Leadership Exits Polar Train LNG Amid Russia Funding Dispute

The senior management team of Polar Train LNG has departed the company following allegations that Russia’s Novatek secretly financed and directed the US$25 billion gas export venture. A report by the Financial Times detailed the exodus, which followed claims that the Russian energy giant breached United States sanctions while the project was still seeking official authorization.

Joel Riddle, the former chief executive, told the newspaper that he raised concerns about potential violations before his departure. The project, launched in March, involves relocating a partially built Novatek terminal to the Alaskan north. Polar Train LNG had applied to the US Treasury Department for permission to negotiate with the Russian group, but that approval remains pending. Riddle stated that Novatek was already funding the venture and directing its strategic operations before the necessary regulatory clearances were in place.

Riddle resigned in September, and Chief Financial Officer Dan Chandra followed suit, with other executives leaving shortly after. "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. He initially believed the capital came from Gentry Beach, an investor linked to the Trump family, and Tech Wave, a firm based in Abu Dhabi. Riddle later determined that Beach was neither a shareholder nor an executive and had not actually invested in the project.

The Financial Times reviewed WhatsApp messages between Novatek board member Denis Solovyov and project partners. The correspondence showed Solovyov discussing financing terms and pushing for a faster transfer of funds to Polar Train LNG. The company rejected these claims in a statement, asserting that Riddle had been dismissed rather than resigning. They described him as a "disgruntled employee" and maintained that the project development adhered to US law.

Novatek responded by saying it agreed to let Tech Wave use its technology in Alaska. The Russian group noted that it signed a memorandum with Polar Train in April, at a time when Riddle was still leading the company. According to sources who spoke to the newspaper, the project emerged from business discussions between Washington and Moscow. These talks explored deals that could help end Russia's war against Ukraine, including a potential swap where Novatek would provide expertise for the Alaska terminal in exchange for lifted sanctions on its Arctic LNG 2 project.

The controversy traces back to February 2026, when reports first mentioned an agreement between Gentry Beach and Novatek for an Alaskan gas project. By October 9, news outlets reported that Russia was seeking sanctions relief as part of negotiations for a possible energy ceasefire with Ukraine. The current leadership vacuum leaves the US$25 billion terminal plan in a state of uncertainty as the regulatory and diplomatic questions remain unresolved.