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.
ZTE makes smartphones and telecommunications equipment but was banned from purchasing parts from U.S. companies in April.