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U.S., Russia Drafting New UN Resolution Against IS Financing

WASHINGTON -- The United States and Russia are working together on a new United Nations Security Council resolution aimed at putting further pressure on the finances of Islamic State (IS) militants.

Adam J. Szubin, the U.S. acting under secretary for terrorism and financial intelligence, said the resolution will "fully criminalize" terror financing and is modeled along the lines of those that targeted Al-Qaeda finances after the September 11, 2001 terror attacks.

He said IS, which holds vast territories in Syria and Iraq, receives about $400 million a year from selling oil and gas.

Szubin said a U.S. raid in May that targeted a senior IS commander helped refine U.S. air strikes to target the group’s oil and gas production.

Jets and missiles have hit oil wells, tanker trucks, and small refineries.

Finance ministers from UN Security Council nations will meet in New York on December 17 to discuss the resolution.