Polar Train LNG Leadership Vacates Office Over Novatek Financing

US$25 billion. That is the estimated value of the Polar Train LNG gas export project in northern Alaska, a venture that lost nearly its entire management team this month. The departures followed allegations that Russia’s Novatek secretly financed and directed the company before obtaining required US sanctions approvals.

Joel Riddle, the company’s former chief executive, resigned in September. He told the Financial Times that he raised concerns about potential violations of US sanctions. Riddle stated that he had initially understood the project’s capital came from Gentry Beach, an investor with ties to the Trump family, and Tech Wave, an Abu Dhabi-based firm. He later learned that Gentry Beach was neither a shareholder nor an executive of the project.

Riddle said he discovered that Novatek was already providing funds and steering strategic decisions. "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," he said. Following his exit, chief financial officer Dan Chandra and other senior officials left their posts.

The Financial Times reviewed WhatsApp messages between Novatek board member Denis Solovyov and company insiders. In those exchanges, Solovyov discussed financing details and pushed for a faster transfer of money to the Alaskan terminal. The project, launched in March, involves relocating a partially built Novatek facility to Alaska. The company asked the US Treasury Department for permission to negotiate with the Russian group, but that approval has not yet been granted.

Polar Train LNG rejected the narrative. The company stated that Riddle was dismissed rather than resigned. It labeled him a "disgruntled employee" and insisted the project complies with US law. Novatek responded that it had signed a memorandum with Polar Train in April, while Riddle was still leading the firm. The Russian group said it agreed 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. These discussions explored deals that might help end Russia’s war against Ukraine. One proposal included a swap where Novatek would provide expertise for the Alaska terminal in exchange for lifting sanctions on Russia’s Arctic LNG 2 project.

The dispute has roots stretching back to February 2026. At that time, reports indicated that Gentry Beach, a university friend of Donald Trump Jr., had announced an agreement with Novatek. On 9 October, news outlets reported that Russia was seeking sanctions relief as part of negotiations for an "energy ceasefire" with Ukraine.