Russia's biggest hope to compete with US crude faces obstacles amid Western sanctions, even as a top Moscow oil exec says the project can ease the global energy crunch

Russia's Vostok Oil may be able to challenge US light crude in the future.

The project could face delays if Western support and cash dry up due to sanctions.

The head of the state-run oil company compared the project to Noah's Ark. Light grades from the US and Middle Eastern could be used in Vostok's crude.

It could increase Russian crude production. The project is important for the infrastructure in the remote northern region.

The Journal has learned that at least two financial backers are pulling funding from the project because of the sanctions.

As Moscow continues to rake in profits from its oil and gas exports, sanctions will force the Vostok Oil project's key asset to launch by 2029 instead of the original goal of 2024.

The whole project will be delayed if one part of the supply chain is delayed.

Western energy companies have stopped or slowed their business operations in Russia since the beginning of the year.