US coalition destroys $500 million in IS cash

The US-led coalition's air campaign has destroyed about $500 million in Islamic State (IS) cash reserves and cut the group's oil revenue by 50 percent.

Iraqi Shiite fighters drive through the Samarra desert, during an operation to retake IS-controlled areas of Samarra, March 3. Photo: AFP

USA Today quoted a senior US defense official as saying that IS has been forced to limit fuel use in some areas and cut in half the number of fighters and government officials in areas under its control.

A coordinated air campaign with local forces on the ground in Iraq and Syria has led to a number of IS defeats in recent months.

The terrorist group has lost 40% of the territory it held in Iraq.Today, the rebels are forced to move around Iraq and Syria in small groups to avoid air strikes and are increasingly turning to guerrilla tactics.

Last year, the coalition expanded its air campaign targeting the group’s revenue sources. IS now earns an estimated $80-90 million a month, about 50 percent of which comes from oil.By attacking IS oil facilities, the coalition estimates it has reduced their production by 30% and their oil revenue by 50%.

The air campaign has also targeted the group's major cash depots about 15 times in recent months, causing an estimated $500 million in damage.

IS is also struggling to replace its dead, but the number of foreign fighters arriving in Iraq and Syria is only enough to replace about 25% of its dead each week.

This shortage has forced IS to force men in areas under its control to join its ranks, recruiting young and inexperienced fighters and even forcing local government officials to serve them.

Several combat commanders have been sacked or executed, including those in eastern Syria, where IS has suffered recent defeats against US-backed opposition forces.

But US officials warn that IS is not completely defeated and remains a threat to the region, Europe and beyond. It still controls Raqqa, the group’s de facto capital in Syria, and Mosul, Iraq’s second-largest city. IS has a highly militant force, many of whom fight without pay.

Iraqi forces are working to isolate Mosul and are expected to launch a final offensive to retake the city from IS in the coming months.

According to VNE