Venezuelan President Nicolas Maduro said on Tuesday he will step down after a court convicted him of corruption, prompting his impeachment from office.
The announcement came hours after the court announced that Maduro was to stand trial for crimes against humanity.
The move is the latest sign of the economic crisis that has gripped Venezuela.
Maduro’s opponents have accused him of being the main culprit behind the country’s deepening economic crisis, with critics saying his popularity has plunged as the country has grappled with the worst economic crisis in its history.
Maduro has long insisted his corruption charges are politically motivated and has insisted that he has never taken bribes.
Maduro was convicted on Tuesday of accepting bribes in exchange for political favours, including the sale of oil products.
He was sentenced to 10 years in prison.
His opponents have called on him to resign.
The opposition accuses him of seeking to use his office to promote a socialist agenda and to weaken the countrys government.
Venezuela’s Supreme Court also ordered the impeachment trial.
“We are the ones who are facing an enemy that is trying to use us, not the president,” Maduro said in a televised address.
Maduro said that the Supreme Court’s decision to move ahead with the impeachment was based on “political considerations and considerations of convenience.”
He added that his government would appeal the decision.
The Supreme Court said the impeachment process would be reviewed.
Venezuela has a $15 billion default on its $200 billion debt.
The country has been in recession for nearly a year.
Maduro blames the collapse of the bolivar currency on an attack on his socialist policies by the US.
The US has said it will stop financing the government until it is sure that the country is no longer a threat to international sanctions.
Maduro and his allies accuse Washington of backing a coup that ousted him from office in February.