They can’t realistically restrict keys

I think it’s actually illegal to restrict this stuff in the EU.

In the past Steam actually had separate keys for lower income countries in Europe, that could only be activated there. However, either because laws changed or they started to actually be enforced, Steam had to change it.

You can still make the games cheaper to buy in those countries, but you also have to allow people from Germany, France, wherever to buy them (as long as it’s in the EU), which very few publishers want to do.