I don't think there is a secret here.
Of course engineers can make an air-cooled motor Euro-5 compliant, or compliant to most any standard for that matter.
But what do you have to lose to meet that standard.
Well for sure you will have to drop the compression ratio, and retard the ignition timing, and lean out the fueling, reducing the power.
Most manufacturers don't want to reduce power, performance is a selling point.
So companies would rather move to a new liquid cooling design to maintain performance, reliability and have a updated design that has a production future.
I think Urals put out 40 horsepower or so from a 750cc twin, so it is fairly de-tuned to begin with, even as an air-cooled motor.
So screwing a bit with the fueling and CR isn't going to have a great impact on its overall performance.
Generally, folks who buy Urals are not looking for high performance.