Alaskan LNG Project Management Departs Following Reports of Russian Control

A quarter of a trillion dollars is at stake in a major energy initiative in the northern United States, yet the project currently lacks any senior leadership. The entire management team of Polar Train LNG has stepped down. This departure comes amid serious allegations that Russia’s Novatek secretly provided the funding and operational control for the venture.

The project, valued at 25 billion US dollars, aims to build an export terminal in Alaska. It launched this past March with a plan to relocate a partially completed facility from Novatek. The company sought permission from the US Treasury Department to negotiate with the Russian group. However, that approval has not yet been granted. Former chief executive Joel Riddle told the Financial Times that he raised concerns about potential violations of US sanctions.

Riddle stated that he discovered Novatek was already financing the venture and directing its strategic direction before the necessary approvals were in place. He resigned in September, and chief financial officer Dan Chandra followed suit, with other executives leaving shortly after. Riddle expressed discomfort with the situation in a statement, saying, "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."

Initially, Riddle understood that the capital was coming from Gentry Beach, an investor with ties to the Trump family, and Tech Wave, a firm based in Abu Dhabi. He later learned that Beach had not invested in the project and held no shares or executive position. The Financial Times reviewed WhatsApp messages showing Denis Solovyov, a Novatek board member, discussing the financing and pushing for quicker fund transfers to the Alaskan entity.

Polar LNG has rejected the claims, stating that Riddle was dismissed and labeling him a "disgruntled employee." The company insists the project is being developed in accordance with US law. Novatek said it agreed to let Tech Wave use its technology in Alaska and signed a memorandum with Polar Train in April, while Riddle was still in charge. Sources indicate the project has been discussed in talks between Washington and Moscow as part of potential business deals to end the war in Ukraine. These discussions reportedly included a swap where Novatek would offer expertise for the Alaska terminal in exchange for lifting sanctions on Russia’s Arctic LNG 2 project.

The situation builds on earlier reporting from February 2026, which cited The New York Times in noting that Gentry Beach had announced an agreement with Novatek. On October 9, reports indicated that Russia was seeking sanctions relief as part of negotiations for an energy ceasefire with Ukraine. The current exodus of executives highlights the complex financial and political dynamics surrounding the project.