The U.S. has struck a deal with Chinese handset maker ZTE Corp. (ZTCOY) , according to U.S. Commerce Secretary Wilbur Ross.
The company must pay a $1 billion fine and place U.S. enforcement officers within the company in order to continue doing business with U.S. firms, Ross said.
Ross told CNBC on Thursday, June 7, that the U.S. struck a deal to lift restrictions on ZTE purchasing parts from U.S. companies, including Qualcomm Inc. (QCOM) - Get Report , Corning Inc. (GLW) - Get Report and Alphabet Inc. (GOOGL) - Get Report .
ZTE ceased major operations after it was hit in April with a seven-year ban for breaking a 2017 agreement reached after it was caught illegally shipping goods to Iran and North Korea.
As part of the deal, ZTE must change its board and executive team within 30 days.