WASHINGTON (Talk Media News) – The United Nations Security Council unanimously passed a resolution on Friday that aims to cut off funding for the Islamic State.
The top finance ministers from the 15 participating nations presided over the Security Council meeting.
The resolution, coauthored by the United States and Russia, combines existing sanctions into one package. It also revised the name of the committee overseeing the sanctions and the sanctions themselves from solely referencing al-Qaida to naming ISIL (Da’esh) and al-Qaida.
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 IS, and to “more actively” submit names to the sanctions list.
It also encourages nations to pass laws that make supporting IS financially a criminal offense.
“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 U.S. Treasury Secretary Jack Lew, who chaired the meeting.
The measure requires that all countries report within 120 days on steps taken to target IS financing.
It also requires that U.N. Secretary-General Ban Ki-moon appropriate additional resources to the sanctions initiative and “provide an initial strategic report in 45 days that reflected the gravity of the ISIL threat and to provide updates every four months thereafter.”
Unlike other terrorist networks, the Islamic State is largely self-funded. It pulls from extortion, looting, drug smuggling and largely oil sales.
The U.S. and Russia have been targeting IS oil assets with airstrikes.