Geopolitical risk can be understood as the risks arising out of interactions between countries. These interactions include trade relationships, security partnerships, alliances, multinational climate initiatives, supply chains and territorial disputes. Geopolitical risks, like country-level risks, have vast commercial impact. Examples of commercial repercussions include: sanctions and self-sanctioning, reputational risks, trade wars and protectionism, supply chain reconfiguration, global economic/financial volatility.