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dependent on trade with russia. germany�*s chambers of industry and commerce says that 250,000 full—times jobs are at risk, as the export business to russia comes to a standstill. and, of course, europe�*s biggest economy is hugely dependent on russian energy, importing over half of its gas and over 40% of its oilfrom russia. so, how adversely affected will the german economy be, with rising energy prices at the same time as a slowdown in business? joining me now is peter schaffrik, chief european macro strategist, rbc capital markets. good morning to you. so, if we would just outline for those watching the programme, we understand of course that germany exports a huge amount

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