Alaska LNG: Leadership Departs Over Russian Control

Joel Riddle, the former chief executive of Polar Train LNG, resigned from his post in September, triggering a wave of departures among the top management of the US$25 billion gas export project in northern Alaska. The exodus follows claims that the Russian energy company Novatek secretly financed and directed the venture before receiving official permission from the United States Treasury Department.

Polar Train LNG was established in March with the goal of relocating a partially constructed Novatek terminal to Alaskan soil. Riddle told the Financial Times that he initially believed the project was funded by Gentry Beach, an investor linked to the Trump family, and Tech Wave, an Abu Dhabi based firm. He later determined that Beach held no shares and served no executive role, leading him to conclude that Novatek was the true financial backer.

Riddle stated that he raised concerns regarding potential violations of US sanctions after discovering Novatek was already funding operations. He added that the Russian group was directing the strategic direction of the company before the Treasury approved the necessary negotiations. Following Riddle's departure, Chief Financial Officer Dan Chandra and other senior leaders also left the firm.

"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.

Financial Times reviewers examined WhatsApp messages showing Denis Solovyov, a Novatek board member, discussing the financing structure and urging a faster transfer of money to Polar Train LNG. The company rejected these findings, characterizing Riddle as a disgruntled employee who was dismissed rather than voluntarily resigned. Polar Train insisted the development complies with US law. Novatek countered that it signed a memorandum of understanding with Polar Train in April, while Riddle was still in charge, granting Tech Wave the right to use its technology.

Sources close to the matter indicated that the Alaska project emerged from business discussions between Washington and Moscow aimed at easing the impact of Russia's war against Ukraine. These talks reportedly included a potential swap where Novatek would provide expertise for the terminal in exchange for lifting sanctions on Russia's Arctic LNG 2 project.

The dispute follows earlier reports from February 2026 indicating Gentry Beach had announced an agreement with Novatek. On October 9, media reports stated that Russia was seeking sanctions relief as part of negotiations for an energy ceasefire with Ukraine.