Lew warned ISIS generates funds from economic activity and the resources in territory under its control and its financing "has evolved from seizing territory and looting bank vaults to leveraging more renewable revenue streams."
He said: "ISIL [ISIS] has reaped an estimated $500 million from black market oil and millions more from the people it brutalises and extorts."
Chancellor George Osborne hailed the "historic" agreement.
Mr Osborne, who represented the UK at the talks, described it as a "historic moment… to cut off Daesh financing".
He said: ”We'll choke off Daesh trade in oil, end extortion, stop sales of historic artefacts and take the fight to middlemen who trade in currency of evil.
"The message from UN to Daesh is clear - the buck stops here."