Alaska Gas Project Leadership Departs Amid Russia Funding Dispute

The leadership of Polar Train LNG, a massive gas export initiative in northern Alaska, has effectively collapsed. Nearly the entire management team has stepped down. This exodus comes after serious allegations emerged that Russia's Novatek was secretly financing and directing the company. A recent report by the Financial Times detailed the internal conflicts that led to the departures.

The project is valued at US$25 billion. It involves developing an export terminal in the Alaskan north. The plan was to take a partially built terminal owned by Novatek and relocate it to the United States. The venture launched in March of this year. However, the company has not yet received final permission from the US Treasury Department to negotiate with the Russian group. This lack of approval is central to the current dispute.

Joel Riddle, the former chief executive, initiated the departure. He resigned in September after raising concerns about potential breaches of US sanctions. Riddle told the Financial Times that he found Novatek was already funding the venture and directing its operations. This activity occurred before the required regulatory approvals were secured. Following his exit, chief financial officer Dan Chandra and other senior executives also left their posts.

Riddle explained his decision by saying he felt uncomfortable with Novatek's role. He stated that the Russian company was financing the project and controlling its strategic direction. Initially, Riddle believed the funding came from Gentry Beach and Tech Wave, an Abu Dhabi based company. Gentry Beach has ties to the Trump family. Later, Riddle learned that Beach had not actually invested in the project. He was neither a shareholder nor an executive in the venture.

The Financial Times reviewed WhatsApp messages that add context to the dispute. In these chats, Novatek board member Denis Solovyov discussed financing the project. He also pushed for a faster transfer of funds to Polar Train LNG. These communications suggest a level of involvement that may have exceeded what was formally disclosed to regulators and the public.

Polar LNG has pushed back against the allegations. The company stated that Riddle was dismissed rather than having resigned. They described him as a disgruntled employee. The firm insisted that the project is being developed in full compliance with US law. Novatek also responded to the reports. The Russian group said it agreed to let Tech Wave use its technology in Alaska. They noted that a memorandum was signed with Polar Train in April, while Riddle was still in charge.

Sources close to the matter indicated that the project fits into broader diplomatic efforts. The initiative reportedly came up in talks between Washington and Moscow. These discussions focused on business deals that could help end Russia's war against Ukraine. Reports suggest a possible swap was under consideration. In this scenario, Novatek would offer expertise to build the Alaska terminal. In return, sanctions on Russia's Arctic LNG 2 project would be lifted.

The situation builds on earlier reporting from this year. In February 2026, media reports cited that Gentry Beach, a university friend of Donald Trump Jr, had announced an agreement with Novatek. More recently, on October 9, reports indicated that Russia was seeking sanctions relief. This move was part of negotiations regarding a possible energy ceasefire with Ukraine. The current leadership vacuum leaves the future of the Alaskan terminal in question.