“Beijing is in talks with Moscow about the possibility of buying cheap Russian oil to replenish China’s strategic reserves of black gold,” Bloomberg reported.

One of the agency’s sources said, “This crude oil could be used to replenish China’s strategic oil reserves,” noting that “bi-government negotiations are taking place between the two countries, with limited direct involvement of oil companies.”

According to the agency, the source confirmed that “Beijing is strengthening economic ties with Moscow, while the European Union seeks to completely abandon the import of Russian oil.”

At the same time, the source told the agency that “the size and terms of a possible deal between Moscow and Beijing have not yet been determined and there are no guarantees that any agreement on this matter will be concluded between the two countries.”

The agency pointed out that “this comes against the backdrop of rising oil prices during the year as a result of the military operation that Moscow is conducting in Ukraine, combined with a decrease in the price of Russian oil as a result of the rejection of a number of buyers from Moscow.”

And Bloomberg reported: “Beijing has continued to quietly acquire Russian oil since Moscow launched its military operation in Ukraine, despite a new wave of the coronavirus outbreak in China.”

Last year, China sold part of its strategic oil reserves, a “historic” move, according to the agency, taken in an attempt to limit the rise in oil prices in the world in light of the recovery of major economies from the effects of the pandemic.