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How does the Islamic State make money? 0
The oil fields of northern Iraq and Syria are IS’s main source of revenue.
According to Independent, the self-proclaimed Islamic State (IS) owns a network of oil refineries in northern Iraq and Syria with a total value of more than $2 billion.
Luay al-Khatteeb, a visiting fellow at the Doha Center at the Brookings Institution in Qatar, said that currently the Islamic State controls a large area of territory rich in resources, including seven oil fields and two refineries
In Iraq, rebel oil production is around 800,000 barrels per day, but that is only half of the untapped resources.
IS’s oil and gas revenues will keep its war machine running and maintain its organizations in areas the rebels captured from the Iraqi and Syrian governments, al-Khatteeb said.
IS’s main oil market is the Kurdish region, including Iraq, Syria, Türkiye and Jordan, where they sell oil and receive cash or goods in return.
The rebel group’s second largest source of revenue is ransom for hostages.
Another significant source of income for IS is the sale of antiquities they find in illegally occupied territory.
“We are talking about areas that are part of the cradle of civilization (of humanity) being looted, artifacts dating back thousands of years, that should be preserved and studied in museums
In addition, the self-proclaimed Islamic State collects taxes from its own people in the crowded cities of the territory it holds, controlling food and other important resources.
`The self-proclaimed Islamic State may be the wealthiest terrorist organization we have ever known,` said Matthew Levitt, a former US Treasury counterterrorism official and financial intelligence officer.
IS is not integrated with the international financial system, so it is not affected by sanctions or anti-money laundering laws and banking regulations, Levitt added.
A charity fundraising network worth millions of dollars for the Syrian people was also exploited, using the cover of a humanitarian crisis to attract money to the rebels, US diplomatic and financial officials said.
According to Iraqi officials, before capturing the Mosul Dam in Iraq, the Islamic State had total cash assets and other assets of up to $875 million.
The Islamic State’s power is tied to the territory, resources and the people it controls.