US to Place Export Restrictions on Chinese Firm over Trade with Iran
TEHRAN (Tasnim) – The US Commerce Department has decided to place export restrictions on Chinese telecoms giant ZTE for reportedly selling American technology to Iran.
“This (selling US technology to Iran) is a significant new burden on trade with ZTE,” a senior official at the Commerce Department told Reuters on Sunday.
The move will take effect on Tuesday.
The company issued a statement late on Sunday saying it was “highly concerned” about the latest reports.
The US Commerce Department has been investigating ZTE since 2012 after mainstream media outlets reported that it had signed contracts to ship millions of dollars of hardware and software from leading US tech companies to Iran’s largest telecoms carrier, Telecommunication Co of Iran, and an associated firm.
It comes at a time when foreign firms are rushing to rekindle their trade ties with Iran since Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 finalized a comprehensive deal on Tehran’s nuclear program and implemented it on January 16.
Meanwhile, Iranian officials have repeatedly warned against US potential lack of commitment to the terms laid down in the JCPOA and believe such moves demonstrate that Washington has failed to make good on its side of bargain.
