Russia's invasion of Ukraine was met with heavy sanctions, strategic boycotts and financial countermeasures. While the actions were aimed at addressing an immediate danger in a discrete geographic area, they will also have a ripple effect that will impact taxpayers globally. Among the potential impacts are physical loss of assets as well as losses caused by issues with supply chains, contracts, intangibles and investments. Losses sustained for business or investment property under war conditions are deemed casualties under the Sec. 165 loss rules. Losses that stem directly from the response to the Russian invasion in Ukraine would also likely qualify as casualty losses.

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