The email xlsm attachment contacts single url from which it downloads the dll, which starts malware infection. But only from Italian IPs and if they are not blacklisted.
The attack is part of the TA551 (Shathak) offensive. The doc file in the email zip attachment contacts a url to download the dll and start malware infection.
The xls attachment of the mail, also arrived in Italy, randomly contacts a link from an internal list and downloads the dll, starting the malware infection.