U.S. airstrikes cut into IS oil revenues, Treasury official says

October 24, 2014 7:02 AM

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U.S. airstrikes cut into IS oil revenues, Treasury official says

The U.S. military campaign against the Islamic State has begun to cut into the Sunni militant group’s substantial oil revenues, the top counterterrorism official at the Treasury Department said Thursday, but starving its cash flow will be a slow process.

“We have no silver bullet, no secret weapon to empty ISIL’s coffers overnight,” David Cohen, the Treasury undersecretary for terrorism and financial intelligence, said in a speech at the Carnegie Endowment for International Peace in Washington, using an alternative name for the Islamic State.

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