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Italy’s new Piracy Shield has just gone into operation and is already harming human rights there
(walledculture.org)
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This isn't true. If you don't comply with the other law regarding the website blocks then the Italian govt will politely ask you to. If your business happens to be on another EU member state they might even try to get your local authorities involved in the asking. Either way, if you don't comply or they can't reach you (cause you're ouside the EU) they'll proceed to block your website / domains in Italy and no more business for you.
Being blocked in Italy would be my worst case scenario.
You may face criminal charges if you’re from another EU country. Or if your business is very large the Italian government gets really interested they may be able to ask other govts for help.