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to clarify, the purpose is we have separate subscriptions per region (NA / Europe) for regulatory compliance

You can use an explicit provider to control which account resources get created in: https://www.pulumi.com/docs/reference/pkg/azure/provider/

interesting so create ProviderA that's set to Sub A, B->B and pass them in the ResourceOptions

I am unsure on the exact details of configuring the azure provider. @tall-librarian-49374 might know, also a good question for the #CRVK66N5U channel.

do I need to run it as a service principal to make the provider work like that?

No, you shouldn’t need that.

@tall-librarian-49374 any idea why after specifying (provider=MySubscriptionProvider) I'm seeing error messages indicating it's using the azure CLI?

+  pulumi:pulumi:Stack SDP-cinsights-dual creating
+  pulumi:providers:azure-native amap_provider creating
+  pulumi:providers:azure-native amap_provider created
+  pulumi:providers:azure-native emea_provider creating
azure-native:resources:ResourceGroup cinsights-dual-amap-rg  error: building auth config: obtain subscription(...) from Azure CLI: Error parsing json result from the Azure CLI: Error waiting for the Azure CLI: exit status 1
+  pulumi:providers:azure-native emea_provider created