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IPFS News Link • World News

Treasury Dept Threatens Sanctions on Buyers of ISIS Oil

•, by Jason Ditz

Speaking at the Carnegie Endowment for International Peace, Undersecretary of the Treasury David Cohen has threatened to impose sanctions on any people could buying oil from ISIS.

In taking large portions of Syria's oil-producing east and several oil fields in Iraq, ISIS has carved out a de facto state with a lot of oil wealth, and in addition to refining it for domestic use, they've reportedly been bankrolling their ongoing expansion by selling it at substantially below market values to middlemen.

These middlemen, Turkish and Kurdish buyers who smuggle the oil into their own territory, make a tidy profit. Cohen says such sanctions would be a chance to stop ISIS getting money that way.