UNSC Resolution to Block off Extremists Financing

Local Editor

The UN Security Council unanimously adopted a resolution aimed at blocking off millions of dollars in earnings from oil smuggling, antiquities trafficking and ransom payments to the ISIL terrorist group.

The resolution was co-sponsored by more than 35 countries in a show of international resolve to confront the threat posed by the extremists who overran parts of Syria and Iraq nearly a year ago.

Furthermore, the measure called for sanctions against individuals and entities that traded in oil with ISIL and al-Qaeda affiliates such as the al-Nusra Front in Syria.

The resolution urged all 193 countries of the United Nations to take appropriate steps to prevent the trade in cultural property from Iraq and Syria.

It also reminded governments worldwide that they must "prevent terrorists from benefiting directly or indirectly from ransom payments or political concessions" to secure the release of hostages.

That provision was directed at European governments which found ways to circumvent the ban on paying ransoms to win the release of captive nationals.
The resolution which was drafted under chapter 7 of the UN charter could be enforced through sanctions or use of force, even though the text did not authorize military force.

Russia drafted the initial text which focused heavily on oil smuggling, but the scope of the measure was broadened in discussion to include other revenue streams.
Moreover, US Ambassador Samantha Power described the resolution as "robust" in providing governments worldwide with "clear practical instructions" on preventing oil smuggling.

A report by the UN's al-Qaeda monitoring team released in November estimated that the extremists earned $850,000 to $1.65 million per day from oil sales.
However, US officials now said that oil was no longer the main source of revenue for ISIL.

The resolution would put fresh pressure on Turkey, seen as a transit point for oil deliveries, with trucks often returning to Iraq or Syria with refined products.
It specifies that all governments must report on the measures they were taking to clamp down on ISIL financing within 120 days.

The council in August adopted a resolution to cut off sources of financing and the flow of foreign fighters to Iraq and Syria, warning countries that did trade in oil with the Extremists they could face sanctions.

Source: News Agencies, Edited by website team