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| Islamic State: UN resolution aims to curb funding | |
| (about 9 hours later) | |
| Finance ministers from the 15 nations on the UN Security Council have adopted a resolution aimed at starving the so-called Islamic State of funds. | |
| The resolution is based on one that was first passed in 1999 to target the rival jihadist group, al-Qaeda. | |
| It urges countries to "move vigorously and decisively to cut the flow of funds" to IS, such as by preventing its smuggling of oil and antiquities. | It urges countries to "move vigorously and decisively to cut the flow of funds" to IS, such as by preventing its smuggling of oil and antiquities. |
| The militant group is widely believed to be the world's wealthiest. | The militant group is widely believed to be the world's wealthiest. |
| A recent study estimated that its monthly revenue was $80m (£53m). | |
| 'Comprehensive strategy' | 'Comprehensive strategy' |
| Thursday's summit of finance ministers of the UN Security Council in New York was the first in the international body's 70-year history. | |
| The US and Russian-drafted resolution they approved unanimously renamed the committee monitoring sanctions against al-Qaeda as "the Isil (Daesh) and al-Qaeda sanctions committee", using acronyms based on the group's previous name in English and Arabic. | |
| Does Turkey really get its oil from Islamic State? | Does Turkey really get its oil from Islamic State? |
| The men who smuggle the loot that funds IS | The men who smuggle the loot that funds IS |
| Islamic State: Where key countries stand | Islamic State: Where key countries stand |
| Any individual, group, undertaking or entity supporting the groups and their offshoots will be subject to UN sanctions, including an asset freeze, travel ban and arms embargo. | Any individual, group, undertaking or entity supporting the groups and their offshoots will be subject to UN sanctions, including an asset freeze, travel ban and arms embargo. |
| The resolution encourages all countries to "more actively submit" names for inclusion on the sanctions list and to share information about extremist groups. | |
| It also requires them to report within 120 days on what steps they have taken to curb the financing of IS, and asks UN Secretary-General Ban Ki-moon to provide a "strategic-level report" in 45 days on the sources of revenue for IS. | It also requires them to report within 120 days on what steps they have taken to curb the financing of IS, and asks UN Secretary-General Ban Ki-moon to provide a "strategic-level report" in 45 days on the sources of revenue for IS. |
| A similar resolution was passed by the Security Council in February, but diplomats complain that it has been routinely flouted. | A similar resolution was passed by the Security Council in February, but diplomats complain that it has been routinely flouted. |
| Writing in the Daily Telegraph on Wednesday, UK Chancellor George Osborne and Foreign Secretary Philip Hammond said isolating IS from the international financial system "must be a key element of any comprehensive strategy to degrade and ultimately destroy it". | Writing in the Daily Telegraph on Wednesday, UK Chancellor George Osborne and Foreign Secretary Philip Hammond said isolating IS from the international financial system "must be a key element of any comprehensive strategy to degrade and ultimately destroy it". |
| "Seizing territory in eastern Syria and western and northern Iraq has allowed Daesh to take control of a large number of oilfields. It extracts oil not only for its own use, but also for sale at discounted rates to middlemen," they added. | "Seizing territory in eastern Syria and western and northern Iraq has allowed Daesh to take control of a large number of oilfields. It extracts oil not only for its own use, but also for sale at discounted rates to middlemen," they added. |
| "Indeed, the Syrian oilfields are thought to be providing Daesh with around $1.5m a day. We know that the military action we are now taking with our allies, targeting oil infrastructure, is starting to limit this resource. But we can and should do more." | |
| Last week, analysis by IHS suggested that the overall monthly revenue generated by IS was $80m, with about 50% coming from taxation on the profits of all the commercial activities in areas under its control and the confiscation of land and properties; and arbout 43% from the smuggling of oil and gas. | |
| Other sources of revenue were the trafficking of drugs and antiquities; carrying out criminal activities, including bank robbery and kidnap for ransom; running small enterprises; and donations. | Other sources of revenue were the trafficking of drugs and antiquities; carrying out criminal activities, including bank robbery and kidnap for ransom; running small enterprises; and donations. |