Alaska Gas Venture Loses Leadership As Russian Money Questions Resurface

The top leadership of a massive energy deal in northern Alaska has effectively vanished.

Nearly the entire management team of Polar Train LNG, a venture valued at $25 billion, has stepped down. This departure comes amid serious allegations that Russia’s Novatek company secretly financed and controlled the project. A recent report by the Financial Times revealed these claims, which have shaken confidence in the development.

Joel Riddle, the former chief executive, told the newspaper that he raised concerns about potential violations of US sanctions. The company, which launched in March, plans to build an export terminal in Alaska. The core idea was to take a partially built Novatek facility and relocate it to the US north. Although the firm requested permission from the US Treasury Department to negotiate with the Russian group, that approval had not yet been granted.

Riddle stated that he discovered Novatek was already funding the venture and guiding its strategy before the necessary approvals were in place. He resigned in September, and chief financial officer Dan Chandra followed suit. Other executives also left the company shortly after. Riddle explained his decision by saying he felt uncomfortable that the Russian company was financing and ultimately controlling the strategic direction of the firm.

Initially, Riddle believed the money came from Gentry Beach, an investor with ties to Donald Trump’s family, and Tech Wave, an Abu Dhabi based company. He later learned that Beach had not actually invested in the project and held no status as a shareholder or executive. The Financial Times also reviewed WhatsApp messages where Novatek board member Denis Solovyov discussed financing the project. In those messages, Solovyov pushed for a faster transfer of funds to Polar Train LNG.

Polar LNG pushed back against the allegations. The company said Riddle had been dismissed and labeled him a disgruntled employee. It insisted the project was being developed in line with US law. Novatek stated it agreed to let Tech Wave use its technology in Alaska. The companies signed a memorandum in April, while Riddle was still leading the firm.

Sources who spoke to the newspaper indicated the project came up in talks between Washington and Moscow. These discussions focused on business deals that might help end Russia’s war against Ukraine. The reports included a possible swap where Novatek would offer its expertise for building the Alaska terminal. In return, sanctions on Russia’s Arctic LNG 2 project would be lifted. This story builds on earlier reports from February 2026. At that time, it was announced that Gentry Beach had agreed to a gas project in Alaska with Novatek. More recently, on October 9, reports suggested Russia was seeking sanctions relief as part of negotiations over a possible energy ceasefire with Ukraine.