The US lifted sanctions against ZTE

The U.S. Senate finally lifted the sanctions against ZTE, taking the annual “defense act” without text on the resumption of trade restrictions against Chinese companies.

Initially, the act was intended to cancel the agreement of the President of the United States Donald trump with ZTE, which allowed the Chinese to resume work. However, then the Senate eliminated this part of the “defense act”.

We will remind, in April the US authorities banned the Chinese ZTE to buy the products of American technology companies for seven years, and has also restricted sales of smartphones and network equipment of ZTE in the country. The US has accused ZTE in the supply of products with American components to Iran and North Korea. This decision of the Ministry of Commerce resulted in the most unpleasant consequences for ZTE. In early may, the ZTE has officially announced to stop basic operations because of U.S. sanctions.

Currently, ZTE plans to place $400 million in a Deposit account controlled by the United States Bank, to fulfill the last conditions for the lifting of us sanctions. Previously ZTE has agreed to pay $1 billion fine to change the heads and to perform certain other terms of the American regulator. Under existing agreements, the US government will have access to $400 million, if ZTE does not change the entire management team of the company.


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