HUAWEI Technologies’ founder and chief executive Ren Zhengfei said Saturday that the growth of the Shenzhen-based tech giant “may slow, but only slightly” due to recent U.S. restrictions.

In remarks to the Japanese press and reported by Nikkei Asian Review, Ren reiterated that the telecom equipment maker has not violated any law.

“It is expected that Huawei’s growth may slow, but only slightly,” Ren told Japanese media in his first official comments after the U.S. restrictions, adding that the company’s annual revenue growth may undershoot 20 percent.

On Thursday, Washington put Huawei, one of China’s biggest and most successful companies, on a trade blacklist that could make it extremely difficult for Huawei to do business with U.S. companies, a decision slammed by China, which said it will take steps to protect its companies.

The developments surrounding Huawei come at a time of trade tensions between China and the United States.

A similar U.S. ban on China’s ZTE Corp. had almost crippled business for the smaller Huawei rival early last year before the curb was lifted.

The U.S. Commerce Department said Friday it may soon scale back restrictions on Huawei.

Ren said the company was prepared for such a step and that Huawei would be “fine” even if U.S. smartphone chipmaker Qualcomm Inc. and other American suppliers would not sell chips to the company.

Huawei’s chip arm HiSilicon said Friday that it has long been prepared for the scenario that it could be banned from purchasing U.S. chips and technology, and is able to ensure steady supply of most products.

The Huawei founder said that the company will not be taking instructions from the U.S. Government.

“We will not change our management at the request of the United States or accept monitoring, as ZTE has done,” he said.

Huawei is also asking its top Asian chipmakers to maintain deliveries after the U.S. decision, the Nikkei reported Friday, quoting sources.

Taiwan Semiconductor Manufacturing Co. said it will maintain supplies for the time being even though it was assessing the impact of Washington’s decision, the report said.

Innolux Corp., which supplies screens to Huawei, said it will have an impact, but it was hard to determine its scope, and that its shipping schedule for Huawei remained unchanged, according to the report.

U.S. chipmakers such as Qualcomm Inc. and Qorvo Inc. suspended shipments Friday, the report said, while other U.S. companies are set to follow suit as the restrictions take effect.

In January, U.S. prosecutors unsealed an indictment accusing the Chinese company of engaging in bank fraud to obtain embargoed U.S. goods and services in Iran and to move money out of the country via the international banking system.(SD-Agencies)