Islamic State in Iraq and Syria (Isis) raised $800m in black market oil revenues in the last year to find their continued campaigns in the two Middle East countries, according to Iraqi member of parliament and former government security advisor Mowaffak al-Rubaie.

Isis controls large areas of northern and western Iraq and recently seized the city of Ramadi west of Baghdad from Iraqi security forces.

“Isis made $800m in the last 11 months in the Turkish black market for Iraqi and Syrian oil,” Al-Rubaie told the Iraq Petroleum conference in London on 9 June. “They get their money from businessmen all over the world and especially in the GCC countries.”

“They are also getting their money from taxes from local people. If we cut the oxygen, that’s the money, that’s the way forward with Isis,” added Al-Rubaie.