Alaska Gas Deal: Top Leaders Depart Amid Russian Money Claims

The leadership of a major energy venture in the Alaskan north has changed hands entirely. Almost every member of the management team for Polar Train LNG has left the company. The project is valued at $25 billion. It aims to export gas from the region. The exodus comes after reports surfaced about the role of Russia’s Novatek in the deal.

The Financial Times reported that Novatek secretly financed and controlled the project. This finding raised serious questions for investors and regulators. The company’s former chief executive, Joel Riddle, stated that he saw possible breaches of US sanctions. He said he felt uncomfortable with the situation. This discomfort led to his departure and the resignations of his colleagues.

The project was launched in March 2026. The plan involves taking a partially built Novatek terminal. The company intended to relocate this structure to Alaska. Polar Train LNG asked the US Treasury Department for permission to negotiate with the Russian group. However, approval for those negotiations has not yet been granted. This delay left the project in a regulatory gray area.

Riddle said he discovered that Novatek was already funding the venture before approvals were in place. The Russian firm was directing operations during this period. Riddle resigned in September 2026. Chief Financial Officer Dan Chandra followed him out the door. Other executives also left the company shortly after.

Riddle provided a specific account of his resignation. He told the newspaper that he stepped down because of Novatek’s influence. He stated that the Russian company was financing the effort. He added that Novatek was ultimately controlling the strategic direction of the company. This level of control was a key point of contention for the former leadership.

The funding sources were initially unclear to Riddle. He believed the money came from Gentry Beach and Tech Wave. Gentry Beach is an investor with ties to the Trump family. Tech Wave is based in Abu Dhabi. Riddle later learned that Beach had not actually invested in the project. Beach was neither a shareholder nor an executive in the company.

The Financial Times also reviewed internal communications. WhatsApp messages showed Denis Solovyov, a Novatek board member, discussing the financing. Solovyov pressed for a faster transfer of funds to Polar Train LNG. These messages provide a direct look at the financial negotiations behind the scenes.

Polar LNG rejected the allegations made by the former chief executive. The company stated that Riddle had been dismissed rather than resigning. It called him a disgruntled employee. The company insisted that the project follows US law. Novatek said it agreed to let Tech Wave use its technology in Alaska. It also noted a memorandum signed with Polar Train in April when Riddle was still in charge.

Sources say the project came up in talks between Washington and Moscow. These discussions focused on business deals that might help end Russia’s war against Ukraine. Reports suggest a possible swap was discussed. Novatek would offer its expertise to build the Alaska terminal. In return, sanctions on Russia’s Arctic LNG 2 project could be lifted. This context adds a layer of geopolitical complexity to the corporate dispute.