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World must ‘choke off’ Islamic State oil cash

The international community must take concerted action to “choke off” funding to Islamic State (IS), Britain has warned. Chancellor George Osborne and Foreign Secretary Philip Hammond said it was essential that jihadists - who have seized control of vast oilfields in Syria and Iraq - were isolated from the international financial system. Writing in The Daily Telegraph ahead of a meeting of United Nations Security Council finance ministers in New York to discuss action against IS, they said weaknesses in IS’ funding network must be exploited.

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Gaddafi detente stopped IS getting chemical weapons, Tony Blair says

Islamic State (IS) terrorists could now be armed with chemical weapons if Britain had not acted to thaw relations with Muammar Gaddafi, Tony Blair has insisted. The former Prime Minister mounted a robust defence of his diplomatic detente with the Libyan dictator, arguing that otherwise his stockpile of illegal armaments could still be in circulation. Mr Blair also disclosed that he telephoned Gaddafi “two or three” times in 2011 to try to get him to give up power peacefully - but refused to criticise David Cameron for using force to overthrow the regime.

Oil & Gas

US official claims Syrian government is buying IS oil

A top US official has claimed the Syrian government has been buying oil from the terrorist group Islamic State (IS). Adam Szubin, currently the Treasury’s acting under secretary for Terrorism and Financial Intelligence, said although some crude was making its way over the border to Turkey a “far greater amount” was ending up in areas under Bashar al-Assad’s control.

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Russia launches strike from submarine on IS stronghold

Russia’s defence minister said its military had launched the strikes in Syria for the first time from a submarine stationed in the Mediterranean. The move was made as the country continues to target oil hotspots being used by Islamic State as it looks to profit from crude oil in the region.

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Video: Russia strikes IS oil trucks in Syria

Russia has warned it will target tanker trucks believed to be connected to Islamic State (IS) in Syria. The country released footage which showed its fighter jets have been targeting oil trucks as well as a refinery as it looks to cut the terror group’s main source of income. Russian military official Andrei Kartapolov was quoted by news sources in which he said his country was in a “free hunt” against tanker trucks carrying oil products believed to be belonging to terrorists.

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IS militants return to outskirts of Iraqi oil refinery town

Islamic State militants have returned to the outskirts of a strategic Iraqi oil refinery town after being driven out last month, officials said. Raed Ibrahim, governor of Salahuddin province, said the militants had fought their way to the edge of Beiji after three days of heavy clashes. He added that they were able to advance because Iraqi troops lack heavy weapons.