alt Hacker NewsIn terms of fines if they do not pay the fine their country is at risk of sanctions or embargoes which is probably a bit heavy handed but may incentivize their government to also enforce the rules, collect fines keeping some for themselves and passing the original fine back to the countries implementing child safety controls.
This is extremely naive and short-sighted. There is a literal example of this happening rn, and hopefully you will see why your approach isn't that good.
UK's OFCOM is currenly issuing legal threats to 4chan, for allegedly serving adult content and not willing to implement age verification. 4chan's lawyer tells them to pound sand[0], on the basis that 4chan is hosted in the US and has zero business presence in the UK, and UK is more than welcome to ban the website on their end through UK ISPs. The saga has been ongoing for a while, and the lawyer has been pretty prolific online talking about the case.
Anyway, following your approach, UK should embargo US over 4chan not willing to implement age verification as required by UK law? I plainly don't see this happening, or even being considered, ever.
0. https://www.bbc.com/news/articles/c624330lg1ko