The European Union (EU) on Thursday agreed to lead an international contact group with South American nations to help resolve Venezuela’s political crisis by seeking new elections, EU foreign policy chief—High Representative of the EU for Foreign Affairs and Security Policy, and Vice President of the EU Commission—Federica Mogherini said, Reuters reported.

The group, which will include Britain, France, Germany, Bolivia and Ecuador, will end after 90 days if no progress is made, and it stands ready to consider more economic sanctions on the government of Venezuelan President Nicolás Maduro.