Russian tech giant Yandex said it had reached a settlement agreement in a competition law dispute over its search engine results with Russia’s Federal Antimonopoly Service (FAS) and a consortium of IT companies, reported Reuters.
The FAS told Yandex last February that it had created unequal market conditions for general online search services, that it was preferentially promoting its own products and asked it to stop. Yandex at the time said it was ready to defend its position.
Nasdaq-listed Yandex said the settlement confirmed that it had complied with all requirements of the warning, terminated the case without any fines, and set forth certain additional obligations for Yandex to support competition, including sharing information with the FAS.
In addition, Yandex said it would establish a joint programme to support Russian technology companies in promoting their products and services, contributing 1.5 billion roubles ($19.6 million) to the Russian Fund for the Development of Information Technologies.
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