Polar Train LNG Leadership Exits Amidst Russian Financing Dispute

A wave of departures is shaking up one of the largest planned energy projects in the United States. The management team of Polar Train LNG has largely resigned following serious allegations about the project's financial backers. The company is developing a gas export terminal in northern Alaska with a total value of $25 billion. The sudden exodus highlights growing tensions over how the venture is being run and who is truly in control.

Joel Riddle, the former chief executive, spoke to the Financial Times about the situation. He stated that he raised concerns about potential violations of US sanctions. Riddle explained that he felt uncomfortable because Novatek, a Russian company, was financing the project and directing its strategic direction. He claimed this happened before the necessary approvals from US authorities were fully in place.

Riddle resigned in September, triggering a chain reaction among other top officials. Dan Chandra, the chief financial officer, also left his position. Other executives followed suit, leaving the company with a significant leadership gap. Riddle said he originally believed the funding came from Gentry Beach, an investor linked to the Trump family, and Tech Wave, a firm based in Abu Dhabi.

However, Riddle discovered that Gentry Beach had not actually invested in the project. The individual was neither a shareholder nor an executive at the company. This finding contradicted his earlier understanding of the capital structure. The Financial Times reviewed WhatsApp messages that support Riddle's claims. Denis Solovyov, a board member at Novatek, discussed financing details in these chats. He also urged for a faster transfer of funds to Polar Train LNG.

Polar Train LNG has pushed back against the narrative. The company stated that Riddle was dismissed rather than resigning. They described him as a disgruntled employee and insisted the project follows US law. Novatek responded by saying it had agreed to let Tech Wave use its technology in Alaska. The Russian firm noted it signed a memorandum with Polar Train in April, while Riddle was still leading the company.

The project was launched in March and involves relocating a partially built Novatek terminal to Alaska. The company sought permission from the US Treasury Department to negotiate with the Russian group. That approval has not yet been granted. Despite the lack of final clearance, the allegations suggest that financial and operational control was already exercised by Novatek.

Background reports indicate the project emerged from broader talks between Washington and Moscow. These discussions explored business deals that could help end Russia's war against Ukraine. One proposed idea involved swapping Novatek's expertise for building the Alaska terminal. In return, sanctions on Russia's Arctic LNG 2 project would be lifted. This context adds a geopolitical layer to the internal corporate conflict.

The story has roots in earlier reports from February 2026. Ekonomichna Pravda cited The New York Times in noting that Gentry Beach had announced an agreement with Novatek. He is a university friend of Donald Trump Jr. More recently, on October 9, reports indicated Russia was seeking sanctions relief. This was part of negotiations for a potential energy ceasefire with Ukraine.