Alaska Gas Project Heads Quit After Learning Russian Funder Had Control

The leadership of Polar Train LNG, a proposed US$25 billion gas export facility in northern Alaska, has largely vacated its positions. This exodus follows allegations that Russia’s Novatek secretly funded and directed the project before receiving formal approval from Washington.

Joel Riddle, the company’s former chief executive, told the Financial Times that he raised concerns about potential breaches of US sanctions. Riddle stated that he originally believed financing came from Gentry Beach, an investor linked to Donald Trump’s family, and Tech Wave, an Abu Dhabi-based firm. He later determined that Beach was not a shareholder and had not invested in the project.

Riddle resigned in September. Chief Financial Officer Dan Chandra and other senior executives departed after him. Riddle said he felt uncomfortable that Novatek was financing the venture and controlling its strategic direction prior to required approvals. "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.

Polar Train LNG developed a plan to take a partially built Novatek terminal and relocate it to Alaska. The project launched in March. The company asked the US Treasury Department for permission to negotiate with the Russian group, but approval has not yet been granted. WhatsApp messages reviewed by the Financial Times show Novatek board member Denis Solovyov discussing financing and pressing for faster fund transfers to Polar Train LNG.

Polar Train LNG rejected the allegations in a statement. The company said Riddle was dismissed rather than resigned and labeled him a disgruntled employee. It insisted the project is being developed in line with US law. Novatek responded that it agreed to let Tech Wave use its technology in Alaska and signed a memorandum with Polar Train in April, while Riddle was still leading the company.

People who spoke to the newspaper said the project emerged during talks between Washington and Moscow on business deals that might help end Russia’s war against Ukraine. Discussions reportedly included a potential swap in which Novatek would provide expertise for the Alaska terminal in exchange for lifting sanctions on Russia’s Arctic LNG 2 project. In February 2026, reports indicated Gentry Beach had announced an agreement with Novatek on the gas project. On October 9, reports said Russia was seeking sanctions relief as part of negotiations over a possible energy ceasefire with Ukraine.