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Venezuela to hold presidential vote April 22

Venezuela will hold presidential elections on April 22 after talks between the leftist government and the opposition crumbled, paving the way for President Nicolas Maduro's likely re-election, Reuters reported.

The ruling socialists previously said a vote would be held before the end of April, amid Maduro's unpopularity and an economic crisis in the oil-rich nation.

The opposition wanted a vote to be held later in the year to allow it time to select a candidate, as two of its leaders, Leopoldo Lopez and Henrique Capriles, are not allowed to run for the presidency. The opposition claims the government is effectively rigging the election by sidelining opposition politicians.

The announcement came as U.S. Secretary of State Rex Tillerson said the U.S. is closer to a decision on whether to impose sanctions on Venezuelan oil, which would deal another blow to the OPEC member's already fragile economy, according to the report.

The government has said it is ready to withstand U.S. sanctions.