Exchange rates fluctuate, often it’s been ~1.05:1 which is a long way from covering the 20% VAT. Add some uncertainty, stronger consumer protection laws, and smaller markets and the price difference is relatively small.
Where in reality there shouldn't be any, since sending stuff across the pond costs nothing as seen in products like bananas. At least I live in place which has only 8% VAT, so prices look a bit more like US (but still higher for no good reason)
VAT I get - everybody pays it, but if company imports stuff (especially local branch/official distributor), they should do import paperwork - are there any additional fees included?
A few years ago prices where mostly 1:1 in USD before taxes and EUR after taxes. So the situation got worse.
I think the main reason is not that anything makes selling the cards there more expensive, but simply that they try to charge more.