U.N. warns of sanctions for oil trading with Syria, Iraq militants

July 28, 2014 4:43 PM

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UNITED NATIONS (Reuters) - The U.N. Security Council expressed grave concern on Monday over reports that radical militants have seized oilfields and pipelines in Syria and Iraq and warned that anyone caught trading in oil from the "terrorist groups" could face sanctions.

The 15-member council said in a statement that any trade in oil with Islamic State - previously known as the Islamic State in Iraq and the Levant - or al Qaeda's Nusra Front, would violate United Nations sanctions as both groups have been blacklisted.

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