UK official says 'economic warfare' needed against IS

A Libyan fireman stands in front of smoke and flames rising from an oil storage tank at an oil facility in northern Libya's Ras Lanouf region on January 23, 2016The US-led coalition against the Islamic State is squeezing the group’s revenues from oil, taxation and financial markets but it needs to step up its campaign of “economic warfare”, a leading British official said Tuesday. Air Vice-Marshal Edward Stringer, who is leading British government efforts to disrupt IS financing alongside international allies, said the jihadist group was showing signs of the pressure on its finances. Experts have noted a recent reduction in the IS group’s oil production, largely down to air strikes by the US-led coalition and Russia.

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