Google was fined €2.95 billion ($3.45 billion) by European Union regulators on Friday for allegedly anti-competitive practices in its advertising technology business.

The European Commission accused the company of favoring its own display ad services over competitors, harming advertisers and online publishers.

It ordered Google to end these self-preferencing practices and address conflicts of interest across the adtech supply chain, giving the company 60 days to comply.

“Today’s decision shows that Google abused its dominant position in adtech harming publishers, advertisers, and consumers. This behaviour is illegal under EU antitrust rules,” EU competition chief Teresa Ribera said in a statement Friday.

“Google must now come forward with a serious remedy to address its conflicts of interest, and if it fails to do so, we will not hesitate to impose strong remedies.”

Google’s global head of regulatory affairs, Lee-Anne Mulholland, described the EU ruling as “wrong” and said the company intends to appeal.

“It imposes an unjustified fine and requires changes that will hurt thousands of European businesses by making it harder for them to make money,” Mulholland said. “There’s nothing anticompetitive in providing services for ad buyers and sellers, and there are more alternatives to our services than ever before.”

The case dates back to 2021, when the EU launched an investigation into whether Google was giving preferential treatment to its own online display ad technology services.

The follows a report earlier this week that the European Commission had delayed the fine while awaiting U.S. cuts on tariffs for European cars under a trade agreement.