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US to clip wings of richest terrorist org
The US Treasury has been determined to undermine the terror group’s sources of finance, but acknowledged the task is a challenging one.
Moscow: Oil sales, ransoms and extortions help ISIS “generate tens of millions of dollars” monthly, the US Treasury estimates, promising to undermine the group’s finances and to impose sanctions on anyone attempting to do business with the extremists.
The Islamic State (IS, formerly ISIS/ISIL) has “amassed wealth at an unprecedented pace” and is now “probably the best-funded terrorist organization” the US has confronted, according to Treasury undersecretary for terrorism and financial intelligence, David Cohen.
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Pentagon admits weapons-drop fail as anti-ISIS operation hits $424mn
The bulk of the group’s wealth comes from oilfields in Syria and Iraq that are under the IS control, with oil sales earning the group “approximately $1 million a day,” the official said on Thursday, speaking at the Carnegie Endowment for International Peace.
The US Treasury has been determined to undermine the terror group’s sources of finance, but acknowledged the task is a challenging one. “We have no silver bullet, no secret weapon to empty ISIL’s coffers overnight. This will be a sustained fight, and we are in the early stages,” Cohen said.
