U.S. Lifts Ban On ZTE Over Alleged Iran Sanctions Violations

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On Friday, Senator Marco Rubio, a Republican, criticized the lifting of the ban. So while this whole saga is not over entirely, ZTE are free to go about their business in the meantime and we hope that it is for a long time.

A short time ago, ZTE was forced to shut down more than half of its operations in the U.S after the U.S Department of Commerce banned the company from importing US-made components.

Because ZTE relies on US suppliers to make its smartphones. President Donald Trump has said he's prepared to put tariffs on as much as $450 billion worth of Chinese exports.

ZTE is now allowed to receive shipments from its American suppliers, according to a notice published on the Bureau of Industry and Security website last week.

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ZTE paid $892 million in penalties to the United States in connection with the 2017 settlement and guilty plea.

In order for the ban to be lifted, ZTE paid a $1.3 billion fine.

ZTE has already paid a $1 billion fine that is also part of its settlement with the USA government.

ZTE's USA -listed shares fell 2.4 percent to $3.70 on Friday.

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ZTE paid USA companies more than $2.3 billion in 2017, including Qualcomm Inc, Intel Corp, Broadcom and Texas Instruments Inc.

It will now operate with a 10-year suspended ban hanging over its head, which the United States can activate if it finds new violations.

It estimated a preliminary net loss of 7.0-9.0 billion yuan (US$1.05-1.34 billion) in January to June period versus a profit of 2.3 billion yuan the previous year, it said in a filing to the Hong Kong stock exchange. He described the terms of the deal as the strictest ever imposed in such a case.

In a statement this week, Senator Mark Warner of Virginia, the senior Democrat on the Select Committee on Intelligence, lambasted the reversal, saying the U.S. military and spy agencies had branded ZTE an "ongoing threat" to USA national security. The $1 billion penalty was sent to the U.S. Treasury last month. It also broke news of the ban in April.

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