newspaper coverage to account for different perceptions. Using Russia as a case study, we demonstrate that geopolitical risk …

shocks of sanctions and falling oil prices suffered by Russia in 2014, we investigate the effects on Italian firms and banks … to Russia, but it did not affect the overall amount of credit available to them. Banks relatively more exposed to Italian … exporters to Russia cut their overall credit supply, especially vis-à-vis ex ante risky borrowers, but continued to provide …