Oral Answers to Questions

Meg Hillier Excerpts

Tuesday 12th January 2016 Commons Chamber

[Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)]

6. What progress has been made on reaching an international agreement on terror financing.

[The Parliamentary Under-Secretary of State for Foreign and Commonwealth Affairs (Mr Tobias Ellwood)]

A key strand of the strategy to defeat Daesh is to cut off its financing. A series of international agreements restricting Daesh’s income streams has come into force, including UN Security Council resolution 2170, which restricts Daesh’s trade networks and sanctions individuals who are financially supporting Daesh, and UN Security Council resolution 2253, adopted in December—it was recently agreed by all Finance Ministers, including the Chancellor—which reorientates the UN al-Qaeda sanctions regime to target Daesh.

[Meg Hillier]

I thank the Minister for that response, but will he outline what specific steps are being taken to undermine the flow of finance from oil sales by Daesh, which are obviously fuelling this nasty terrorist group?

[Mr Ellwood]

The hon. Lady is right to highlight the importance of oil sales to Daesh, which account for about half of its revenues. It receives between $2.5 million and $4 million a day across all sources, but oil is very much the highest of them. Most of that is in fact sold to the Assad regime. We are making an impact—taxes in Mosul and Raqqa have been forced to go up; the salaries of the foreign fighters there have gone down; and smuggling routes are being closed off—so we are defeating Daesh using financial means.