ZTE’s woes in the U.S. are about to come to a close. The Chinese telecommunications giant has signed an agreement with the Department of Commerce that will lift the export ban — which will allow ZTE to do business with American suppliers like Qualcomm. ZTE was issued a denial order in April after it was revealed that the manufacturer violated sanctions against North Korea and Iran.
ZTE is now required to complete a $400 million escrow payment, following which the ban will be lifted:
The three-month saga is estimated to have cost ZTE upwards of $3 billion, according to Bloomberg. The company had to appoint a new chairman and replace its senior management, and while the export ban is set to be lifted, ZTE could face further penalties from the U.S. Senate.