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U.S., Allies Step Up Efforts to Choke Off Islamic State's Funding

(Wall Street Journal) Jay Solomon - The U.S. Treasury Department and Washington's allies are ramping up efforts to hit the Islamic State's finances, particularly focusing on steps to choke off its oil sales, its donations from the Persian Gulf and its extortion rackets. Officials said their strategy is highly dependent on the cooperation of Middle East allies, such as Turkey, Qatar and Kuwait, in preventing the flow of finances and fighters into the Islamic State's war machine. The primary source for the Islamic State's funds comes from its sale of oil and refined petroleum. The Islamic State sells oil and diesel fuel through a smuggling and sales network that included the Syrian government, local businessmen, and Turkish traders.
2014-09-10 00:00:00
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