The EU oil embargo, agreed last month, was phased so member states that were relatively dependent on Iranian crude - notably Greece, Spain and Italy - had enough time to find alternative sources.
What his numbers show is that British exporters would probably be more damaged by a eurozone implosion than German ones: or to put it another way, businesses in the UK - which, to state the stunningly obvious, is not a member of the euro area - are more dependent on the health of the eurozone than German companies.