Google’s decision to cut off China’s Huawei could cost it an estimate of $425 million, lost in annual revenue, according to an equity research firm, Nomura Instinet, which is one of the firms on wall street.

The above follows news of the Trump administration placed Huawei on a blacklist this month, making it impossible for US companies to do business with the Chinese smartphone and telecom equipment maker, a development that means that all new Huawei devices in markets around the world will no longer be able to run the version of Android that comes with all the latest security patches, access cutting-edge Google services like Assistant, or download apps from the Google Play store.

In its chart, Instinet shows that 52% of Huawei phone owners are in China, where Google Play is not available, meaning that Google would only feel an impact in markets — like Europe and Asia (excluding China) — where it profits from app sales today.

Figures show that Google generated $7 billion in global Play Store sales in 2018, of which $388 million are made from Huawei phones. The report reads, “ The biggest driver of that revenue is in Europe, where Google generated $190 million from Play Store sales on Huawei devices last year. Huawei users in Asia (excluding China) contributed about $137 million in Play Store sales”