India Bans Oil Trade With Organizations Linked to IS - Ministry of Commerce

India has banned trade with with companies, linked to Islamic State militant group.

NEW DELHI (Sputnik) — Indian authorities have introduced a ban on trade in oil with organizations connected to the Islamic State militant group, the country's Commerce and Industry Ministry said in a statement obtained by Sputnik Tuesday.

"In compliance with United Nations Security Council Resolution… trade in oil and refined oil products… is prohibited with the Islamic State in Iraq and the Levant [ISIL]," the ministry said in a statement.

In February, the UN Security Council unanimously adopted a Russia-drafted resolution intended to stem the flow of money to the IS jihadist group, as well as Nusra Front.

The resolution targets the sale of oil and objects of cultural heritage by the militant groups, as well as collecting ransoms for hostages.

The Islamic State militant group has taken over large areas of Syria and Iraq. The militants reportedly use money made from racketeering, oil smuggling and ransoms for hostages, among other sources, to fund their operations in Middle East.

Earlier in June, Russian Foreign Minister Sergei Lavrov called on the UN Security Council to take extra steps to determine who is buying oil from the militants.