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Media: Yandex shares surge after FAS decision on Google case

September 14, 2015, 23:00 UTC+3 NEW YORK
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NEW YORK, September 14. /TASS/. Shares of Yandex NV surged 7.9% to $12.16 per share on Monday on the NASDAQ stock exchange after Russia’s Federal Antimonopoly Service /FAS/ found the US internet company Google guilty of violation of law on competition on Yandex claim, The Wall Street Journal daily reported.

Earlier on Monday FAS ruled Google guilty of violation the law on competition on Yandex claim, according to Head of FAS Department for IT management Vladimir Kudryavtsev speaking with TASS. "Found guilty on Part 1, Article 10 "Abuse of a dominant position" of the federal law on competition," he said.

According to Kudryavtsev, Google preconditions pre-installation to producers of Android mobile devices of Google Play store by a number of terms. "Particularly, this is obligatory pre-installation of applications of its own production and priority location, pre-installation or setup of Google search system as on default system, as well as requirements on adherence to ban on pre-installation of products, applications and services made by other developers," he said.

"Within 10 working days after issuing the decision the document will be fully prepared, and Google will be instructed to stop abuse of dominant position and other actions aimed at providing competition, which will include detailed description of what needs to be done to assure us they stopped abuse of dominant position," Kudryavtsev said.

The US search provider may face a substantial fine, FAS representative said. "Violation of Article 10 implies a turnover-based fine ranging from 1 to 15% of the company’s revenues on the market where the violation took place, for the year preceding the consideration. In any case, the sum is substantial," Kudryavtsev said.

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