'I provided examples based on our data on the financing of different IS units by private individuals. This money as we have established comes from 40 countries and there are some of the G20 members among them' Putin told journalists.

He also spoke of the urgent need to curb the illegal oil trade by IS.

“I've shown our colleagues photos taken from space and from aircraft which clearly demonstrate the scale of the illegal trade in oil and petroleum products” he said.

'The motorcade of refueling vehicles stretched for dozens of kilometers so that from a height of 4000 to 5000 meters they stretch beyond the horizon” Putin added comparing the convoy to gas and oil pipeline systems.

It's not the right time to try and figure out which country is more and which is less effective in the battle with Islamic State as now a united international effort is needed against the terrorist group Putin said.

Putin reiterated Russia's readiness to support armed opposition in Syria in its efforts to fight Islamic State.

“Some armed opposition groups consider it possible to begin active operations against IS with Russia’s support. And we are ready to provide such support from the air. If it happens it could become a good basis for the subsequent work on a political settlement' he said.

'We really need support from the US European nations Saudi Arabia Turkey and Iran' Putin added.