The United States has called on the world to "pick a side" on Venezuela and urged countries to financially disconnect from Nicolas Maduro's government.
European powers meanwhile signalled they were set to follow Washington in recognising Venezuelan opposition leader Juan Guaido as the country's rightful leader.
In heated back-and-forth exchanges at a United Nations Security Council meeting, the opposing camp led by Venezuela and Russia, which has invested heavily in Venezuela's oil industry, accused Washington of attempting a coup, and lambasted Europeans' demand that elections be called within eight days.
Guaido, who took the helm of the National Assembly on January 5, proclaimed himself interim president on Wednesday.
The United States, Canada and a string of Latin American countries recognised the young leader in quick succession.
Maduro, who has led the oil-rich nation since 2013 and has the support of the armed forces, has refused to stand down.
But on Saturday Guaido gained support from a key military official.
Venezuela's defense attache to Washington, Colonel Jose Luis Silva, told Reuters that he has broken with the Maduro government and recognised Guaido as interim president.
Speaking at the UN meeting, called by the United States, US Secretary of State Mike Pompeo said Maduro's "socialist experiment" had caused the economy to collapse and reduced ordinary Venezuelans to rooting through dumpsters for food.
"Now it is time for every other nation to pick a side. ... Either you stand with the forces of freedom, or you're in league with Maduro and his mayhem," Pompeo told the council.
"We call on all members of the Security Council to support Venezuela's democratic transition and interim President Guaido's role."
Pompeo also called on the international community to disconnect their financial systems from Maduro's regime.
Washington has signalled it was ready to step up economic measures to try to drive Maduro from power, but on Saturday Pompeo declined to elaborate on any such plans.
By overcoming opposition to holding the UN meeting on Saturday, Washington successfully put the global spotlight on Venezuela as a Security Council problem.
However, any council action to address the crisis would be blocked by veto-powers Russia and China, diplomats said.
Britain, Germany, France and Spain all said on Saturday they would recognise Guaido if Maduro failed to call fresh elections in eight days, an ultimatum Russia said was "absurd" and the Venezuelan foreign minister called "childlike".
"Europe is giving us eight days? Where do you get that you have the power to establish a deadline or an ultimatum to a sovereign people?" Venezuela's Foreign Minister Jorge Arreaza told the Security Council.
Russia also said military intervention in Venezuela should be avoided at any cost, while Caracas reiterated that its offer of dialogue with President Donald Trump's government was still on the table despite his administration's two-year campaign against Maduro.
"If President Trump, like other presidents of the United States, is in search of war to show he can govern and to stimulate the economy, he won't get that war in Venezuela," Arreaza told reporters later.
Venezuela has sunk into turmoil under Maduro with food shortages, protests, mass emigration and inflation that is seen rising to 10 million per cent this year.
