US lifts ban on suppliers selling to China's ZTE
The US Department of Commerce on Friday lifted a ban on US companies selling goods to ZTE Corp, allowing China’s second-largest telecommunications equipment maker to resume business, Reuters reported.
The Commerce Department removed the ban shortly after ZTE deposited $400 million in a US bank escrow account as part of a settlement reached last month. The settlement also included a $1 billion penalty that ZTE paid to the US Treasury in June.
“The department will remain vigilant as we closely monitor ZTE’s actions to ensure compliance with all US laws and regulations,” Commerce Secretary Wilbur Ross said in a statement that described the terms of the deal as the strictest ever imposed in such a case.