The U.S. has struck a deal to end crippling sanctions on Chinese telecom giant ZTE, Commerce Secretary Wilbur Ross revealed on CNBC Thursday.
ZTE faces a $1 billion penalty, will host an embedded compliance team chosen by the U.S. and must change its board of directors and executives within 30 days.
"We are literally embedding a compliance department of our choosing into the company to monitor it going forward. They will pay for those people but the people will report to the new chairman," Ross said.
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ZTE makes smartphones and telecommunications equipment but was banned from purchasing parts from U.S. companies in April.