Alaska Energy: Management Exits Amid Russia Funding Dispute

The senior leadership team of Polar Train LNG, a proposed gas export facility in northern Alaska valued at $25 billion, has largely vacated its positions. This exodus follows a report by the Financial Times alleging that Russia’s Novatek secretly financed and directed the project’s operations before receiving necessary US permissions.

The project, launched in March, involves relocating a partially constructed Novatek terminal to the Alaskan north. The company applied to the US Treasury Department for authorization to negotiate with the Russian group, but that approval has not yet been granted. Despite the pending status, the former chief executive officer, Joel Riddle, stated that he discovered Novatek was already providing funds and steering the company’s strategic direction.

Riddle resigned in September, triggering a wave of departures that included chief financial officer Dan Chandra and other key executives. In an interview with the Financial Times, Riddle explained his decision by saying he felt uncomfortable that the Russian company was financing and ultimately controlling the strategic direction of the company. He noted that he had previously believed the funding came from Gentry Beach, an investor with ties to the Trump family, and Tech Wave, an Abu Dhabi based firm.

Riddle added that he later learned Gentry Beach had not invested in the project and held neither shareholder status nor an executive role. The Financial Times also cited WhatsApp messages between Novatek board member Denis Solovyov and others, in which Solovyov discussed financing and urged a faster transfer of funds to Polar Train LNG. The company rejected the allegations, stating that Riddle had been dismissed and describing him as a disgruntled employee.

Polar Train LNG maintained that the project is being developed in compliance with US law. Novatek countered that it agreed to allow Tech Wave to use its technology in Alaska and signed a memorandum with Polar Train in April, while Riddle was still leading the company. The dispute has raised questions about the transparency of the funding sources and the adherence to US sanctions regulations during the project’s early stages.

Sources familiar with the matter indicated that the project has featured in discussions between Washington and Moscow regarding business deals that could help end Russia’s war against Ukraine. These talks reportedly included a potential swap where Novatek would provide expertise for the Alaska terminal in exchange for the lifting of sanctions on Russia’s Arctic LNG 2 project. The timing of these negotiations adds a layer of geopolitical complexity to the corporate dispute.

The situation builds on earlier reporting from February 2026, when Ekonomichna Pravda, citing The New York Times, noted that Gentry Beach, a university friend of Donald Trump Jr, had announced an agreement with Novatek on the Alaskan gas project. More recently, on October 9, reports emerged that Russia was seeking sanctions relief as part of negotiations over a possible energy ceasefire with Ukraine. These developments suggest that the internal conflict at Polar Train LNG is intertwined with broader diplomatic efforts.

The departure of the management team leaves the $25 billion project in a state of uncertainty. With the US Treasury Department’s approval still pending and the funding source disputed, the path forward for the Alaskan terminal remains unclear. The incident highlights the challenges of cross border energy partnerships, particularly when they involve entities from nations with significant geopolitical tensions.