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US takes ZTE off trade blacklist

ZTE Corp. is coming off a U.S. trade blacklist, Reuters reported March 28.

The U.S. Commerce Department announced through a public notice that it is removing the China-based telecom equipment maker from the list as the company has accepted accountability for breaching U.S. trade sanctions with Iran.

ZTE agreed to pay U.S. authorities about $892 million in fines and forfeitures as part of a settlement deal earlier this month.

The Commerce Department also said it would hand down tough restrictions on former ZTE CEO Shi Lirong for allegedly greenlighting a plan to circumvent sanctions and ship U.S. technology to Iran, according to the report.