There are sanctions, but they are sanctions against individuals who are acting corruptly on the world market, at the expense of the Venezuelan people.
Venezuela-Related Sanctions
They target specific officials in the Venezuelan government, that are using the power of the government to screw over what little wealth is left in the country, and exporting it into hidden accounts out of the country.
They target the basis of Venezuela's economy in much the same way US sanctions have targeted Cuba with exactly the same motive: to destroy any alternative to the Washington Consensus.
https://fas.org/sgp/crs/row/IF10715.pdf
"Broader Economic Sanctions In addition to targeted sanctions against individuals, President Trump has imposed broader economic sanctions on Venezuela because of the government’s serious human rights sabuses, antidemocratic actions, and responsibility for the deepening humanitarian crisis.
"In August 2017, President Trump issued E.O. 13808, which prohibits access to the U.S. financial markets by the Venezuelan government, including Venezuela’s state oil company, Petróleos de Venezuela, S.A., or PdVSA, with certain exceptions to minimize the impact on the Venezuelan people and U.S. economic interests.
"The sanctions seek to restrict the Venezuelan government’s access to U.S. debt and equity markets.
"Among the exceptions are transactions for new debt by CITGO, owned by PdVSA; transactions by U.S. owners of Venezuelan/PdVSA bonds on secondary markets; financing for agricultural and medical exports; and short-term financing to facilitate trade."