Russia has warned to restrict or even ban some significant technology companies if they are not "officially represented on Russian soil by the end of 2021," Reuters reports. The state wants foreign social media giants with more than 500,000 daily users to open offices in Russia since a new law took effect on July 1.
- The country issued the diktat for American companies like Alphabet Inc's (NASDAQ:GOOG) (NASDAQ:GOOGL) Google, Facebook rebranded Meta Platforms Inc (NASDAQ:FB), Twitter Inc (NYSE:TWTR), Apple Inc (NASDAQ:AAPL), and others like Telegram and TikTok.
- Russia's state communications regulator Roskomnadzor earlier disclosed that the country had taken steps in 2021 to support and promote its domestic tech sector over Silicon Valley alternatives.
- Russia proposed taxes on foreign-owned digital services, tax cuts for domestic IT firms, and requiring smartphones, computers, and other devices bought in Russia to offer users Russian software on start-up.
- Price Action: AAPL shares traded lower by 0.12% at $161.22 in the premarket session on the last check Wednesday.