Russia’s initiative on targeting illegal oil trade by terrorists adopted
The draft resolution was initiated by the Russian Federation and was co-sponsored by over 50 states. The resolution has become an integral part of efforts by the UN Security Council, with Russia’s active involvement, to consolidate the international legal framework for countering the terrorist threat from ISIS and Jabhat al-Nusra.
The resolution aims at curbing oil deals with these terrorist structures by using the UN Security Council’s sanctions toolkit. Its urgency is prompted by the considerable revenues that the terrorists are receiving from trade in hydrocarbons from seized deposits in Syria and Iraq. The document bans any trade in oil and oil products with ISIS and Jabhat al-Nusra. Such transactions will be viewed as financial aid to terrorists and will result in targeted sanctions being imposed by the Security Council against individuals and companies involved in these criminal activities.
The resolution includes provisions aimed at curbing other sources of terrorist incomes, including the smuggling of precious metals, antiquities and cultural values from Iraq and Syria. Those responsible are to be subjected to travel bans and asset freezes. All participating states will be obliged to share information on the identities of those who are assisting terrorists.
Russia hopes that all members of the international community will strictly abide by the provisions of the resolution which has become a major contribution to the consolidation of collective efforts to counter the terrorist threat and to enhance the central coordinating role of the UN Security Council. Such international cooperation should be carried out on the basis of international legal standards.
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