Polar Train LNG Management Exits Over Russian Funding Dispute

A US$25 billion gas export project in northern Alaska has lost nearly its entire management team amid claims that Russia’s Novatek secretly financed and directed the venture. The departure of key executives follows a report by the Financial Times detailing internal conflicts over US sanctions compliance.

Joel Riddle, who served as chief executive, resigned in September. He stated that he found Novatek was already funding the project and guiding its operations before the company received permission from the US Treasury Department to negotiate with the Russian group. Riddle said, "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."

Following Riddle's exit, Chief Financial Officer Dan Chandra and other senior leaders left the firm. The project, launched in March, involves taking a partially built Novatek terminal and relocating it to Alaska. Riddle had initially believed that funding came from Gentry Beach, an investor with ties to the Trump family, and Tech Wave, an Abu Dhabi-based company. He later learned that Beach was neither a shareholder nor an executive and had not invested in the project.

The Financial Times reviewed WhatsApp messages showing Novatek board member Denis Solovyov discussing financing and urging a faster transfer of funds to Polar Train LNG. The company rejected the allegations, stating that Riddle had been dismissed and calling him a "disgruntled employee." Polar Train insisted the project is being developed in accordance with US law.

Novatek countered that it had signed a memorandum with Polar Train in April, while Riddle was still in charge. The Russian firm said it agreed to allow Tech Wave to use its technology in Alaska. People familiar with the discussions told the newspaper that the project emerged from talks between Washington and Moscow regarding business deals that could help end Russia's war against Ukraine. The negotiations reportedly included a potential swap where Novatek would provide expertise for the Alaska terminal in exchange for sanctions relief on Russia's Arctic LNG 2 project.

The dispute follows earlier reports in February 2026 that Gentry Beach, a university friend of Donald Trump Jr., had announced an agreement with Novatek on the Alaska gas project. On 9 October, reports indicated that Russia was seeking sanctions relief as part of negotiations over a possible energy ceasefire with Ukraine. The US Treasury Department has not yet granted the requested permission for Polar Train to negotiate with Novatek.