Finance ministers from the U.N. Security Council unanimously adopted on Thursday a wide-ranging resolution aimed at ramping up sanctions against the Islamic State group and cutting off its revenue flows.
U.S. Treasury Secretary Jacob Lew led the council’s first-ever meeting of finance ministers, shoring up a major diplomatic push to end the war in Syria, where I.S. jihadists control a large swathe of territory and have installed their de facto capital. The resolution calls on governments to ensure they have adopted laws that make the financing of I.S. and of foreign fighters who join its ranks a serious criminal offense.
Drafted by the United States and Syrian ally Russia, the measure updates a previous resolution that set up an Al Qaeda blacklist, which will be renamed the “ISIL [Daesh] and Al Qaeda sanctions list” to signal the U.N.’s stronger focus on the I.S. extremists. It urges countries to “move vigorously and decisively to cut the flow of funds, and other financial assets and economic resources” including oil and antiquities to I.S., and to “more actively” submit names to the sanctions list.
A Russian-drafted resolution on cutting off the extremists’ revenue streams was adopted in February, but countries have been slow to take action to choke off funding channels. “While we are making progress to financially isolate ISIL, if we are to succeed we all must intensify our efforts, on our own and together at the international level,” said Lew.
The latest measure would require all countries to report within 120 days on steps taken to target I.S. financing. U.N. Secretary-General Ban Ki-moon will be asked to prepare a sweeping report in 45 days on the I.S. threat and its revenue streams, focusing also on funding for foreign fighters.
According to the London-based IHS analysis firm, the Islamic State group is pulling in $80 million per month, but Russian and U.S. coalition airstrikes on oil facilities are putting a strain on its finances. About half of I.S. revenues come from extortion and looted property, 43 percent from oil sales and the remainder from drug smuggling, electricity sales and donations, according to IHS.