Alaska Gas Project Leadership Vanishes Amid Russian Funding Dispute

The executive team of Polar Train LNG has nearly emptied out, leaving the $25 billion northern Alaska gas export project without its core leadership. This abrupt departure follows allegations that Russia’s Novatek secretly financed and directed the company before obtaining formal US sanctions clearance.

Former chief executive Joel Riddle told the Financial Times that he raised concerns about potential breaches of US sanctions rules. He stated that he had originally understood the project’s capital came from Gentry Beach, an investor linked to Donald Trump’s family, and Tech Wave, an Abu Dhabi-based firm. Riddle said he later discovered Beach was neither a shareholder nor an executive and had not actually invested in the venture.

Riddle resigned in September, prompting chief financial officer Dan Chandra and other senior staff to leave shortly after. He said he found that Novatek was already funding operations and dictating the company’s strategic direction before the required approvals were in place. "I resigned as chief executive of Polar LNG because I felt uncomfortable that the Russian company Novatek was financing and ultimately controlling the strategic direction of the company," Riddle said.

The dispute centers on a plan to relocate a partially built Novatek terminal to Alaska. The company applied to the US Treasury Department for permission to negotiate with the Russian group, but that approval has not yet been granted. The Financial Times reviewed WhatsApp messages showing Novatek board member Denis Solovyov discussing financing and urging a faster transfer of funds to the Alaskan project.

Polar Train LNG rejected the narrative, stating that Riddle was dismissed rather than resigning and labeling him a "disgruntled employee." The company insisted the project complies with US law. Novatek responded that it signed a memorandum with Polar Train in April, during Riddle’s tenure, agreeing to let Tech Wave use its technology in Alaska.

Sources familiar with the matter said the project emerged from business talks between Washington and Moscow aimed at helping end Russia’s war against Ukraine. Discussions reportedly included a potential swap where Novatek would provide terminal building expertise in exchange for lifting sanctions on Russia’s Arctic LNG 2 project.

The timeline traces back to February 2026, when reports first surfaced about an agreement between Gentry Beach and Novatek. By October 9, additional reports indicated Russia was seeking sanctions relief as part of broader energy ceasefire negotiations with Ukraine.