It is significant because while network-level filtering is potentially more destructive, the agency in charge of enforcement of the russian law (Roskomnadzor) stumbled upon cryptography (who could have thought!). Their IP-level filters don't work for TLS, so the only option they are left with is all-or-nothing block by IP. This kind of censorship lacks subtlety, therefore big companies have some room for negotiation (small ones get banned without any questions asked).

The EU law doesn't even bother with networks, it threatens companies directly. And the EU market is large, so tech giants won't just shrug, they'll probably choose to comply.