×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: John Kerry | ISIS fighters | pay cuts

John Kerry: US Actions Exact Heavy Toll on ISIS Finances

John Kerry: US Actions Exact Heavy Toll on ISIS Finances
(Lucas Jackson/Reuters/Landov)

By    |   Friday, 23 January 2015 03:24 PM EST

Economic times are getting tough for Islamic State (ISIS) fighters, who have suffered pay cuts of 75 percent since the U.S. bombing campaign and other actions have cut deeply into the terrorist group's operating funds.

Secretary of State John Kerry told delegates at the World Economic Forum in Davos, Switzerland, that ISIS, or "Daesh," as Kerry now refers to the terrorists, recently has suffered severe cuts in its oil revenues from captured wells and refineries, to the point where the group is having a hard time paying its fighters, Business Insider reports.

In August, Bloomberg News reported that ISIS was raking in $2 million each day in income from "oil sales, extortion, taxes and smuggling" and was the "wealthiest terrorist group we've ever known," according to Matthew Levitt, director of the counterterrorism and intelligence program at the Washington Institute for Near East Policy.

However, David Cohen, Treasury Department under-secretary for terrorism and financial intelligence, last week said that ISIS's income has dwindled to just a few million dollars per week, Business Insider reports.

That may sound like a lot, but Cohen said that with ISIS fighters receiving $1,000 per month, the payroll alone runs to about $360 million per year.

It's not the first time U.S. officials have made that statement. In November, Kerry said at the Foreign Policy Transformational Trends conference: "We've already seen a 75 percent cut in pay for ISIL fighters in Mosul," Foreign Policy reported.

"By working backwards, we have been able to map where most" of the group's oil sales come from "and develop ideas about how to stop it," Foreign Policy reported that Kerry said. "We will also continue to bomb ISIL's oil infrastructure."

Kerry didn't specify whether he was referring to local fighters or foreigners from other countries who have traveled to Syria and Iraq to join ISIS. He told the conference in Davos: "They grab these young kids, pay them a little bit and brainwash them. Then they don't have to pay them anything," Business Insider reported.

In September, King Abdullah of Jordan said that ISIS was "providing foreign fighters $1,000 a month in salaries, which to people in Jordan is the equivalent to middle class or higher middle class income.

"If we don't get this right, if we don't step up to this moral responsibility, how are we going to be able to combat this extremism? It's something that is now global. We're all invested in it. It's no longer a fight that we're fighting inside the Middle East. If you're looking at the issue of foreign fighters coming in from all over the world, as far as China, we're all in this together," Jordan's king said, NBC News reported.

Various U.S. officials place the number of foreign fighters who have joined ISIS's ranks at anywhere between 9,000 and 31,000, The Washington Examiner reports.

© 2022 Newsmax. All rights reserved.


Newsfront
Islamic State fighters have suffered pay cuts of 75 percent since the U.S. bombing campaign and other actions have cut deeply into the terrorist group's operating funds.
John Kerry, ISIS fighters, pay cuts
477
2015-24-23
Friday, 23 January 2015 03:24 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved