US Treasury announced on Thursday that it has imposed sanctions on ten individuals and 13 entities which it claimed have formed a corruption network to profit from a Venezuelan food subsidy project.

The targeted individuals include Colombian businessman Alex Nain Saab Moran, who allegedly orchestrated the network, and three stepsons of Venezuelan President Nicholas Maduro, said the treasury in a statement.

The treasury claimed that Saab, who personally profited from overvalued contracts including the Venezuelan government's food subsidy program, also funneled money to Maduro's stepsons in exchange for access to Venezuelan government contracts.

The United States has been pursuing a policy of economic sanctions and diplomatic isolation against the Venezuelan government in support of the opposition leader Juan Guaido.