China is negotiating with Russia to buy oil to replenish its own energy reserves. This is reported by Bloomberg.

It is claimed that the negotiations are being conducted at the governmental level with little direct participation of oil companies. However, one of the agency’s interlocutors noted that the terms of the potential deal have not yet been determined, and there are no guarantees of its conclusion.

The European Union’s anti-Russian sanctions, as well as its plans to impose an embargo, have significantly lowered oil prices from Russia, giving China an opportunity to cheaply replenish its strategic reserves, which are usually used during emergencies or sudden disruptions, Bloomberg writes.