UN tightens net around IS finances

About half of the Islamic State group's revenues come from extortion and looted property, 43 percent from oil sales and the remainder from drug smuggling, electricity sales and donations, according to IHS analysis firmFinance ministers from the UN Security Council on Thursday unanimously backed a resolution aimed at ramping up sanctions against the Islamic State group and cutting off its revenue flows. US Treasury Secretary Jacob Lew led the council’s first-ever meeting of finance ministers, shoring up a major diplomatic push to end the war in Syria, where IS jihadists control a large swathe of territory and have installed their de facto capital. Drafted by the United States and Syrian ally Russia, the measure will update an Al-Qaeda blacklist by renaming it the “ISIL (Daesh) and Al-Qaeda sanctions list” to signal the UN’s focus on the IS extremists.

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