Following a court decision to exclude the Venezuelan opposition from upcoming presidential elections in April, Macron denounced the "unacceptable authoritarian slide" of the oil-rich and once prosperous country.
"It will be at the European level that we will coordinate to see if we want to increase our sanctions. I am in favour," he told a press conference with Argentinian President Mauricio Macri.
He said that individual European sanctions against Venezuelans linked to the Maduro regime had had a "limited impact".
Argentina's Macri also condemned the "unacceptable authoritarian slide" of Venezuela under Maduro and called for "transparent elections", adding: "It has not been a democracy for some time."
The Venezuelan Supreme Court decision today effectively cleared the way for Maduro to win another term in April.
The court, seen as being stacked with Maduro loyalists, issued a ruling that means the MUD opposition will be unable to register before the vote, which has been brought forward to April 30 at the latest.
"A dictatorship is trying to survive at an unprecedented humanitarian cost," Macron said in his first major foreign policy speech in August.
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