Thursday, 5 February 2015

Upcoming U.N. Security Council Resolution on ISIL Funding

The Pentagon said on Tuesday that oil was no longer the Islamic State's top source of cash [...] the Islamic State's oil revenue has fallen to around $500,000 per day from more than $1 million two months ago. According to a U.N. report in November, Islamic State raises several million dollars a month from illegal taxation and approximately $96,000 to $123,000 per day from ransom payments. In addition to antiquities, it said private donations were also a source of revenue.
That's quite interesting because a few months ago we were being told that donations was not a major source of revenue. Oil had until recently been a major source of income, reportedly largely bought by the Syrian regime and Turkey. In October, the International Energy Agency said the coalition's targeting of oil infrastructure held by the group had knocked crude production down to around 20,000 barrels per day (bpd) from a high of about 70,000 bpd achieved after the group took more territory last summer.
Russia is leading a U.N. Security Council initiative to ratchet up pressure on countries to cut off the cash flow to Islamic State militants, Russia and council diplomats said on Wednesday. The announcement comes after the 15-nation Security Council condemned Islamic State's burning alive of a captive Jordanian pilot. Moscow is drafting a legally binding resolution on the subject. [...]  The resolution will focus on the three main sources of revenue for Islamic State: oil, the sale of antiquities and ransom from kidnappings. The resolution will demand that countries not purchase oil from Islamic State, stop paying ransoms and not buy antiquities looted by the group. [...] despite a council resolution banning the ransom payments, some countries continue to pay money to secure the release of hostages. 
Yep, those naughty countries really should stop "buying those antiquities from ISIL".

Louis Charbonneau, 'Russia leads U.N. initiative to target Islamic State financing', Reuters Wed Feb 4, 2015.  

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