US Says IS Earns $1M Per Day in Black Market Oil Sales

A Washington Post article quotes the U.S. Treasury Department as saying Islamic State militants are earning about $1 million a day just from black market oil sales. David Cohen, who leads the department’s effort says that except for state-sponsored terrorist groups, the Islamic State group is probably the best-funded terrorist organization the Treasury Department has […]

A Washington Post article quotes the
U.S. Treasury Department as saying Islamic State militants are earning about $1 million a day just from black market oil sales.
David Cohen, who leads the department’s effort says that except for state-sponsored terrorist groups, the Islamic State group is probably the best-funded terrorist organization the Treasury Department has ever confronted.

Here is how they make some of their money.

1. IS also has taken in at least $20 million in ransom payments this year from kidnappings.

2. Islamic State militants are amassing wealth at an unprecedented pace, earning about $1 million a month from black market oil sales alone, a Treasury Department official said Thursday.

3. They said the extremists also get several million dollars a month from wealthy donors, and from extortion rackets and other criminal activities, such as robbing banks.

4. In addition, he said the group has taken in at least $20 million in ransom payments this year from kidnappings.