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US Lifts Ban On ZTE

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US Lifts Ban On ZTE
In April, the department banned U.S. companies selling parts and software to ZTE after the company illegally sent equipment to Iran and North Korea.
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The U.S. Department of Commerce has lifted a ban on export sales to Chinese tech company ZTE, allowing the company to operate again. 

In April, the department leveled a ban on U.S. companies selling parts and software to ZTE after the company illegally sent equipment to Iran and North Korea. 

ZTE had to meet a number of demands from the department in order to lift the ban: the company had to replace its entire board of directors, pay a $1 billion fine and put up an additional $400 million in escrow. That money will stay in escrow for 10 years, during which U.S. inspectors will have full access to ZTE sites.