The United States lifts the ban on ZTE | but will send a team to ZTE to supervise the decade

US Commerce Secretary Ross announced on Friday that China’s ZTE has deposited a $400 million deposit into a US bank’s escrow account. Shortly after receiving the money, the Commerce Department cancelled the past three months to ban US supplies. The ban on commercial transactions between ZTE and ZTE. Last month, ZTE paid a US$1 billion fine to the US Treasury at the request of the Ministry of Commerce.

Ross said in a statement: 'Although we have lifted the ban on ZTE, the Ministry of Commerce will continue to be vigilant and closely monitor the actions of ZTE to ensure that they comply with all US laws and regulations.'

The statement also said that the Bureau of Industry and Security (BIS) of the Ministry of Commerce will send a special team to ZTE to monitor their implementation of the agreement in the next ten years. This is the most stringent monitoring measure ever taken by BIS. In addition, ZTE has also replaced all board members and senior management personnel.

According to reports, in April this year, the US Department of Commerce banned US companies from selling chips and software products to ZTE within seven years. The reason was that ZTE did not violate the sanctions against Iran and North Korea in accordance with the agreement reached with the US Department of Commerce.

Later, the US Department of Commerce reached a new agreement with President ZTE and ZTE. The reorganization of the board of directors is one of the conditions. In addition, it must pay a fine of one billion US dollars and a deposit of 400 million US dollars.