UN cracks down on ISIS financing by banning oil purchases

A frank assessment of the campaign against the terror network from Fox News military analyst and former vice chief of staff of the Army


The United Nations Security Council ramped up pressure on the Islamic State Thursday by threatening actions against anyone buying oil from the terror group, as well as the Al Qaeda-affiliated Nusra Front.

The council also voted to ban antiquities trade with Syria and urged states to stop paying ransoms for hostages.

The 15-nation council unanimously passed the Russian-drafted resolution, which gives the council power to enforce decisions with sanctions on countries that buy the oil. The text urges governments to share information on ISIS’ financing abilities and forces countries to adopt laws and regulations that punishes those who are involved with terror-related activities.

“This resolution is fully comprehensive and it’s mandatory," Iraq’s Ambassador to the U.N., Mohamed Ali Alhakim, told Fox News. “Terrorism is the most important aspect, that includes recruiting and other things. If you remove financing, you remove the heart and soul of terrorism.”

Turkey and Syria, which allow the purchase of oil from ISIS, will be held accountable by the resolution, two U.N. diplomats told Bloomberg, speaking on condition of anonymity.

U.S. Ambassador Samantha Power said the vote reinforces already-existing sanctions on ISIS and the Nusra Front.

Last year, the Islamic State was making around $1 million a day from oil sales, according to David Cohen, the undersecretary for terrorism and financial intelligence at U.S. Treasury Department.

A November U.N. report said ISIS also raked in up to $45 million over a 12-month period from ransoms.

The fall of Iraqi and Syrian cities and the subsequent looting of art and archeological treasures have created another revenue stream for ISIS.

Fox News' Jonathan Wachtel contributed to this report.