ZTE removed from U.S. trade blacklist

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The company name of ZTE is seen outside the ZTE R&D building in Shenzhen, China April 27, 2016. REUTERS/Bobby Yip (Copyright Reuters 2017)

The U.S. Commerce Department will remove Chinese telecom equipment maker ZTE Corp <000063.SZ> from a trade blacklist after the company admitted to violating sanctions on Iran, the Commerce Department said in a notice made public on Tuesday,

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At the same time, the Commerce Department said it would impose severe restrictions on former ZTE chief executive, Shi Lirong, who the agency accused of approving efforts to skirt sanctions rules and ship equipment to Iran.

(Reporting by Joel Schectman; Editing by Bernard Orr)