Alaska LNG Executives Resign Over Russian Funding Concerns as US$25 Billion Project Stalls

Polar Train LNG, the US$25 billion gas export project planned for northern Alaska, lost most of its leadership team after its chief executive raised alarms about Russian funding. Former chief executive Joel Riddle resigned in September after finding that Russia's Novatek was financing and directing the company's operations without required US Treasury approval, according to a report by the Financial Times. Chief financial officer Dan Chandra and other executives left in the months that followed.

Riddle said he had originally understood the money came from Gentry Beach, an investor with ties to Donald Trump's family, and Tech Wave, an Abu Dhabi-based company. He later learned that Beach had not invested in the project and held no shares or executive role. "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 company sought permission from the US Treasury Department to negotiate with Novatek, but approval has not been granted. Polar Train LNG is developing an export terminal in the Alaskan north. The project, launched in March, involves relocating a partially built Novatek terminal to Alaska. Novatek board member Denis Solovyov discussed financing the project in WhatsApp messages reviewed by the Financial Times and pressed for a faster transfer of funds to Polar Train LNG.

Polar LNG rejected the allegations. The company said Riddle had been dismissed, called him a "disgruntled employee," and stated that the project is being developed in line 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, when Riddle was still leading the company.

People familiar with the matter told the Financial Times the project came up in Washington-Moscow talks about business deals that might help end Russia's war against Ukraine. Those discussions included a possible swap in which Novatek would provide expertise for building the Alaska terminal in exchange for lifting sanctions on its Arctic LNG 2 project. In February 2026, Ekonomichna Pravda, citing The New York Times, reported that Gentry Beach, a university friend of Donald Trump Jr, announced an agreement with Novatek on an Alaska gas project. On 9 October, reports said Russia was seeking sanctions relief as part of negotiations over a possible energy ceasefire with Ukraine.

The project's launch in March followed reports of a US$25 billion valuation for the planned export terminal. Riddle's departure in September preceded the exits of Chandra and other executives.

The US Treasury Department has not granted approval for Polar Train LNG to negotiate with Novatek.