It should be noted here that Russia has backed Maduro ever since the political turmoil began in Venezuela. The country has been firm in its backing in spite of the fact that Maduro's regime has been opposed by more than 50 countries, including the US, Canada, and the UK.

Venezuelan economy has shrunk by 47.7 per cent since 2013, while the inflation reached 130,060 per cent last year, the country's central bank reported in the first update on economic indicators in more than three years.

The US National Security Adviser John Bolton has issued a warning to India against buying Venezuelan oil, saying it "will not be forgotten".

The US today presented a draft resolution on the ongoing political and humanitarian crisis in Venezuela, calling for international aid deliveries and early presidential elections, to the United Nations Security Council (UNSC).

White House national security adviser John Bolton said on Wednesday the United States would consider lifting sanctions on senior Venezuelan military officers if they recognize Guaido as interim leader. "If not, the international financial circle will be closed off completely," Bolton wrote on Twitter.

President Donald Trump on Wednesday reiterated strong US support for Venezuela's opposition and said protesters demanding the ouster of President Nicolas Maduro were fighting for freedom.

Venezuelan President Nicolas Maduro pledged Monday to retaliate against the United States for its new sanctions on state oil company PDVSA.

European Union diplomatic chief Federica Mogherini has said that EU will take further actions if new elections are not called in Venezuela in the coming days.

Venezuela's Nicolas Maduro has no authority to sever relations with the United States, the State Department said Wednesday, hitting back after the leftist leader gave American diplomats 72 hours to leave the country.