UN targets IS revenue from oil, antiquities, ransom

By Sangwon Yoon
Thursday, February 12, 2015

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The United Nations Security Council adopted a binding resolution threatening economic and diplomatic sanctions against countries and individuals that help Islamic State and other terrorist groups profit from trading oil, antiquities or hostages.

The resolution requires governments to ensure that they aren't engaged in direct or indirect trade with Islamic State and al-Qaeda-affiliated groups such as the Nusra Front in Syria. It was adopted on Thursday with support from all 15 Security Council members.

The U.S. and its European allies cosponsored the Russian- drafted text in a rare display of unity, in contrast to their deadlock over the Syrian civil war and the conflict in Ukraine. Two UN diplomats, discussing diplomatic deliberations on condition of anonymity, said the resolution will hold accountable countries such as Turkey and Syria that allow the purchase of oil from the militant group.

The text, which stops short of threatening the use of force, urges governments to share information on Islamic State's financing networks, bans exports of all antiquities from Syria and reiterates the call on countries to prevent Islamic State benefiting from political concessions or ransom payments made to secure the release of hostages.

It pushes states to stop aircraft, auto and truck traffic, including oil tankers, going to or from areas in Syria and Iraq where the extremist groups operate.

It also requires governments to adopt laws and regulations that criminalize any participation in financing, planning, preparation or perpetration of terrorist acts or in supporting such acts.

Oil Revenues

Islamic State earns about $1 million a day from oil sales, and has taken in at least $20 million in ransom payments in 2014, David Cohen, who was undersecretary for terrorism and financial intelligence at U.S. Treasury Department, said in October.

A November UN report estimated that Islamic State was selling oil at $18 to $35 a barrel, bringing its potential revenue from crude as high as $1.65 million a day.

The report says the group encourages looting historical and archaeological sites and profits from taxing the looters, adding that it was difficult to estimate how much revenue that generates.

Over 12 months, the group was able to raise as much as $45 million from kidnapping for ransom, the UN said in the report.

UN diplomats say that while the extremist militant group's oil revenue has declined by more than half with the fall in global crude prices, there are still enough middlemen and black- market routes to raise funds for terrorist acts.

The resolution requires all 193 members of the UN to report within 120 days on measures they've taken to comply with it. The UN's existing al-Qaeda sanctions committee will monitor and report on any progress.

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