Reports noted that resolving the payment issue for oil, India has decided to pay for Iranian crude oil in euro through a German bank based in Hamburg. The final decision was taken a high level meeting chaired by India’s National Security Advisor Shiv Shankar Menon. An official of India’s Finance ministry noted, “State Bank of India (SBI) has been instructed to clear over $ 2 billion of backlog payment beginning this evening.” SBI will route euro payments to National Iranian Oil Co’s account in the Hamburg-based Europch-Iranische Handelsbank AG (EIH Bank). The Reserve Bank of India (RBI) disallowed payments for Iranian crude using a long-standing clearing house system, run by the central banks of nine countries which include India and Iran- dubbed as the Asian Clearing Union. India imports 12 million barrels of crude oil every month from Iran. Iran accounts for 12 percent of India’s supplies and is its second-largest supplier behind Saudi Arabia.1

Two Hundred Fourteen parliamentarian of Iran have issued a statement backing the Egyptian people’s uprising against the government of Hosni Mubarak. The MPs called the move an auspicious step to “revive” Egypt’s glorious past. The statement by the Iranian parliament came as thousands gathered at Tahrir Square in Cairo for a planned "march of a million people." The Iranian Supreme Leader, Ayatollah Ali khameini also strongly supported the protesters. He said that “do not back down until the implementation of a popular regime based on religion.” However, Egyptian foreign minister, Ahmed Aboul Gheit condemned the Khameini statement calling Iran to mind its own business.2

• 1. “India to allow payment for Iranian crude through German bank,” Tehran Times, February 1, 2011, at http://www.tehrantimes.com/index_View.asp?code=235161
• 2. “Iranian parliament backs Egyptian people’s movement,” Mehr News, February 1, 2011, at http://www.mehrnews.com/en/newsdetail.aspx?NewsID=1244256