ISIS afraid for their money as Russia confirms group already ‘began smuggling’ it abroad

Some estimates indicate that ISIS has lost about 90% of oil wells that they had previously controlled. (Archive)

As the crackdown on ISIS in Iraq and Syria has intensified, the organization began thinking and planning terrorist operations in Western countries, as well as a search for ways to smuggle their money abroad.

The Russian Foreign Ministry revealed Tuesday that ISIS began to transfer funds from the territory under their control to foreign countries, especially Europe.

“In the past, we highlighted ISIS raising funds in the territories under their control, but now, the organization, which seems to feel its imminent defeat, is beginning to transfer money in the opposite direction, to foreign countries, including Europe,” said Dmitry Feoktistov, Deputy Director of the Department of New Challenges and Threats of the Russian Ministry of Foreign Affairs.

It seems that the money will be spent to fund dormant cells in Europe to carry out attacks.

According to the same source and in order to compensate for their loss of profits from the oil trade in Syria, ISIS is trying to find new sources of income, resorting to operations related to foreign currencies and smuggling of antiquities and drugs.

Some estimates indicate that ISIS has lost about 90% of oil wells that they had previously controlled.

ISIS

ISIS

The ISIS dinar becomes more expensive than gold

Moreover, as their resources diminished, ISIS imposed their currency on all the territories under their control, in search for additional sources of funding, according to Dmitry Feoktistov.

He added that: “In fact, the organization announced that its golden dinars, silver dirhams and copper coins, are the only currency allowed in public circulation on the territory controlled by them.”

The terrorist organization refused to accept payments from the residents made in other currencies, forcing them to convert Syrian pounds and US dollars to ISIS dinars, which are sold at a price higher than the price of gold in the "economic offices" of the organization.

The Russian official revealed that ISIS, following this method, has sold more than 100 thousand dinars at a price higher than 180 dollars for one ISIS dinar, leaving them with an income of about $ 18 million, which of course will be spent on the purchase of arms and ammunition.

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Last Update: Wednesday, 20 May 2020 KSA 09:51 - GMT 06:51
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