The Trump administration on Monday imposed sweeping sanctions on Venezuelan state-owned oil firm PDVSA, the toughest US financial challenge yet to the country's embattled socialist president, Nicolas Maduro.
John Bolton, head of the National Security Council, said that the Venezuelan government "can no longer loot the assets of the Venezuelan people".
Venezuela's competing leaders - Guaido is a 35-year-old engineer-turned-lawmaker while Maduro succeeded the late President Hugo Chavez in 2013 - are vying for support in the streets, the military and the mainstay oil industry.
On Sunday, Israel and Australia also said they would be recognizing Guaido as Venezuela's interim president, joining the United States, Canada and a host of Latin American and European countries.
"Our nations must stand up for the rule of law and support the leader who the Venezuelan people have affirmed as their legitimate interim president", Mr Pompeo said. "No one can give us an ultimatum", Maduro told CNN's Turkish network.
The U.S. announced sanctions against Venezuela amid its political crisis.
With Maduro's dismal record and a worldwide consensus against him, why are some in America's left turning their fire on the United States instead?
Venezuela has sunk into turmoil under Mr Maduro, with food shortages and protests amid an economic and political crisis that has led millions to leave the country and with inflation seen rising to 10 million per cent this year.
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The Trump administration had long held off on targeting Venezuela's vital oil sector for fear that it would hurt USA refiners and raise oil prices for Americans.
A Venezuelan diplomat in Miami says she's abandoned embattled President Nicolas Maduro, throwing her support behind opposition leader Juan Guaido.
Maduro is confronting an unprecedented challenge to his authority after Guaido on Wednesday declared himself interim president before cheering supporters in the capital, Caracas, citing a fraudulent election past year.
Recalling last year's presidential elections in his country, Maduro said he won the election with 65 percent of votes, and the parliamentary elections were going to be held in 2020.
"The American news agencies and The Washington Post reported on January 22 that this coup attempt order had been given to Guaido by Trump himself", Maduro said. He can say what he wants about me, but I protect my country, my people and my history.
The first major military officer to publicly switch his support to Guaido was Venezuela's military attache in Washington, Army Colonel Jose Luis Silva. That's because Venezuela's oil shipments to China and Russian Federation are usually taken as repayment for billions of dollars in debts.
The Venezuelan leader earlier gave USA diplomats until late Saturday to leave the country.
But France and Britain joined Spain and Germany in turning up the pressure on Maduro, saying they would recognise Guaido as president unless Venezuela calls a new presidential election within eight days.
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