Tax & Legal

In its decision today, the European Court of Justice held that inclusion in a U.S. sanctions list is not, in itself, sufficient grounds to refuse to open a bank account. Such a denial may only be made following a case-by-case assessment by the bank regarding the risk of money laundering and terrorist financing.

Losses arising from the inability to trade Russian government bonds and Russian shares cannot be taken into account for income tax purposes in 2022. This was the ruling of the Saxony Finance Court in Leipzig in a recent judgment.