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Petrodollar Panic: EU Officials Admit Buying Oil From ISIS

Zero Hedge,

15 September, 2014

We recently explained how ISIS remains so well funded but what was unclear was who exactly what purchasing their 'recently-provisioned' oil reserves? The assumption being some desperate third-world nation or some scheming offshore hedge-fund arbitrageur; however, as Sott.net reports, a senior European Union official has revealed that some EU member states have purchased oil from ISIL Takfiri militants despite their rhetoric against the group. The official declined to disclose any names but Turkey remains a front-runner (having already shunned President Obama) and potentially France (after their recent anti-Petrodollar comments).

As The Daily Signal's Kelsey Harkness ( @kelseyjharkness ) notes,

According to the Iraq Energy Institute, an independent, nonprofit policy organization focused on Iraq’s energy sector, the army of radical Islamists controls production of 30,000 barrels of oil a day in Iraq and 50,000 barrels in Syria.

 

And now we know who is buying... (as Sott.net reports)

A senior European Union official has revealed that some EU member states have purchased oil from ISIL Takfiri militantsdespite their rhetoric against the group.

 

In a briefing to the European Parliament Foreign Affairs Committee,EU Ambassador to Iraq Jana Hybas-kova said some European countries have purchased crude from the ISIL.

 

She, however, refused to disclose any names despite pressure by some Parliament members to do so.

 

The EU official also warned against any support by the West for separatist Kurdish groups who, she said, would destabilize the Middle East.

 

Earlier reports accused Turkey of buying and transporting oil from both the ISIL and Qaeda-linked Nusra Front. According to the reports, Western intelligence agencies could track ISIL oil shipments as they moved across Iraq and Turkey.

 

ISIL reportedly controls eleven oil fields in northern Iraq as well as Syria's Raqqa province.

 

US intelligence officials estimate that the Takfiri militants earn more than USD 3 million a day from oil profit, theft, human trafficking and ransom. They say the militants sell oil and other products via established networks in Turkey, Jordan and Iraq's Kurdistan region. ?Turkey has denied reports of involvement in ISIL's oil smuggling operations.

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How long before US places sanctions directly on these European nations (instead of implicitly through Russia)?