While “buy from EU” sounds reasonable (and it is, in terms of physical goods that shouldnt rely on huge travels around the world), it is dangerously intertwined with protectionism.
Politicians really like the idea of protectionism, but it doesnt help in terms of software, which is a big topic in here.
Open Source / Free Software is always global, doesnt discriminate against contributors from any country (may it be sanctioned or not).
I know a lot of really shitty proprietary software from the EU that I would always trade for free software from a global community.
I myself see it as a way to support European companies more than as a way to punish foreign ones. I think the effort to push non-proprietary software can align with the push to become less dependent on US companies (especially Big Tech), just like the push to use less single-use plastics can align with the push to use public transport more frequently. For that reason, i really like the terms buying with purpose and voting with your wallet more than the term but from EU. But at the same time, i don’t let the term decide what i do or not do, and my guess is that holds true for most people interested in this movement.