Can ISIS be Undermined Financially as it is being Attacked Militarily?
The Islamic State of Iraq and Syria (ISIS), also known as the Islamic State of Iraq and the Levant (ISIL) or Daesh is a militant terrorist group that follows the fundamental Sunni Islamic doctrine. ISIS has been held accountable for abusing human rights, ethnic cleansing and war crimes by both the United Nations and Amnesty International. ISIS has been in existence since the early 2000s and will probably continue to exist for as long as the political disintegration between Iraq and Syria continues. ISIS is a very well-funded group that can be significantly financially undermined by military attacks.
The military has led several airstrikes on the oilfields that ISIS owns or controls. These actions are particularly significant because the main source of revenue for the ISIS terrorist group is oil. The group owns several minefields that in turn make them accumulate enough funds to run and carry out their terrorist attacks. By crippling them financially, the governments fighting against ISIS can have more time to single them out by monitoring their financial movements across the banks more closely. Seeing as about 40% of the ISIS-controlled oilfields have been destroyed, ISIS members are now resorting to other means of acquiring money such as extortion and arbitrary fines for instance.
Moreover, the military has also destroyed some of the cash storage sites used by ISIS. The property and money belonging to the ISIS destroyed by the military is worth $800 million. While these attacks may not make ISIS bankrupt, the efforts cripple them financially thus reducing their progress. Consequently, they begin to find other ways of acquiring, moving and storing money that may make them more exposed to the governments.
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