Speaking at the Chatham House think tank in London last week, senior U.S. Treasury official Adam Szubin said Washington was already working with the Iraqi government to prevent ISIL from having access to funds the group has accumulated.
"ISIL has made more than $500 million from black market oil sales. It has looted between $500 million and $1 billion from bank vaults captured in Iraq and Syria," Szubin said.
Turkish and Iraqi authorities have also announced that they are attempting to stop the flow of oil produced in areas controlled by ISIL.
The draft Security Council resolution, a copy of which was obtained by The Associated Press news agency, would rename the committee monitoring sanctions against al-Qaeda as "the ISIL and al-Qaeda sanctions committee."
It calls ISIL a splinter group of al-Qaeda, and stipulates that "any individual, group, undertaking, or entity supporting ISIL or al-Qaeda" is subject to U.N. sanctions including an asset freeze, travel ban and arms embargo.
The draft encourages the 193 U.N. member states "to more actively submit" names for inclusion on the sanctions list, and expresses "increasing concern" at the failure of countries to implement previous sanctions resolutions.
Al Jazeera and The Associated Press