UN draft will 'explicitly' target IS money from oil

A draft resolution to be submitted to the UN Security Council takes "explicit" aim at the Islamic State group and its lucrative trade in oil, French Finance Minister Michel Sapin said on Wednesday.

Sapin said the resolution, to be debated on Thursday, would send a "very strong political message: The fight against the financing of terrorism is one of the priorities of the United Nations' members, and every state must take the necessary measures".

And ahead of Thursday's meeting with of all 15 finance ministers of Security Council member states - the first of its kind - Sapin warned that countries that fail to turn off the tap on jihadists' funding could potentially face sanctions.