US warns of sanctions on buyers of Islamic State oil

By REUTERS
October 23, 2014 19:52

WASHINGTON - The Obama administration on Thursday threatened to slap sanctions on anyone buying oil from Islamic State militants in an effort to disrupt what it said was a $1-million-a-day funding source.

Islamic State has seized large swaths of Iraq and Syria in a brutal campaign, and could pose a threat to the United States and its allies if it is not stopped, US Treasury Undersecretary David Cohen said.

"With the important exception of some state-sponsored terrorist organizations, ISIL is probably the best-funded terrorist organization we have confronted," Cohen said, referring to another name for Islamic State. He spoke at the Carnegie Endowment for International Peace.

Islamic State, or IS, is generating tens of millions of dollars a month through a combination of oil sales, ransom, extortion and other criminal activities, and support from wealthy donors, said Cohen in laying out the most comprehensive outline yet of the US financial strategy against the group.


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