South Korea has fined Google and Apple a combined 63.7 billion won (€42.7 million) for allegedly pressuring app developers to use their payment systems and delaying app reviews, adding to regulatory challenges facing the US technology companies over their app store practices.

The Korea Media and Communications Commission (KMCC) announced the penalties on Wednesday following an investigation launched in August 2022. Google was fined 42.9 billion won (€28.7 million), while Apple received a penalty of 20.8 billion won (€13.9 million).

The regulator found that both companies had violated a 2021 South Korean law prohibiting app store operators from forcing developers to use specific payment systems. South Korea was the first country to introduce such a rule.

Although Google and Apple allowed developers to offer alternative payment options within their apps, the commission said the companies charged a 26% commission on those transactions, only slightly below the 30% charged for payments through their own systems. The regulator also found that restrictions on certain features limited developers’ ability to use alternative payment services effectively.

Payments made through external websites were blocked altogether, according to the commission.

The investigation also found that both companies delayed app reviews without providing developers with adequate explanations or clear information about when the reviews would resume.

Apple was separately found to have charged South Korean developers more than developers in other markets between 2015 and January 2023. The commission said Apple calculated its commissions using prices that included value-added tax, increasing the amounts charged to local developers.

Under the latest ruling, both companies must allow South Korean developers to include links to external payment options in their apps and improve their app review procedures. They have one month to submit compliance plans and three months to implement the required changes.

Commission chairman Kim Jong-cheol said he hoped the sanctions would bring meaningful changes to the market. He added that South Korean law would be enforced equally against domestic and foreign companies.

Neither Google nor Apple had publicly commented on the decision at the time of the announcement.

The penalties follow similar regulatory action in the European Union, where the Digital Markets Act (DMA) restricts major online platforms from preventing developers from directing customers towards alternative purchasing options.

In April 2025, the European Commission fined Apple €500 million for breaching the DMA by restricting developers from steering users to cheaper offers outside its App Store. Apple appealed the decision.

The company subsequently announced revised terms for its European operations, effective October 1, reducing its standard commission on in-app purchases to 26% from 30% and introducing a 15% rate for purchases completed elsewhere after users were directed outside the app.

Google also faced a €890 million fine from Brussels in July, including €430 million linked to restrictions on developers using Google Play to direct customers towards cheaper purchasing options. Google has appealed the penalties and revised some of its fees and terms, which the European Commission is still assessing.

The South Korean decision underscores growing international scrutiny of app store business models, particularly the fees and restrictions imposed on developers seeking alternatives to platform-owned payment services.

South Korea’s economy grew faster than expected in the third quarter, supported by strong semiconductor demand and increased investment in production equipment, although economists warned that the country’s dependence on the chip industry leaves it exposed to a potential slowdown in global artificial intelligence spending.

Gross domestic product rose by 1.0% between July and September compared with the previous quarter, according to preliminary figures released by the Bank of Korea on Tuesday. The expansion was more than three times the central bank’s August forecast of 0.3%.

Exports increased by 2.3% during the quarter, driven by semiconductors, machinery and electrical equipment, the Bank of Korea said. Investment in facilities climbed by 4.1%, largely reflecting spending on machinery used in semiconductor manufacturing.

The figures support the central bank’s assessment that strong demand for chips is sustaining export performance and business investment, according to Kwon Hyo-sung of Bloomberg Economics.

South Korea’s semiconductor exports reached $148 billion (€127 billion) in the third quarter, marking a 218.7% increase from the same period a year earlier, government figures showed. Rising chip demand has provided a significant boost to the country’s trade performance and broader economic activity.

On an annual basis, South Korea’s economy expanded by 3.4% in the third quarter, compared with 3.7% growth in the previous three months.

Real gross domestic income, a measure of the purchasing power generated by economic activity, increased by 18.8% year-on-year. The rise was the strongest in nearly 49 years and was supported by higher semiconductor prices.

The latest figures follow a strong start to the year. South Korea’s economy expanded by 1.7% quarter-on-quarter in the first three months of the year, its fastest growth in more than five years, as demand for semiconductors strengthened.

However, economists warned that the recovery remains concentrated in one major industry, creating risks if demand weakens.

“The risk is that growth stays heavily concentrated in the semiconductor sector, leaving South Korea exposed to a slowdown in global AI spending,” said John Bromhead, a senior economist at Moody’s Analytics.

The warning reflects concerns that the current wave of investment in AI infrastructure may not continue at the same pace. A reduction in spending by technology companies could weaken demand for advanced chips, affecting South Korea’s exports, manufacturing investment and economic growth.

The semiconductor boom has also helped strengthen the country’s external finances. South Korea recorded a current account surplus of $116.6 billion (€100 billion) in the second quarter, reaching a record high.

While robust chip exports have supported growth and income, the latest data highlights the challenge facing policymakers as they seek to sustain economic momentum while limiting exposure to shifts in the global technology market.

Russia and Kazakhstan are reducing their gold holdings while Poland continues to expand its reserves, highlighting differing strategies among central banks as gold prices remain elevated. Analysts say the sales are unlikely to trigger a major decline in global prices, although they raise questions about whether other countries could follow the same path.

Russia has been selling gold throughout 2026. In September, its reserves fell by approximately 6.2 tonnes, taking the total reduction since January to around 62 tonnes. A comparable pace of selling has rarely been seen in Russia’s modern history. In 1998, the country sold 118 tonnes of gold over three months.

Adam Stroniawski, managing director of Polish precious metals dealer Mennica Skarbowa, told Euronews that Russia’s sales were linked to a budget shortfall caused by the war in Ukraine and increased defence spending.

He said Russia was selling gold outside the London bullion market, with transactions taking place through Hong Kong and China’s central bank emerging as the main buyer. Hong Kong trade data showed that about 100 tonnes of Russian gold arrived between January and July, nearly three times the volume recorded during the same period last year.

Stroniawski expects the transactions to have a limited effect on international prices. He also said Russia could eventually return to buying gold and rebuilding its reserves, as it did after its 1998 sell-off.

Kazakhstan has also announced plans to reduce its gold holdings. The country was among the world’s largest gold buyers during the first eight months of 2026, but intends to bring gold’s share of its total reserves down from around 78% to 75% by the end of the year.

Stroniawski said the move could be temporary, reflecting budget pressures or an opportunity to realise profits after years of buying. The planned reduction is relatively modest and sales are expected to be spread over time, limiting the likely effect on global markets.

Poland, meanwhile, is not expected to follow the same course. The National Bank of Poland has steadily increased its gold holdings and is approaching its target of 700 tonnes. Stroniawski said the country’s substantial reserves support its credit standing and help stabilise its currency. Poland currently ranks 10th globally in gold reserves, he added, and reaching the target would not necessarily mark the end of purchases.

Gold’s performance has been mixed in 2026 following substantial gains in previous years. According to the World Gold Council, prices rose 25.5% in 2024 and 67.4% in 2025 in US dollar terms, before declining 4.4% during the first nine months of 2026.

Stroniawski believes temporary price corrections do not necessarily undermine gold’s longer-term outlook. Central-bank purchases and demand from investors seeking a safe-haven asset could continue to support prices.

He cautioned, however, that investors should not expect guaranteed short-term returns. Gold, he said, is more likely to deliver reliable gains over an extended period.