New Delhi: Nayara Energy on Thursday said its refinery operations and supply of its petroleum products across the country continue at a “healthy run rate” despite the sanctions imposed by the European Union (EU).

Russia’s Rosneft Oil Co.-backed company is engaging with various governmental authorities and partners for seamless transactions and to maintain operational stability, it said in a statement.

The company said that despite the supply-chain inhibitions caused by the “unjust” EU sanctions, it remains committed to maintaining reliable transportation of its products through coastal, rail, and road networks to efficiently serve its customers.

Last month, in an attempt to target Russia’s ability to raise revenues from its oil and energy sector as it wages a prolonged war with Ukraine, the EU unveiled sanctions on Nayara’s Vadinar refinery and also lowered the price cap on Russian oil by 15% to $47.6 a barrel from $60. The bloc also imposed sanctions on ‘shadow fleet ships’ that are largely used for moving crude oil from Russia.

Calling the action baseless, unilateral and a breach of international law, Nayara later said it is actively exploring all legal options to counter the EU’s decision. The company claimed the sanctions undermine India’s sovereignty and disregard global norms.

On 21 July, Nayara announced plans to invest over ₹70,000 crore in the long term across petrochemicals, ethanol plants, and marketing infrastructure expansion, among other projects.

Nayara, which operates the 20-million-tonne refinery in Vadinar, said it remains committed to India’s growth story and has invested over ₹14,000 crore in various projects since August 2017, including upgrading existing refining facilities, investing in a new petrochemical plant, and other new infrastructure projects.

In August 2017, Rosneft completed the acquisition of 49.13% of shares of Essar Oil Ltd from Essar Energy Holdings Ltd and its affiliates, and rebranded it as Nayara Energy in 2018.

Moscow-headquartered Rosneft had described the EU’s sanctions on Nayara’s refinery in Gujarat as “unjustified and illegal”.

Rosneft had said it is not a controlling shareholder as the company’s share in the authorized capital of the enterprise is less than 50%, and the Indian enterprise is managed by an independent board of directors.