The European Union slapped Google with a 2.42 billion euro ($2.72 billion) fine Tuesday for favoring its own shopping services in its search results over those of rivals.

If Google does not stop this practice within 90 days, its parent company, Alphabet, will be charged a further 5 percent of its average daily global turnover in additional fines, Europe's Competition Commission said in a press conference livestreamed on Facebook.

The fine comes as a result of a seven-year investigation by the EU dedicated to finding out whether Google was giving priority to its own needs over the needs of European shoppers.

Now the results are in, and the Competition Commission has found that the internet giant systematically abuses its dominance in search to promote its own shopping services.

European regulators also found that Google actively demotes rivals in its results through use of algorithms, making them less visible to consumers.

"What Google has done is illegal under EU antitrust rules," said EU Competition Commissioner Margrethe Vestager in a statement.

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