Germany, Spain, France and Sweden have all announced that they are recognising Venezuelan Opposition leader Juan Guaido as the country's interim President and are urging him to hold a new presidential election.

But Venezuelan President Nicolas Maduro is defiant and has accused the United States of preparing a coup in the South American country.

German Chancellor Angela Merkel said during a visit to Japan on Monday that Guaido 'is the legitimate interim President'.

Spanish Prime Minister Pedro Sanchez told reporters in Madrid on Monday that 'we are working for the return of full democracy in Venezuela: human rights, elections and no more political prisoners'.

French foreign minister Jean-Yves Le Drian, speaking on Monday to France Inter Radio, urged Guaido to call an early presidential election that will ensure 'the Venezuelan crisis ends peacefully'.

Swedish foreign minister Margot Wallstrom told Swedish broadcaster SVT the vote that brought Maduro to power was not a 'free and fair election'.

Venezuelan President Nicolas Maduro has so far rejected calls by European countries for an early election.

The Trump administration has also backed Guaido, after he declared himself the interim President of Venezuela on January 23.

Maduro told Spanish TV channel La Sexta in an interview broadcast late on Sunday that he 'accepts ultimatums from nobody'.

Maduro said 'the military option is on (US President) Donald Trump's table'.

He accused the US of 'wanting to return to the 20th century of military coups, subordinate puppet governments and the looting of resources'.

Washington recently imposed sanctions on Venezuelan oil exports in an effort to undermine Maduro's main source of income and weaken his grip on power