Originally Posted by T. A. Gardner

Unlikely. Except for Russia, the rest have problems with geography. Let's say Italy does sell to the Germans trade that is otherwise blocked. That's fine until you hit whatever the British deem "war materials." As Britain controls access to the Mediterrainian it is all-to-easy for them to declare a blockade and by law of the sea and the laws of war they have the right to stop and search merchant ships entering the blockade zone.
Knowing the Brits, they will push this every inch of the way they can and beyond likely really pissing off Italy in the process.