U.S. Lifts Ban on China's ZTE After $1.4 Billion Penalty
- Commerce move clears way for company to resume business
- Telecom-equipment maker had been cut off from U.S. suppliers
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The U.S. Commerce Department has lifted the ban on American firms selling products to China’s ZTE Corp., removing the final hurdle for the company to start rebuilding its business.
The ban was removed after ZTE paid the final tranche of a $1.4 billion penalty by placing $400 million in escrow at a U.S. bank, the department said in an emailed statement on Friday. That sum comes in addition to $892 million in penalties the telecommunications-equipment maker has paid to the U.S. government after pleading guilty to violating sanctions, it said.