The Security Council Approved a Resolution to Cut ISIS Financial Resources

On Thursday, December 26, the finance ministers of the 15 member states of the United Nations Security Council unanimously approved a resolution aimed at cutting the financial resources of the Islamic State group, ISIS. According to AFP, Jacob Lew, the U.S. Secretary of the Treasury, chaired this unprecedented meeting of the finance ministers of Security Council member states. The resolution stipulates that any individual, group, or state that collaborates financially with ISIS under any circumstances will be sanctioned. It calls on all countries to enact laws declaring any financial transactions by their citizens with ISIS as a criminal offense. The new Security Council resolution also urges all countries to decisively close the financial transaction routes of ISIS, which are primarily conducted through oil smuggling and the sale of antiquities. Reports indicate that this group generates tens of millions of dollars monthly from oil and antiquities sales. Previously, the U.S. Department of Defense had stated that ISIS had an income of $47 million per month before October of this year. In this context, the U.S. Deputy Secretary of the Treasury also mentioned last week that a significant portion of ISIS's income comes from oil sales. According to AFP, the draft of this resolution was prepared by Russia and the United States. The resolution specifies that the revenues obtained from ISIS's transactions will be confiscated. The approval of the Security Council resolution on Thursday is seen as a result of joint diplomatic efforts to end the war in Syria. Reports suggest that this resolution is a continuation of a resolution passed by the Security Council in 1999 against al-Qaeda. In February (last year), the Security Council approved a financial sanctions proposal against ISIS put forward by Russia, but some countries did not rush to implement this resolution. Last summer, ISIS managed to capture vast areas of northwest and western Iraq. Following this success, the U.S.-led coalition began airstrikes against ISIS positions. A U.S. military spokesperson announced last week that during the coalition's airstrikes against ISIS positions in recent weeks, three senior leaders, including the group's financial officer, had been killed.