WASHINGTON, October 11. /TASS/. The US administration is ready to ease its sanctions on Venezuela if its government holds democratic reforms and creates conditions for a free and fair presidential election in the country, a US Department of State spokesperson has told TASS.

Commenting on reports that Caracas and Washington were close to signing an agreement paving the way for easing US sanctions on Venezuela, the spokesperson said: "The United States has consistently stated its willingness to consider modifications to US sanctions in response to concrete democratic reforms and the creation of conditions for free and fair elections in 2024."

In his words, Washington "continues to urge representatives of [Venezuelan President] Nicolas Maduro and the [opposition] Unitary Platform to reach a comprehensive, durable solution by returning to the dialogue process in Mexico City."

Bloomberg reported on Tuesday, citing "people familiar with the matter" that the US and Venezuela were close to reaching an understanding that would bring limited sanctions relief. In exchange, the Latin American country’s government should lift its ban for opposition candidates to run for presidency. The purported sanctions relief was reported to include the country’s banking and oil sectors.

The US and its allies have imposed over 930 unilateral restrictive measures on Venezuela, with sanctions against the state-run oil and gas company Petroleos de Venezuela (PDVSA) being the most harmful for the country’s economy. As a result of sanctions imposed on the country’s oil sector, Venezuela has lost over $232 billion. Western banks have blocked Venezuelan assets worth some $30 billion.