Google was on Friday hit with a 2.95-billion-euro ($3.45 billion) antitrust fine from European Union regulators for anti-competitive practices in its lucrative advertising technology business.

The European Commission, which is the executive body of the EU, accused Google of distorting competition in the so-called adtech market by unfairly favoring its own display advertising technology services to the detriment of rival adtech providers, advertisers and online publishers.

It also ordered Google to “bring these self-preferencing practices to an end” and “implement measures to cease its inherent conflicts of interest along the adtech supply chain.” The company has 60 days to respond.

“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, said the EU decision is “wrong” and the firm will 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 first opened a probe into Google to assess whether the tech giant favors its own online display ad technology services.

The news comes after Reuters reported earlier this week that the Commission had delayed the fine as regulators were waiting for the U.S. to cut tariffs on European cars as part of a trade deal.