The Moscow division of Russia’s Federal Antimonopoly Service (FAS) today announces that it has found Google LLC in breach of the Law on Advertising.

During an investigation, FAS found that Google LLC was distributing ads of foreign firms active in the Forex market. In particular, Google Adwords was distributing advertisements of RoboForex and Just2Trade Online Ltd. These two firms do not have Forex dealer licenses issued by the Central Bank of Russia or any other financial licenses issued by the Russian central bank, FAS explains. Due to this, their services cannot be advertised in Russia.

FAS notes that Just2Trade’s ads lacked a warning for the possible risks associated with Forex trading. This is in violation of the Law on Advertising (section 5.1, article 28).

The body has issued an order to Google LLC to stop the distribution of the problematic ads. The company will have to comply with the order within 10 days of its receipt.

The matter may be followed by the launch of a case about administrative violation.

There are only four licensed retail Forex brokers in Russia at present: PSB-Forex, FINAM Forex, Alfa-Forex, and VTB Forex. To operate legally in Russia, a retail FX broker needs a Forex dealer license issued by the Central bank of Russia. To secure such a license, however, a broker has to comply with stringent requirements in terms of capital, software, etc. Only licensed Forex firms may advertise Forex services in Russia.