HomeBusinessRussia's Yandex reaches settlement in search engine dispute

Russia’s Yandex reaches settlement in search engine dispute

MOSCOW : Russian tech big Yandex on Wednesday stated it had reached a settlement settlement in a contest legislation dispute over its search engine outcomes with Russia’s Federal Antimonopoly Service (FAS) and a consortium of IT corporations.

The FAS informed Yandex final February that it had created unequal market circumstances for basic on-line search providers, that it was preferentially selling its personal merchandise and requested it to cease. Yandex on the time stated it was able to defend its place.

Nasdaq-listed Yandex stated the settlement confirmed that it had complied with all necessities of the warning, terminated the case with none fines, and set forth sure further obligations for Yandex to assist competitors, together with sharing info with the FAS.

In addition, Yandex stated it could set up a joint programme to assist Russian know-how corporations in selling their services and products, contributing 1.5 billion roubles ($19.6 million) to the Russian Fund for the Development of Information Technologies.

The FAS stated in a press release the settlement was permitted by Moscow’s Arbitration Court in any case events had signed.

Around 20 Russian web corporations signed an open letter final yr supporting the FAS’ efforts. In it, they accused Yandex of abusing its dominant market place and urged it to determine a stage enjoying area for truthful competitors in on-line searches.

The FAS later introduced an antitrust case in opposition to Yandex, saying it could examine doable anti-competitive practices and assess their penalties.

The dispute centred round enriched search, which provides customers extra detailed outcomes on searches for issues like occasions and recipes.

Yandex has stated it makes use of the worldwide observe of enriched search outcomes to reinforce the person expertise and that over 30,000 corporations use its enriched search know-how without spending a dime.

($1 = 76.3908 roubles)

(Reporting by Alexander Marrow; further reporting by Marina Bobrova, Gabrielle T├ętrault-Farber and Gleb Stolyarov; Editing by Kirsten Donovan and Emelia Sithole-Matarise)

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