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ZTE Corp. building in Beijing (Photo: Gilles Sabrie/Bloomberg)[/caption] The U.S. Department of Commerce today announced it has lifted the ban on exporting U.S. parts to the Chinese telecom ZTE Corp. within hours after the company completed meeting the terms of a June agreement. The terms included paying a $1 billion penalty, placing another $400 million in escrow at a U.S. bank, reprimanding nearly three dozen high-ranking officers, and overhauling its board of directors and management. ZTE had already paid the billion-dollar fine. Last week, the company replaced its CEO with Xu Ziyang, a former director of ZTE in Germany. A week earlier it replaced its board of directors. The company previously replaced several other executives, including its head of legal affairs. On July 11, the Commerce Department tweeted that it had signed an escrow agreement with ZTE and, as soon as the company deposited $400 million, the U.S. order denying ZTE the right to buy and export parts from U.S. companies would be lifted. The money was deposited the next day. ZTE did not immediately issue a statement nor did it respond to messages. Its attorney, Mark Irion of the Washington, D.C., office of Hogan Lovells, declined comment. The 10-year denial order was imposed in April after ZTE failed to meet all the requirements of a plea deal made with the U.S. Department of Justice in March 2017. The plea deal settled charges that ZTE had illegally sold U.S. telecom parts and products to Iran and North Korea. The new agreement suspends the export denial order but keeps it ready to activate, in the event of violations during a 10-year probationary period. Commerce Secretary Wilbur Ross said in the announcement, “While we lifted the ban on ZTE, the department will remain vigilant as we closely monitor ZTE’s actions to ensure compliance with all U.S. laws and regulations. Three interlocking elements—a suspended denial order, the $400 million in escrow, and a compliance team selected by and answerable to the department—will allow the department to protect U.S. national security.” Ross’ words may reassure Congress, where a pending defense bill includes a provision that could void the agreement and reimpose the ban. Several members of Congress have said they view ZTE as a threat to national security.