(CNN) Newly imposed US sanctions on Venezuela could "significantly exacerbate" the crisis that ordinary civilians are facing in the country, United Nations High Commissioner for Human Rights, Michelle Bachelet, warned in a statement Thursday.

"I fear that they will have far-reaching implications on the rights to health and to food in particular, in a country where there are already serious shortages of essential goods," Bachelet said, describing the sanctions as "extremely broad."

Monday's sanctions have meant that assets of the Venezuelan government and associated entities have been frozen and economic transactions have been prohibited by the US, unless specifically exempted. Transactions related to the official business of the federal government and humanitarian aid are already exempt.

However, Bachelet said she feared that "that businesses and financial institutions are likely to err on the side of caution and completely halt transactions relating to the Government of Venezuela rather than risk punishment for violating the sanctions."

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