European Union foreign ministers are calling for new presidential elections in Venezuela and are preparing more targeted sanctions against those close to President Nicolas Maduro.

The EU has said that elections over a week ago were fatally flawed and wants to see them redone "in accordance with internationally recognized democratic standards."

Maduro won a second, six-year term in Sunday's election which his closest challenger called illegitimate and Venezuela's leading opposition parties boycotted as fraudulent.

The EU foreign ministers said Monday they will "act swiftly" to impose more sanctions against Venezuelan authorities but which will not hurt the Venezuelan people.