Alaska LNG Project Sheds Executives Amid Russian Funding Probe

A $25 billion liquefied natural gas export project planned for northern Alaska is now without almost all of its top leadership after a former executive alleged that Russian energy firm Novatek was funding and controlling the venture without required US government authorization. Polar Train LNG, the company developing an export terminal in the Alaskan north, confirmed that its former chief executive, Joel Riddle, had been dismissed, and the firm declined to comment further on the matter.

Riddle told the Financial Times that he raised concerns about possible breaches of US sanctions before resigning in September. He said he later learned that Novatek was already providing the money and directing the strategic direction of the company before any approvals had been granted. He added that he had originally understood that funding came from Gentry Beach, an investor with ties to Donald Trump's family, and from Tech Wave, a company based in Abu Dhabi. Riddle said he later learned that Beach had not invested in the project and was neither a shareholder nor an executive.

The project, which was launched in March, envisions taking a partially built Novatek terminal and relocating it to Alaska. The company had asked the US Treasury Department for permission to negotiate with the Russian group, but approval has not yet been granted. Following Riddle's resignation, chief financial officer Dan Chandra and other executives left afterward. The Financial Times also reviewed WhatsApp messages in which Novatek board member Denis Solovyov discussed financing the project and pressed for a faster transfer of funds to Polar Train LNG.

Polar LNG rejected the allegations, calling Riddle a "disgruntled employee" and insisting the project was being developed in line with US law. Novatek said it had agreed to let Tech Wave use its technology in Alaska and had signed a memorandum with Polar Train in April, when Riddle was still leading 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," Riddle said.

People who spoke to the newspaper said the project had come up in talks between Washington and Moscow on business deals that might help end Russia's war against Ukraine. The discussions reportedly included a possible swap in which Novatek would offer its expertise for building the Alaska terminal, and in return sanctions on Russia's Arctic LNG 2 project would be lifted.

The story has a longer backstory. In February 2026, Ekonomichna Pravda, citing The New York Times, reported 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, reports said Russia was seeking sanctions relief as part of negotiations over a possible "energy ceasefire" with Ukraine.

The departure of Riddle and other executives marks a significant setback for the project, which has been at the center of allegations regarding potential breaches of US sanctions. The company's future direction and funding sources remain uncertain as the investigation into the allegations continues.