Joining worldwide efforts to squeeze terror finances, India has announced a ban on trade with the Islamic State and the al-Nusra Front and other groups and individuals associated with the Al-Qaeda.
The move comes in compliance with a U.N. Security Council resolution in February.
Trade with the IS and related terrorist organisations in oil and oil products (hydrocarbons) and items of scientific, cultural and religious importance is prohibited, the Commerce Ministry said in a notification on Tuesday.
The U.S. Treasury Department said IS might have earned several million dollars per week, or $100 million in total, from the sale of oil and oil products to smugglers in 2014.
