Russia’s competition watchdog has launched a formal probe into Yandex, alleging the country’s largest technology company could be abusing its dominant position in the search market to promote its own services at the expense of competitors.
The Federal Anti-Monopoly Service (FAS) said Tuesday that Yandex has failed to comply with a previous warning that it must stop favoring its own products in search results
Shares in the technology giant, which is listed on the U.S. Nasdaq exchange and often referred to as “Russia’s Google,” dropped 5% on the news.
Yandex hit back against the FAS allegations, saying in a statement reported by the state-run TASS news agency that it disagrees with the charges that it restricts competition and is ready to defend its position.
“Enriched search responses are a global practice — all search engines provide such extended responses to users. Over 30,000 companies are already using our enriched response technology for free,” the statement said.
Anti-monopoly authority open case against Yandex for abusing search dominanceRead More
