China is considering buying or increasing stakes in Russian energy and commodities companies, such as gas giant Public Joint Stock Company Gazprom (MISX:GAZP) and aluminum producer United Company RUSAL, International Public Joint-Stock Company (SEHK:486), according to people familiar with the matter. Beijing is in talks with its state-owned firms, including China National Petroleum Corporation, China Petrochemical Corporation, Aluminum Corporation of China Limited (SEHK:2600) and China Minmetals Corporation, on any opportunities for potential investments in Russian companies or assets, the people said. Any deal would be to bolster China's imports as it intensifies its focus on energy and food security -- not as a show of support for Russia's invasion in Ukraine -- the people said.

The discussions are at an early stage and won't necessarily lead to a deal, the people said, requesting anonymity as the discussions aren't public. Some talks between Chinese and Russian energy companies have started to take place, according to separate sources. CNPC and China Petrochemical -- known as Sinopec Group -- declined to comment, according to the companies' media officials.

Chinese state-asset regulator Sasac, Aluminum Corp. of China and Minmetals didn't immediately respond to requests for a comment. Representatives for Gazprom and Rusal didn't immediately comment during a national holiday in Russia.