basically that we will not finance trade with russia in any shape orform. finance trade with russia in any shape or form. that is one challenge and the bigger challenge and the bigger challenge for europe above all is there are longer term solutions but none of them solve the problems. germany has moved to extend the life of coal and nuclear plants, very sensible, building natural gas storage units, very good, it will take about three years to do that. just getting the high pressure gas valves needed for those takes about six months and then you have to actually build the whole plants. so there are no quick solutions on this front. i plants. so there are no quick solutions on this front.- solutions on this front. i am sor , solutions on this front. i am sorry. i solutions on this front. i am sorry. i have solutions on this front. i am sorry, i have been - solutions on this front. i am sorry, i have been told - solutions on this front. i am sorry, i have been told we l solutions on
sunday, banks were closed, but people were queueing up at any atm that had any foreign exchange in it and today we will certainly see a very significant collapse in the rouble and that will put massive strains in financial systems and on the banks so for sure we will have some bank collapses are. if sure we will have some bank collapses are. sure we will have some bank collapses are. if we talk about the economics collapses are. if we talk about the economics of collapses are. if we talk about the economics of this, - collapses are. if we talk about the economics of this, what i the economics of this, what will it mean for the average russian in terms of their everyday situation? because of course inflation is a big problem, if the central bank cannot prop up the rouble in the days ahead, that is a significant issue with the central bank perhaps having to raise interest rates? this central bank perhaps having to raise interest rates? raise interest rates? this is completely rai
that. christopher rossbach, - that. christopher rossbach, there. let s look at other implications that we have not yet touched on. the mobile world congress, the world s largest smartphone showcase is kicking off in barcelona today. both russia and ukraine are suppliers of raw materials for semiconductor manufacturing and a growing number of questions are being raised about what impact it will have on technology markets. taiwan announced it was joining international sanctions last week. the island is a major chip manufacturer and home to tsmc, the world s largest contract chip maker. joining me now from barcelona is ben wood, chief analyst at ccs insight. thank you for being on the programme. the mobile world congress is an annual event, a huge event, it has been cancelled because of covid. people will be there in person for the first time in a couple of years but it is totally overshadowed by russia, ukraine, conversations about the impact on the industry. good morning, absolutely, it
down by more than 30%. there was a certain amount of recovery on friday but, given the nature of the measures we have seen over the weekend, we can expect further pressure as people try to sell off their shares in russian companies that will be a target of sanctions. restrictions on who can sell what are being introduced by the russian central bank, as you mention, but all the same we ll see falls certainly must go and we are likely to see falls and markets across europe, as well. particularly in companies which are either russian companies listed on european exchanges or which have a lot of vulnerability to what is going on in russia. on in russia. thank you so much, on in russia. thank you so much. we on in russia. thank you so much, we will on in russia. thank you so much, we will let - on in russia. thank you so much, we will let you - on in russia. thank you so much, we will let you go, | on in russia. thank you so i much, we will let you go, you have a busy day ahead. theo l
country of the type of economic relationship it once with russia in the longer term and the impact of that on relations with es the impact of that on relations with e5 eu, us the impact of that on relations with es eu, us and other partners. with e5 eu, us and other partnere partners. chinese waiting to see what partners. chinese waiting to see what happens partners. chinese waiting to see what happens in - partners. chinese waiting to see what happens in the i partners. chinese waiting to | see what happens in the days ahead, very briefly? i see what happens in the days ahead, very briefly? ahead, very briefly? i think it is waiting ahead, very briefly? i think it is waiting to ahead, very briefly? i think it is waiting to see, ahead, very briefly? i think it is waiting to see, at - ahead, very briefly? i think it is waiting to see, at the i is waiting to see, at the moment, trying to exercise compliance while still being critical of the sanction measures that ha