Alaska LNG Project Loses Leadership Team Over Russian Funding Dispute

A US$25 billion gas export project in northern Alaska lost nearly its entire management team this month amid allegations of hidden Russian financing. The departure follows a report by the Financial Times detailing internal conflicts over the role of Novatek, a major Russian energy company. The project, known as Polar Train LNG, aims to relocate a partially built Novatek terminal to Alaska to create an export hub.

Joel Riddle, the former chief executive, resigned in September after discovering that Novatek was funding and directing the venture before the US Treasury Department granted permission for such dealings. Riddle told the newspaper that he raised concerns about potential breaches of US sanctions. He stated that he resigned because he felt uncomfortable with a Russian company financing and controlling the strategic direction of the firm. Chief financial officer Dan Chandra and other executives left the company after Riddle's departure.

Riddle initially believed that investment was coming from Gentry Beach, an investor with ties to the Trump family, and Tech Wave, an Abu Dhabi-based firm. He later learned that Beach had not invested in the project and held no shares or executive positions. The Financial Times reviewed WhatsApp messages in which Denis Solovyov, a Novatek board member, discussed financing the project and urged a faster transfer of funds to Polar Train LNG.

Polar LNG rejected the allegations, stating that Riddle was dismissed and describing him as a disgruntled employee. The company insisted that the project is being developed in compliance 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 while Riddle was still in charge.

The project has become part of wider diplomatic discussions between Washington and Moscow. Sources told the newspaper that the venture was raised in talks regarding business deals that could help end Russia's war against Ukraine. Reportedly, the discussions included a possible swap where Novatek would provide expertise for building the Alaska terminal in exchange for lifting sanctions on Russia's Arctic LNG 2 project. In February 2026, reports indicated that Gentry Beach, a university friend of Donald Trump Jr., had announced an agreement with Novatek on the Alaska gas project. On 9 October, reports said Russia was seeking sanctions relief as part of negotiations over a possible energy ceasefire with Ukraine.