This Article-by-Article Commentary addresses the provisions of the Foreign Subsidies Regulation, which has quickly become a central control instrument in the areas of European foreign trade, state aid, competition, antitrust and public procurement law.The EU Foreign Subsidies Regulation 2022/2560 started to apply on 12 July 2023. This Regulation provides rules to enable the European Commission to address distortions caused by foreign subsidies. It is a powerful instrument for regulating third-country subsidies, thereby allowing the EU to guarantee a level playing field for companies operating in the EU, but keeping the door open to investment and trade.This Commentary is the first to present the practical implications and legal problems of the new regulation for legal practitioners and academics.