US bans Amer­i­can firms from sell­ing to China’s ZTE

Business Standard - - WORLD -

The US Depart­ment of Com­merce is ban­ning Amer­i­can com­pa­nies from sell­ing com­po­nents to Chi­nese tele­com equip­ment maker ZTE Corp for seven years for vi­o­lat­ing the terms of a sanc­tions vi­o­la­tion case, US of­fi­cials told Reuters. The Chi­nese com­pany pleaded guilty last year in fed­eral court in Texas for con­spir­ing to vi­o­late US sanc­tions by il­le­gally ship­ping US goods and tech­nol­ogy to Iran. It paid $890 mil­lion in fines and penal­ties, with an ad­di­tional penalty of $300 mil­lion that could be im­posed. REUTERS<

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