Oil trade remains Daesh main income resource despite UNSC resolution

Islamic State (Journal Istanbul / Shutterstock)

UNITED NATIONS – Illicit oil trade remains the main source of income for Daesh jihadist group, despite a UN Security Council resolution aiming to cut the funding of terrorists, Jeffrey Feltman, the UN Under-Secretary-General for Political Affairs, said.

The resolution, targeting in particular the Daesh group, which is prohibited in numerous countries including the United States and Russia, was adopted unanimously on December 17, 2015.

“Despite global efforts to counter through military, financial and law enforcement measures, and the substantial losses inflicted upon ISIL, the group continues to pose one of the major challenges of our time to international peace and security,” Feltman said, addressing the Security Council.

According to Feltman, the group’s main sources of financing “include the exploitation of oil and other natural resources, ‘taxing,’ confiscation and the looting of archaeological sites, as well as external donations and use of the Internet and social media to raise funds.

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Russia and the United States co-sponsored the 2253 UNSC resolution that expanded the so-called Al-Qaeda Sanctions List to include Daesh as a separate entity instead of an al-Qaeda affiliate. The resolution calls for groups such as Daesh and the al-Qaeda affiliate Nusra Front to be prevented from benefiting from the sale oil and antiquities, ransoming of hostages and receiving donations.