Meng Wanzhou allegedly deceived banks into processing transactions for an "unofficial subsidiary" that did business in Iran.
Meng Wanzhou, who was arrested in Canada at the request of the United States, is "by birth and position a member of China’s corporate royalty.”
The Chinese smartphone maker will pay a $1 billion penalty as part of a deal to end the sanctions that had threatened to cripple its operations.
The Chinese smartphone maker, which is heavily reliant on Qualcomm processors, is seeking a reversal of the Commerce Department's ban.
“It is mostly a fundamentals-driven market, but the icing on the cake is the worry about Iran."
The Commerce Department punishes the telecom firm with a seven-year denial of export privileges for violating a 2017 settlement agreement.
Critics say the "petro" is illegal, but President Nicolas Maduro believes it will have a "great impact" on the country's embattled economy.
The White House wants to ensure U.S. banks cannot be used to help finance the expansion of undemocratic rule in Venezuela.
The Chinese telecom equipment company allegedly shipped about $32 million of sensitive U.S.-made technology to Iran between 2010 and 2016.
The lifting of restrictions on direct financing continues the Obama administration's efforts to normalize trade with the island nation.
