alt Hacker NewsRight, but if you control access to a market of millions of people, a lot of companies will do what you say (i.e. follow your laws) in order to retain access to that market, as well as protect their local employees from jail. I would say that counts as meaningful power.
In theory, but the last two years have also seen Zuckerburg, Musk and Cook openly defying the EU, one of the largest markets on the planet.