Islamic State’s financial resources under threat

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ISIS militants had seized 81 oil-wells in Iraq and Syria. File photo

ARA News 

Istanbul, Turkey – The American administration threatened to impose sanctions on those who buy oil supplies from the radical group of Islamic State (IS/ISIS), an al-Qaeda offshoot.

This step comes within the framework of removing the IS’ sources of funding, including oil which generates more than a million dollars a day.

Militants of IS have seized oil-fields and wells in several areas in Iraq and Syria. The group is reportedly selling its oil supplies on the black-market via shipments through Turkey, which gives the radical IS the opportunity to fund itself without relying on foreign parties in terms of financing.

The IS extremists have reportedly seized control of an estimated 81 oil-wells in Iraq and Syria.

The U.S. Minister of Department of Treasury, David Cohen, announced that buying oil from the Islamic State radicals could represent a threat to the United States and its allies.

According to Cohen, IS is the best-funded terrorist organization in the world at the moment.

He added that the radical group gets tens of millions of dollars a month through sources that include the sales of oil ransom, extortion and other criminal activities, as well as support from wealthy donors.

During a review on the U.S. financial strategy to combat IS, Cohen accused the Syrian regime of buying oil from the extremist group.

The Minister stressed that the U.S. is determined to uncover brokers, traders and owners of refineries and transportation companies and anyone else dealing with IS in this regard.

“We are working hard to identify them and we have our own means to stop them,” he added.

The IS group also demands ransoms from families after abducting their members. According to reports, the group has gained millions of dollars through such practices both in Syria and Iraq.

 

Reporting by: Mohammed al-Shami

Source: ARA News

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