ZTE Export Ban Remains Until Fine Paid
The way in which Commerce Secretary Wilbur Ross's decision to reverse a seven-year export ban on ZTE (see 1806070003) will be carried out is now fleshed out with the publishing of a superseding agreement on the Bureau of Industry and…
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Security website. The ban is still in place until ZTE pays a $1 billion fine and puts $400 million in escrow, the document says. The Chinese telecom giant has 60 days to pay the $1 billion and 90 days to fund the escrow account. Also, ZTE must hire a special compliance coordinator within 30 days of the agreement's publication, which was June 8.