The U.S. Department of Commerce Bureau of Industry and Security (BIS) today announced that it has extended for a period of two months a previously granted temporary reprieve from U.S. export sanctions on China’s ZTE Corporation. Those sanctions were imposed on ZTE and several of its subsidiaries for allegedly reexporting products containing U.S.-origin components to Iran in circumvention of U.S. export control laws. This short-term extension, granted without explanation of its underpinnings, suggests that ZTE has made enough progress in adopting reformative compliance measures to forestall reinstatement of U.S. sanctions at least temporarily, but that such efforts are a work in progress and that it has not yet completed negotiations with BIS regarding the terms of a final resolution of the charges pending against it.
Source: http://www.jdsupra.com/legalnews/china-s-zte-granted-further-temporary-69655
