Telecom equipment maker ZTE has been removed from the “Entity List” of the US Department of Commerce’s Bureau of Industry and Security (BIS).

In the wake of US sanctions on ZTE, the Chinese telecom equipment and software maker reported $342 million loss and increase in revenue in 2016.

The US authorities have slapped $892 million penalty on ZTE for doing business with Iran and South Korea.

ZTE Corporation CEO Zhao Xianming said: “With this settlement behind us – and coupled with recent efforts to streamline operations and grow ZTE’s innovative leadership around 5G – we anticipate continued growth and business expansion over the next several years as we continue to work with our partners in the U.S. and around the world.”