Russian authorities fine Google for eToro ad

Google LLC has once again been fined by the Russian authorities over disseminating ads of brokerages that do not have the necessary licenses in Russia.

The Moscow office of Russia’s Federal Antimonopoly Service (FAS) on Tuesday announced that it fined Google LLC RUB 200,000 for advertising that is not compliant with Russia’s laws.

The Moscow office of FAS has found that Google LLC violated the Federal Law on Advertising when it distributed ads of eToro, which has no Forex dealer license that would allow it to operate in Russia.

The FAS investigation followed a complaint by Russia’s FX self-regulatory organization AFD. The ad in question concerned products and services offered by eToro (Europe) Ltd. The ad (in Russian) stated that eToro is the world’s biggest social trading platform, offering investments in shares, oil, crypto, bonds, currencies and gold.

The Moscow office of FAS has determined that the ad violates the law by (inter alia) making incorrect comparisons with services offered by other firms and advertising the services of a company that operates without a license issued by the Central Bank of Russia.

This is the fifth such fine for Google LLC in Russia since the start of 2021. The company has already paid RUB 800,000 in fines this year.

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