposition sources believe only around 12% of Venezuelans cast a ballot. Opposition figures boycotted the election, leaving all 545 seats in the constitutional assembly open to be claimed by the President's allies.

Protests over the constitutional rewrite have split Venezuela since in April, and escalating violence has left approximately 120 people dead.

Sunday: Youth leader dies amid Venezuela violence

Demonstrators pledged to ramp up anti-government action, and promised election day is just the start.

Suppression of protests comes in the form of a motorbike-riding National Guard, and protesters have been laying bombs in their path as they become increasingly militant.

The violence on the streets is matched by continuing poverty for ordinary Venezuelans, who are suffering from medicine shortages and malnutrition as the country's economy continues its downward spiral.

But Mr Maduro continued in defiance of both protesters and international sanctions, praising the "election of a power that's above and beyond every other" and pledging to put "criminal" opponents in jail.

"It's when imperialism challenges us that we prove ourselves worthy of the blood of the liberators," he said on national television following the vote.