Google was fined €4.3 billion ($5 billion) by the European Union and ordered to change the way it puts search and web browser apps on Android mobile devices, setting a global record for antitrust penalties.

The penalty — the same amount the Netherlands contributes to the EU budget every year — is far higher than any other dished out by U.S., Chinese or other antitrust authorities. More significantly, Google was given 90 days to stop what the EU said were "illegal practices" on contracts with handset manufacturers that push Google services in front of users.

"Google has used Android as a vehicle to cement the dominance of its search engine," EU Competition Commissioner Margrethe Vestager said in an emailed statement. "These practices have denied rivals the chance to innovate and compete on the merits."