Polar Train LNG management exits amid Novatek funding claims

Nearly the entire leadership team of Polar Train LNG has left the company. The exits follow allegations that Russia’s Novatek secretly financed and controlled the US$25 billion gas export project in northern Alaska, according to a Financial Times report.

Joel Riddle, the former chief executive, told the newspaper he raised concerns about potential breaches of US sanctions. Riddle stated he discovered that Novatek was funding the venture and directing its operations before required approvals were in place. He resigned in September. Chief financial officer Dan Chandra and other executives departed after Riddle left.

“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.

The project was launched in March. It envisions taking a partially built Novatek terminal and relocating it to Alaska. Riddle initially believed the funding came from Gentry Beach, an investor with ties to Donald Trump’s family, and Tech Wave, an Abu Dhabi based company. Riddle later learned that Beach had not invested in the project and held no share or executive role.

The Financial Times reviewed WhatsApp messages from Denis Solovyov, a Novatek board member. The messages show Solovyov discussing project financing and pressing for faster fund transfers to Polar Train LNG.

Polar LNG rejected the allegations. The company said Riddle was dismissed and labeled him a “disgruntled employee.” It insisted the project aligns with US law. Novatek stated it agreed to let Tech Wave use its technology in Alaska. The two firms signed a memorandum in April while Riddle was still leading the company.

Sources told the newspaper that the project arose during business talks between Washington and Moscow. These discussions aimed to find deals that might help end Russia’s war against Ukraine. Reports indicated a possible swap where Novatek would provide expertise for the Alaska terminal in exchange for lifting sanctions on Russia’s Arctic LNG 2 project.

The controversy builds on earlier reporting. In February 2026, Ekonomichna Pravda cited The New York Times in reporting that Gentry Beach, a university friend of Donald Trump Jr, announced an agreement with Novatek for the Alaska gas project. On October 9, reports indicated Russia was seeking sanctions relief as part of negotiations for a potential energy ceasefire with Ukraine.