Apple Pays Russian Govt 900 Million Roubles for Antitrust Fines

Apple Pays FAS Fines

In August 2020, Russia’s Federal Antimonopoly Service (FAS) ruled that Apple had violated antitrust laws in the country. The regulator accused Apple of giving its own products an unfair advantage by distributing apps through its iOS operating system. As a result, the FAS directed Apple to remove provisions from its App Store that gave the company the right to reject third-party apps.

Kaspersky Lab, a cybersecurity company, had complained that a new version of its Safe Kids application had been declined by Apple’s operating system. Apple appealed the decision at various stages but ultimately complied with the order. As a result, Apple has paid a fine of 906 million roubles ($12.12 million) to the FAS in Russia.

In a separate case, the FAS fined Apple approximately $17.4 million in January 2022 for allegedly forcing Russian developers to use its payment services with the iOS App Store. The FAS accused Apple of violating competition laws by requiring developers to use its payment system, which would give Apple a commission on each transaction.

It’s worth noting that Apple paused all product sales in Russia a year ago, after Moscow sent armed forces to Ukraine. The company also limited its Apple Pay service in Russia.

AAPL Stock Price Forecast & Analysis

According to the stock forecasts from 38 analysts, the average target price for Apple Inc over the next 12 months is USD 167.20. This indicates a potential upside of approximately 14% from the current stock price of USD 146.71 (as of the last closing). The average analyst rating for Apple Inc is Strong Buy, which suggests that the majority of analysts who cover the stock believe it is a good investment opportunity.

Stock Target Advisor’s analysis of Apple Inc’s stock is Bullish, which is based on 11 positive signals and 4 negative signals. The positive signals include strong revenue growth, a strong balance sheet, and positive earnings estimates. The negative signals include a relatively high valuation compared to industry peers and a decrease in hedge fund sentiment.

Over the past week, Apple Inc’s stock price has decreased by 3.83%. However, over the past month, the stock has increased by 1.91%. Over the last year, the stock price has decreased by 11.00%. These price changes may be influenced by a variety of factors, including market trends, company news, and investor sentiment

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