So, this just came in.
I have also heard through colleagues that there has also been a second email stating that research groups funded by Huawei will also be banned from reviewing content, and I have also heard this could be extended to not being allowed to publish.
https://twitter.com/qian_junhui/status/1133595554905124869This would seem to me to be perhaps a response to Huawei now pouring large amounts of money into EU universities, after they were forced to break ties with many US institutions. By doing this, you pretty much force those groups to either become a Huawei-only research group that doesn't publish, or break ties with Huawei too.
More updates will likely follow, and IEEE has not released a public statement on this topic yet (at time of writing, which is 08:05 UTC)
Some more links I found:
https://twitter.com/HaibianSHITANG/status/1133630982698020864/photo/1