ZTE Claims It Has Lost $3.1B From US Sanctions
ZTE says the seven-year US sanction placed on the company has cost them around US$3.1bn, according to those familiar with the matter.
Bloomberg reports, this figure has emerged as clients are pulling out of deals and costs are piling up.
Reports says the Chinese phone maker is expecting to make a deal soon with the US government and already has a plan in place to kick start their factories again once sanctions have been lifted.
The US has told American companies they can no longer sell components to ZTE.
The technology ban was put in place after ZTE was found selling American components to Iran back in 2016, a country who has been under sales restrictions by the US.
Earlier this week, US president Donald Trump says he is reconsidering the US penalties but will replace them with a US$1.5bn fine.
This ZTE sanction has also affected Aussie telco Telstra as it uses the Chinese company as a supplier for its house brand phones. Telstra has since dumped the brand and is looking for another company to supply for its house brand.