Finance ministers are expected to adopt a resolution which seeks to starve the Islamic State of funds. The draft resolution is based upon a previous one passed in 1999, aimed at targeting al-Qaeda.

The summit, comprising of finance ministers from across all 15 nations of the UN security council, is the first of its kind in the international body’s 70-year history. Member states are being urged to “move vigorously and decisively to cut the flow of funds” to the militant group. It is widely believed that ISIS’ main income streams derive from taxes in the areas it controls, oil sales and the smuggling of antiquities.

The committee on finance ministers will be called “the Isil (Daesh) and al-Qaeda sanctions committee”. It will allow for action to be taken against any individual or group found to be supporting the militants - usually in the form of asset freezes, travel bans and arms embargos.

The committee are required to report back within 120 days on what steps will be taken to curb the financing of ISIS. UN Secretary-General Ban Ki-Moon is expected to provide a report on IS revenue sources within 45 days.

George Osborne has said in the Daily Telegraph that isolating ISIS “must be a key element of any comprehensive strategy to degrade and ultimately destroy it.”