Iraq/Syria: U.S. Warns of Sanctions on Buyers of Islamic State Oil

Oct 23, 2014 | Anna Yukhananov, Reuters
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WASHINGTON - The Obama administration on Thursday threatened to slap sanctions on anyone buying oil from Islamic State militants in an effort to disrupt what it said was a $1-million-a-day funding source.

Islamic State has seized large swaths of Iraq and Syria in a brutal campaign, and could pose a threat to the United States and its allies if it is not stopped, U.S. Treasury Undersecretary David Cohen said.