Jose Manuel Garcia Margallo made the announcement today in Parliament in Madrid.
A ministry spokeswoman said the ministry would issue a statement later explaining the decision.
Yesterday, Venezuelan President Nicolas Maduro said Rajoy's "bandit" government was behind an international conspiracy to overthrow his government.
Spain last week summoned Venezuela's ambassador after Maduro accused Spain of interfering in its affairs when Parliament passed a motion calling for jailed Venezuelan opposition leaders to be released.
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