[Putin Urges Russian Oil and Gas Companies to Reduce Debt Amid High Oil Prices] According to a report by Jinse Finance, Russian President Vladimir Putin has urged the country's oil and gas producers to take advantage of the surge in commodity prices to reduce debt, as this price spike is only temporary. During a meeting with government officials and energy company executives, Putin stated that due to the Middle East conflict leading to the 'practical closure' of the Strait of Hormuz, oil production relying on this route 'could completely halt within a month.' He also added that restoring liquefied natural gas production capacity in the region would take 'weeks or even a month,' and it is 'impossible to quickly compensate for the lost output.' Putin emphasized that Russia 'must understand that the current high commodity prices are certainly only temporary' and should act accordingly. 'Changes in the supply-demand balance of hydrocarbons will inevitably lead to a new price stabilization. This is inevitable, and therefore, Russian energy companies must seize the current opportunity, including using additional export revenues to alleviate the debt burden on Russian banks.'