Looking at the EUs antitrust fine for Google - https://www.google.ch/amp/s/www.bloomberg.com/amp/news/artic... it's clear it does have the ability. The message is "you want to profit from EU citizens? You follow the rules"
But I will take no actions on my end to implement EU laws, and it's laughable that some people in this thread imagine the EU has the power to coerce me to do so.
I don't like what is happening here, but when people want a particular outcome strong enough, they tend set aside more principled concerns.