Alaska LNG: Executive Exoduses Amid Russia Funding Claims

The management team of Polar Train LNG has largely departed its position in the $25 billion Alaskan gas export project. The exodus occurred amid claims that Russia’s Novatek secretly financed and controlled the venture. A Financial Times report detailed the allegations and the subsequent departures.

Former chief executive Joel Riddle told the newspaper he raised concerns about potential breaches of US sanctions. The project, launched in March, plans to relocate a partially built Novatek terminal to the Alaskan north. Riddle stated that Novatek was funding the venture and directing operations before the US Treasury Department granted permission to negotiate. He resigned in September, followed by chief financial officer Dan Chandra and other executives.

Riddle described his discomfort with the Russian company’s role in a direct quote. "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. He initially believed funding came from Gentry Beach, an investor with ties to the Trump family, and Tech Wave, an Abu Dhabi-based firm. Riddle later learned that Beach was not a shareholder or executive and had not invested in the project.

The Financial Times reviewed WhatsApp messages from Novatek board member Denis Solovyov. The messages showed him discussing project financing and pressing for a faster transfer of funds to Polar Train LNG. These communications suggest internal discussions about money flow occurred during the project's early stages.

Polar LNG rejected the allegations, stating that Riddle had been dismissed rather than resigning. The company labeled him a "disgruntled employee" and insisted the project follows US law. Novatek responded that it agreed to let Tech Wave use its technology in Alaska. The company noted it signed a memorandum with Polar Train in April while Riddle was still in charge.

Sources told the newspaper that the project featured in Washington and Moscow talks on business deals to end the war in Ukraine. Discussions reportedly included a swap where Novatek would provide expertise for the Alaska terminal in exchange for lifting sanctions on Russia's Arctic LNG 2 project. In February 2026, media reports cited an agreement between Gentry Beach and Novatek. On October 9, reports indicated Russia sought sanctions relief as part of an energy ceasefire negotiation with Ukraine.