Russia secretly financed Alaska gas project

Almost the entire management team of the US$25 billion US gas project Polar Train LNG has left the company following allegations of undisclosed financing and control by Russia's Novatek.

Source: Financial Times

Details: The Financial Times reported that the company's former chief executive, Joel Riddle, raised concerns about potential violations of US sanctions.

Polar Train LNG is developing a gas export terminal in northern Alaska. The project was launched in March with a plan to use a partially constructed Novatek terminal and relocate it to Alaska. The company applied to the US Treasury Department for permission to negotiate with the Russian group but has yet to receive approval.

Riddle said he discovered that Novatek was already financing the project and directing its operations before the necessary approvals had been obtained. He resigned in September, after which chief financial officer Dan Chandra and other executives also left the company.

"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," said Riddle.

He initially believed that the funding was being provided by Gentry Beach, an investor with ties to Donald Trump's family, and Abu Dhabi-based company Tech Wave. Riddle said he later discovered that Beach had not invested in the project and was neither a shareholder nor an executive.

The FT also reviewed WhatsApp messages in which Novatek board member Denis Solovyov discussed financing the project and sought to expedite the transfer of funds to Polar Train LNG.

Polar LNG said Riddle had been dismissed, described him as a "disgruntled employee" and stressed that it was developing the project in compliance with US law.

Novatek said it had agreed to grant Tech Wave the right to use its technology in Alaska and had signed a memorandum with Polar Train in April, when Riddle was still running the company.

According to people who spoke to the FT, the project had featured in talks between Washington and Moscow over business deals that could help bring an end to Russia's war against Ukraine. The discussions included a potential exchange under which Novatek would provide its expertise for the construction of the Alaska terminal in return for sanctions being lifted on Russia's Arctic LNG 2 project.

Background:

• In February 2026, Ekonomichna Pravda reported, citing The New York Times, that Gentry Beach, a university friend of Donald Trump Jr, had announced an agreement with Novatek on a gas project in Alaska.
• On 9 October, it was reported that Russia was demanding sanctions relief as part of negotiations over a possible "energy ceasefire" with Ukraine.

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