U.S. government signs an agreement with ZTE to lift export ban [Update]

ZTE will once again be able to conduct business with American component vendors.

Updated July 13, 2018: It’s official! Just a day after ZTE signed its agreement with the DOC, Commerce Secretary Wilbur Ross announced that the ban on ZTE has officially been lifted. The past three months have undoubtedly put a damper on ZTE, but at least it’s finally done with this massive setback.

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:

Our statement on #ZTE and the escrow agreement: pic.twitter.com/w0Bbej1mAU

— U.S. Commerce Dept. (@CommerceGov) July 11, 2018

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.