Novatek’s Hidden Role in Alaska Gas Project Triggers Executive Exodus

A US$25 billion gas export project planned for northern Alaska is currently operating without its core leadership team. Almost the entire management staff of Polar Train LNG has departed the company. This mass exodus follows serious allegations that Russia’s Novatek secretly financed and controlled the venture.

The core of the dispute centers on whether the project violated US sanctions rules. Joel Riddle, the former chief executive, stated that he raised concerns about possible breaches of these regulations. The company was launched in March with the goal of developing an export terminal in the Alaskan north. The plan involved taking a partially built Novatek terminal and relocating it to the United States. Although the company asked the US Treasury Department for permission to negotiate with the Russian group, that approval had not yet been granted at the time of the resignations.

Riddle claimed he discovered that Novatek was already funding the venture and directing its operations before the required approvals were in place. He resigned in September, leading to the subsequent departure of chief financial officer Dan Chandra and other key executives. Riddle explained that he felt uncomfortable because the Russian company was financing and ultimately controlling the strategic direction of the company.

The source of the funding was a point of significant confusion for Riddle. He originally understood that the money came from Gentry Beach, an investor with ties to Donald Trump’s family, and Tech Wave, a company based in Abu Dhabi. However, Riddle later learned that Beach had not actually invested in the project and was neither a shareholder nor an executive.

Supporting the allegations, the Financial Times reviewed WhatsApp messages in which Novatek board member Denis Solovyov discussed financing the project. In these messages, Solovyov pressed for a faster transfer of funds to Polar Train LNG. In response, Polar LNG rejected the claims. The company stated that Riddle had been dismissed rather than resigning and referred to him as a disgruntled employee. They insisted the project was being developed in line with US law.

Novatek maintained that it had agreed to let Tech Wave use its technology in Alaska. The company noted that it had signed a memorandum with Polar Train in April, which was before Riddle left his role. Sources who spoke to the newspaper indicated that the project came up in talks between Washington and Moscow. These discussions involved business deals that might help end Russia’s war against Ukraine, including a possible swap where Novatek offered its expertise in exchange for sanctions relief on its Arctic LNG 2 project.

The situation builds on earlier reports from February 2026. At that time, it was reported that Gentry Beach had announced an agreement with Novatek on a gas project in Alaska. More recently, on October 9, reports indicated that Russia was seeking sanctions relief as part of negotiations over a possible energy ceasefire with Ukraine.