Two days' before the sanctioning, Venezuelan President Nicolas Maduro—successor to revolutionary leader Hugo Chavez—announced that thousands of fingerprint scanners would be installed in food providers across the country in a bid to ration food.
At the inauguration of a large supermarket on Saturday, Maduro said he had met with representatives from seven major supermarket chains, who had agreed "voluntarily" to install the scanners in their branches, and that these would be rolled out starting Monday.
"We will establish 20,000 fingerprint readers throughout the socialist system to guarantee the people their food. And also (there) has been a meeting today with the seven major private channels and all voluntarily join the establishment of the secure supply system," said the president in an announcement translated from Spanish on his website.
The announcement follows other recent policy moves by Maduro that have dashed hopes that a free-market element could be introduced to the economy.
The country had been showing signs of adopting a less controlled economy. Last month, the country's foreign exchange rate system was loosened to allow bolivars to be exchanged for U.S. dollars at a rate closer to the unofficial black market price.
"There is no sign whatsoever that the policy mix is changing, so things are just going to get worse," David Rees, emerging markets economist at Capital Economics, told CNBC on Monday.
"Venezuela is on the long road—or probably the short road—to disaster."
Regarding the fingerprint scanners, Rees said: "This is something that does not work."