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This should be one of those things that should be an quick EU win. Running Let's Encrypt is $3-4mill a year, the EU probably uses that on pencils.

The EU could easily bootstrap a Let's Encrypt competitor if it truly cared about removing dependencies on US based entities.

Yes, but EU would have to convince Google and Apple to get a new root certificate to browsers.
Not really. They just have to convince an existing CA that cross-signing their CA won't make Google and Apple mad.

Cross-signed roots are common. Just takes money and maybe audits, but it's the same audit they'd need to get in the browser root stores anyway.

Do you really think the EU wants to sign up for PR that’s essentially “the US is being too mean to Russia” right now?
I think the EU should do it regardless of Russia. The EU should invest in its own technology and not depend so much on an increasingly undependable ally.