Islamic State militants have looted up to $1 billion from bank vaults in Syria and Iraq and has made at least another half a billion dollars from black market oil sales, senior U.S. Treasury official Adam Szubin said on Thursday.
"ISIL has made more than $500 million from black market oil sales," Szubin, acting undersecretary for terrorism and financial intelligence with the U.S. Treasury, said in remarks prepared for delivery.
"It has looted between $500 million and $1 billion from bank vaults captured in Iraq and Syria," Szubin said. "And it has extorted many millions more from the populations under its control, often through brutal means."
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