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Friday, December 3, 2021

Russia forces Apple, Google, Meta and Twitter to establish an official presence in the country by 2022

Russia has warned of limiting or even banning some large tech companies if they “are not officially represented in Russia by the end of 2021,” Reuters reported. The state wants foreign social media giants with more than 500,000 daily users to open offices in Russia after the new law enters into force on July 1.

The country has imposed a diktat for US companies such as Alphabet Inc (GOOG) (GOOGL) Google, Facebook rebranded Meta Platforms Inc (FB), Twitter Inc (TWTR), Apple Inc (AAPL) and others such as Telegram and TikTok.

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Roskomnadzor previously reported that the country took steps in 2021 to support and advance its domestic tech sector over Silicon Valley alternatives.

Russia has proposed introducing taxes on foreign-owned digital services, lowering taxes for domestic IT companies, and requiring smartphones, computers, and other devices purchased in Russia to offer Russian software to users at launch.

Price Action

Apple shares closed 0.33% higher at $ 161.94 on Wednesday.

Author: Anusuya Lahiri

© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

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