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Several senior US executives left the proposed $25bn Polar Train LNG export project after former chief executive Joel Riddle said he discovered that Russia’s Novatek was financing the startup and influencing its strategy before required US approvals. Riddle says he resigned in September 2026; Polar LNG says he was a disgruntled employee terminated for cause. The company and Novatek deny that the project was operating unlawfully. Reporting reviewed for this story describes allegations, messages and legal warnings that raised sanctions concerns, but no public court ruling or federal enforcement action had established a violation by October 27, 2026.
What happened at the Polar Train LNG venture?
Riddle’s departure triggered a wider leadership crisis. Chief financial officer Dan Chandra, executive vice-president Jim Smith and execution manager Jody Trantham also left, according to Financial Times and Bloomberg reporting. Riddle told the Financial Times that he became uncomfortable with what he believed was Russian financing and strategic influence over a project intended to serve US energy and national-security interests.
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Riddle’s account conflicts with Polar LNG’s description of events. The company called him a disgruntled former employee, said he had been terminated for cause, and said it was investigating statements that could lead to litigation. Those competing accounts explain why the resignations are central to the story: the departures are established, but the precise circumstances and any legal consequences remain disputed.
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Did Novatek secretly fund or control the US Alaska project?
Riddle alleges that Gentry Beach and Abu Dhabi-based Tech Wave were presented as the venture’s financiers, then he learned that at least some of the money originated with Novatek. The Financial Times reported reviewing WhatsApp messages in which Novatek executive Denis Solovyov discussed financing and speeding up transfers. Alaska News, citing material from the New York Times, reported that messages contemplated up to $15 million in Tech Wave support, including an expected first transfer of $5 million.
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Alaska News also reported on Baker Botts legal memoranda warning of potential Russia-related sanctions concerns. The documents and messages are reported evidence, not a judicial finding that Novatek controlled Polar LNG or that any transfer broke US law.
Riddle told the Financial Times: 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.
He separately said the facility should be developed with US technology and US investors rather than a Russian company. Riddle said Beach was not a shareholder, officer or director, despite his role in helping connect people around the project.
How do Polar LNG and Novatek explain their roles?
Polar LNG says Tech Wave, not Novatek, supplied financing and that preliminary engineering had begun with US contractors. Its statement says development activities are being pursued in full compliance with applicable US laws.
Novatek acknowledges a business relationship but describes it differently from Riddle. The Russian company says it granted Tech Wave rights to use its technology in Alaska and signed an April memorandum of understanding with Polar Train. Novatek says the venture still requires approvals from both US and Russian authorities, that it was pursuing a minority shareholder position, and that access to its technology was not conditional on lifting sanctions on Arctic LNG 2.
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A minority stake would not by itself establish operational control, but the ownership percentage, governance rights and financing agreements have not been publicly resolved in the reporting available by October 27, 2026. That leaves the meaning of “control” as a contested factual and legal question rather than an established conclusion.
Is Polar Train LNG violating US sanctions?
No public ruling had established that it was. The reporting describes possible undisclosed Russian financing and technology involvement that prompted concern, while stopping short of proving a sanctions violation or showing that a civil or criminal case had been filed.
Novatek is subject to targeted US restrictions, and the Arctic LNG 2 project was fully blocked by US sanctions in November 2023. Polar LNG applied to the Treasury Department’s Office of Foreign Assets Control (OFAC) for permission to purchase an unfinished gravity-based structure from Novatek. Treasury declined to comment on the specific allegations but said potential violations are taken seriously.
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What exactly is Polar LNG building?
Polar Train LNG, also called Polar LNG, is a proposed nearshore liquefied-natural-gas export terminal on Alaska’s North Slope. The concept is to liquefy gas near the coast and load LNG onto tankers. It is not the separate state-partnered Alaska LNG pipeline project.
| Feature | Polar Train LNG / Polar LNG | Alaska LNG |
|---|---|---|
| Basic design | Nearshore liquefaction with tanker exports | State-partnered pipeline project |
| Reported developers | Polar LNG, with Tech Wave and a proposed Novatek technology and investment role | Glenfarne Group and the Alaska Gasline Development Corporation |
| Infrastructure scale | Proposed export terminal; full capacity and final configuration not stated | 807-mile pipeline, according to Alaska News |
| Capital figure reported at launch | First phase estimated at $8 billion-$9 billion | Not stated in the cited accounts |
| Target for first deliveries | End of 2030, subject to permits, financing and engineering | Not stated in the cited accounts |
| Sanctions issue in current reporting | Questions about Novatek financing, technology and a proposed equipment purchase | No equivalent Novatek link identified in the cited accounts |
How large is the venture and when could it ship gas?
Financial Times reporting put the proposed Polar Train LNG venture’s value at roughly $25 billion. When Polar LNG launched, Alaska News described an $8 billion-$9 billion first phase. The company has targeted first deliveries by the end of 2030, but that date depends on permitting, financing and engineering rather than a firm construction schedule.
The nearly 20 million tonnes of LNG per year figure often appearing in coverage belongs to Arctic LNG 2’s expected production before sanctions disrupted that project; it is not a published capacity figure for Polar Train LNG. Treating the two numbers as the same would confuse separate developments.
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People familiar with negotiations told the New York Times that President Vladimir Putin discussed the Alaska proposal with President Donald Trump’s peace envoys Steve Witkoff and Jared Kushner in September. Officials viewed possible energy deals as a way to improve Washington-Moscow relations and support efforts to end Russia’s war against Ukraine.
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The reporting said there was no indication that Witkoff or Kushner knew about the alleged Novatek financing ties. A US official characterized the proposal as a broad mention rather than a granular discussion of ownership, transfers or sanctions compliance. The diplomatic conversation therefore shows political interest in the concept, not approval of its financing structure.
What happens next for Polar LNG?
Several practical and legal questions must be answered before construction can advance:
- Regulatory approvals: Polar LNG must obtain the permits and authorizations required for a North Slope export terminal, while any Novatek-linked transactions may require OFAC review.
- Financing disclosure: Investors and regulators will need clarity on Tech Wave’s funding, the reported $5 million initial transfer, and whether Novatek supplied or directed any money.
- Ownership and governance: Novatek says it is seeking a minority stake; the final percentage, voting rights and board arrangements have not been stated publicly.
- Technology and equipment: The source and licensing terms for Novatek technology, plus the proposed purchase of the unfinished gravity-based structure, could determine whether additional sanctions permissions are necessary.
- Leadership and litigation: The departures of Riddle, Chandra, Smith and Trantham leave questions about project execution, while Polar LNG’s threat of possible litigation could produce further evidence or competing claims.
Until those questions are resolved, the most supportable description is a US LNG proposal facing a leadership rupture and sanctions scrutiny over alleged Russian financing and influence—not a project that has been publicly adjudicated as illegal.
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Who is Gentry Beach in the Polar LNG story?
Beach has been described as a college friend of Donald Trump Jr. and as a former finance vice-chair for Trump’s 2017 inauguration. Joel Riddle said Beach was not a Polar LNG shareholder, officer or director, despite being associated with the venture’s financing discussions.
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What is a gravity-based structure in this dispute?
It is an unfinished offshore foundation intended for major energy infrastructure. Polar LNG sought OFAC permission to buy one from Novatek, making the proposed equipment transaction a separate sanctions question from the project’s broader ownership debate.
Could Novatek hold a minority stake without controlling Polar LNG?
Yes. A minority shareholder can provide capital or technology without holding a majority of voting shares, but control can also depend on board seats, veto rights, contracts and financing conditions. None of those final governance terms had been publicly established in the cited reporting.
Why is the Alaska LNG pipeline often confused with Polar Train LNG?
Both proposals involve exporting Alaska gas, but their infrastructure is different. Polar Train LNG is a nearshore liquefaction-and-tanker concept, while Alaska LNG is the separate 807-mile pipeline project associated with Glenfarne Group and the Alaska Gasline Development Corporation.
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