Pence also announced that the Trump administration is sanctioning three prominent Venezuelans connected to Maduro, in addition to various economic sanctions already in place.
The Venezuelan deputy minister for North America and representative to the Organization of American States (OAS), Samuel Moncada, rejected on Monday the statements made by the Vice President of the United States, Mike Pence, and demanded respect for the peoples of Latin America.
The U.S. joins the European Union in calling on Venezuela to postpone the May 20 election until there are better assurances that it will be a free and fair democratic contest.
"The time has come to open Venezuela to global aid, and do it now", Pence said.
That funding from the U.S. Agency for International Development (USAID) will go to the Columbian government for school feeding programs, mobile health services and new systems to help collect data on displaced Venezuelans in the country, the agency said. The U.S. also has imposed economic sanctions on Venezuela at a time when it's seeking to refinance a huge worldwide debt.
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He said the OAS must respond to the crisis by removing Venezuela from its membership.
The 20 companies - of which 16 are based in Venezuela - were used to launder illicit proceeds from the drug trade, according to the statement.
Before his departure in February, former Secretary of State Rex Tillerson indicated that the Trump administration was considering blocking all sales of Venezuelan oil, a move that might present the final blow to both Maduro and the country's economy.
Maduro, himself subject to sanctions previous year, regularly laughs off Washington's disapproval and blames the U.S. It is the third-largest source of USA imported oil.
The funding announcement comes roughly a month after Vice President Pence announced that the US would provide almost $16 million in humanitarian aid for Venezuelans who have fled a deepening economic and political crisis in the country. They are owned or controlled by the three individuals, the U.S. Treasury said in a statement.