Executives at the US company Polar Train LNG, which is developing a gas terminal project in Alaska worth $25 billion, have stepped down following allegations of covert funding from Russia’s Novatek. Former Chief Executive Joel Riddle claims that the Russian company not only provided funds but also influenced the firm’s strategic decisions without the necessary authorisations from the US authorities. According to a report in the Financial Times on 24 October, the situation has raised concerns about a possible breach of US sanctions. Polar LNG denies the allegations and insists that its activities are lawful.
- The management of Polar Train LNG has left the company amid allegations of covert influence by the Russian firm «Novatek».
- The project, worth $25 billion, involves the construction of a liquefied natural gas terminal in Alaska.
- Former Chief Executive Joel Riddle claimed that the project had been funded by a Russian company without the necessary US authorisations.
- According to the FT, the US and Russia have been discussing possible cooperation in exchange for an easing of sanctions against Arctic LNG 2.
- Polar LNG denies any wrongdoing, whilst Novatek rejects any link between its involvement and the lifting of sanctions.
Why did the management of Polar Train LNG leave the company?
Former Chief Executive of Polar Train LNG Joel Riddle, who previously worked as an engineer at ExxonMobil, said he resigned in September 2026 due to concerns about Russian influence on the US gas project.
According to him, he initially believed that the funding was being provided by an American investor Gentry Beach, linked to the President’s family Donald Trump, and Tech Wave.
However, Riddle subsequently came to the conclusion that the actual source of the funds was the Russian «Novatek», which also sets out the strategic directions for the company’s development.
Following Riddle’s departure, other senior executives also left the company, including the finance director Dan Chandra, Executive Vice-President Jim Smith and project manager Jodie Tranthem.
The Financial Times has seen WhatsApp messages in which one of Novatek’s executives« Denis Solovyov discussed the funding for Polar Train LNG and speeding up the transfer of funds.
At the same time, the company refutes the former chief executive’s account. Polar LNG stated that Riddle was dismissed from his post due to his actions, and that all the company’s operations comply with US legislation.
How is «Novatek» linked to the gas terminal in Alaska?
Polar Train LNG was established in March 2026 to carry out a project to export liquefied natural gas from the North Slope of Alaska.
The estimated cost of the project is $25 billion. The company is considering the possibility of using a partially constructed Russian liquefied natural gas production platform, which it plans to adapt for use at the US field.
To this end, Polar LNG has submitted an application to the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury seeking authorisation to purchase the relevant structure from Novatek.
However, according to Riddle, the Russian company began funding the project and influencing its operations even before the necessary US authorisation had been granted.
Polar LNG states that the funding was provided by Tech Wave and that the company complies with sanctions requirements.
The US and Russia discussed a possible easing of sanctions
According to sources speaking to the Financial Times, the gas project in Alaska was also discussed during talks between representatives from Washington and Moscow.
One option under discussion was for Novatek to provide technology and assist in the construction of an American gas terminal, in return for which the US might ease sanctions against the Russian Arctic LNG 2 project.
This is one of Russia’s largest liquefied natural gas production projects, located on the Gydan Peninsula in Siberia.
The US imposed sanctions on the operator of Arctic LNG 2 in 2023 following Russia’s full-scale invasion of Ukraine. Novatek itself has been subject to separate US financial restrictions since 2014.
Representatives of Novatek confirmed that agreements had been reached regarding the use of Russian technology, but denied that the company’s participation in the US project depended on the lifting of sanctions against Arctic LNG 2.
No official decision has been announced by Washington regarding such an exchange.
What is known about the investor linked to the Trump family
In the early stages, the project was linked to the American investor Gentry Beach, who has ties to Donald Trump’s family.
According to Riddle, he initially regarded Beach as one of the key sources of funding. However, he later discovered that Beach had not invested any money in the business.
The Financial Times contacted the investor for comment but received no reply.
The involvement of Bjørn Gundersen, who had previously worked at Novatek, raised further questions. Legal advisers had warned Riddle of the sanctions risks associated with any potential transactions in which he was involved.
How Polar LNG responded to the allegations
On 23 October, Polar LNG officially announced the appointment of Tim Tokington as acting chief executive of Polar Train LNG.
He previously headed Goldman Sachs Bank Russia, and is now also president of the holding company Polar Eagle LNG.
In a statement, the company said it was continuing to develop the US gas project and to seek investors. Deliveries of liquefied natural gas are scheduled to begin by the end of 2030, subject to the necessary permits and funding being secured.
The US Treasury Department declined to comment on specific allegations of possible sanctions breaches, but emphasised that it takes such cases seriously.
As of 24 October, it has not been independently established whether Novatek provided covert funding to Polar Train LNG or whether any such transactions breached US sanctions. The allegations made by the former executive remain the subject of public debate.
