Online claims about Russia’s Novatek and a planned Alaska gas export venture have moved well past the reporting they cite. In this Novatek Alaska fact check, done as of Oct. 26, we tested nine of the most repeated claims against what the Financial Times (FT) and The New York Times (NYT) published on Oct. 23 and 24. The short version: the core story is a former chief executive’s allegation, partly documented by text messages the NYT says it reviewed, and several popular claims go beyond anything either paper reported.
Where it stands: As of Oct. 26, Business Standard, summarizing the FT, wrote that “No US authority has publicly established that the alleged financing constituted a sanctions violation.” No charge, penalty or lawsuit over the venture had been reported.
Every party named has pushed back. Polar LNG called former CEO Joel Riddle a “disgruntled former employee” who was fired for cause and told the FT that “Development activities are being pursued in full compliance with applicable US laws.” Novatek, according to the Newsmax account of the FT story, denied that its participation depended on sanctions relief and called the Alaska plan an independent project. Tech Wave, the Abu Dhabi parent, said the Russian firm owns none of it. According to the FT, a White House official said the idea had “only been broadly and briefly mentioned” with “no granular discussions,” and a spokesman for Donald Trump Jr. told the NYT that he and investor Gentry Beach are no longer close.
What the two newspapers actually reported
The baseline matters, because most viral claims distort one piece of it. Riddle told the FT he quit in September because “I felt uncomfortable that the Russian company Novatek was financing and ultimately controlling the strategic direction of the company.” The FT reported that the venture’s finance chief, an executive vice president and an executions manager left after him.
The NYT added a document trail. Raw Story’s summary says the Times reviewed texts in which Novatek deputy chairman Denis Solovyov and CEO Leonid Mikhelson talked about moving up to $15 million into Tech Wave. Novatek told the Times it wants “minority shareholder” status in the venture. Those are the reported facts. Everything below is measured against them. For the full account, see our news report on the Polar Train LNG allegations.
Novatek Alaska fact check: nine claims at a glance
| Claim circulating online | Verdict | Basis |
|---|---|---|
| The Trump family made the deal | Not supported by the reporting | No source names a Trump family member as a party |
| $25 billion flowed to Trump proxies | Not supported by the reporting | $25 billion is the FT’s project cost estimate |
| Witkoff and Kushner knew about the Russian money | Not supported by the reporting | NYT: no indication they knew |
| The episode is treason | Not supported by the reporting | No charge; narrow constitutional definition |
| The Graham Act waiver was issued to clear this deal | Not supported by the reporting | White House cited peace talks |
| Russia secretly financed the project | Partly accurate | Riddle’s allegation plus texts; all parties deny control |
| Novatek is a sanctioned company | Partly accurate | Debt limits since 2014; Arctic LNG 2 operator is blocked |
| Putin raised the plan with Trump’s envoys | Accurate as reported | NYT, citing people familiar with the talks |
| Top executives walked out | Accurate as reported | FT named four departures |
Claim: the Trump family made the deal
This claim merges two different men and two different projects. Gentry Beach, whom Reuters described in February as a college friend of Trump Jr., said then that he had signed a Novatek agreement for Alaska gas; Reuters noted he called the effort early-stage and would not share financial details. In March he told the Anchorage Daily News that he has “social relationships with the Trump family, but does not do business with them.”
Polar LNG is a separate company. Riddle told the FT he first believed Beach was an investor, then concluded Beach “had not invested in the company and was neither a shareholder nor a director,” in Business Standard’s wording. Novatek told the NYT that Beach was not involved in its discussions about taking a Polar LNG stake. None of the reports reviewed says the president, Trump Jr. or any other relative holds a stake in Polar LNG or signed anything with Novatek. Our profile of Gentry Beach covers his record in detail.
Claim: $25 billion went to Trump proxies
A widely shared summary said the NYT reported a $25 billion Russian investment routed to people around Trump. The NYT reporting we reviewed says nothing of the kind. The $25 billion figure is the FT’s estimate of what the whole export terminal would cost. Reuters, interviewing Riddle in March, gave a lower number for the first phase alone: “$8 billion to $9 billion in investments.” The money actually described in the NYT texts was up to $15 million, discussed as funding for Tech Wave, the Abu Dhabi parent, not for any American political figure.
Claim: Witkoff and Kushner knew
Two things are true at once here. The NYT reported, citing people familiar with the negotiations, that Vladimir Putin discussed the plan with envoys Steve Witkoff and Jared Kushner during their September Kremlin visit. The same paper found no indication that either envoy was aware of the company’s Novatek connection. Posts saying the envoys were aware of Russian funding invert what the Times wrote. The White House official quoted by the FT also described the subject as only broadly raised. More on those meetings is in our piece on what Witkoff and Kushner discussed with Putin.
Claim: this is treason
Treason has a precise legal meaning. The Constitution says it “shall consist only in levying War against them, or in adhering to their Enemies, giving them Aid and Comfort,” and requires two witnesses to the same overt act or a confession in open court. No prosecutor has brought any charge in this matter, and no reporting reviewed alleges conduct by any U.S. official that a court has tested against that standard.
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What Riddle actually alleged is narrower: that taking Novatek money before Treasury approval is improper. He told the NYT, “It’s not only unlawful, but it’s not in the U.S. interest.” That is his view, which Polar LNG disputes. Treasury told the FT it does not comment on alleged violations but takes them “extremely seriously.”
Claim: the waiver was issued to clear the deal
The timing invites the link, but the reporting does not make it. Trump waived the Graham Act’s Russia provisions a week before the FT and NYT stories ran. His spokesperson said “Enforcing the sanctions provisions now would impede ongoing U.S. efforts to negotiate a durable and comprehensive peace agreement between Ukraine and Russia.” The Daily Beast, citing the NYT, notes that the waived law names Novatek, so the waiver touches the company. Separately, people familiar with the talks told the FT that one proposal paired Novatek help in Alaska with relief for its Arctic LNG 2 project. No outlet reported that the waiver was signed to benefit Polar LNG. Our explainer on the Graham Act waiver lays out what it covered.
Where the viral posts are closer to the record
Claims that Russia financed the venture rate as partly accurate, with a caveat that matters: the financing is Riddle’s allegation, and the texts the NYT reviewed show money being discussed, not a confirmed transfer; Polar LNG, Novatek and Tech Wave all reject the idea of hidden Russian control. Calling Novatek “sanctioned” is also partly right: Treasury barred U.S. persons in July 2014 from dealing in its new debt of longer than 90 days maturity, but the company was not fully blocked, while the operator of its Arctic LNG 2 project faces blocking sanctions, per Business Standard. The executive departures are accurate as reported: the FT counted four exits, Riddle plus CFO Dan Chandra, EVP Jim Smith and Jody Trantham, the executions manager.
Frequently Asked Questions
Did the Trump family make a gas deal with Novatek?
Not according to the reporting reviewed. Gentry Beach, a college friend of Donald Trump Jr., said in February he signed a Novatek agreement for his own Alaska plan. No source says a Trump family member is a party to Polar LNG or holds a stake in it.
Did $25 billion go to Trump allies?
No report says so. The $25 billion figure is the Financial Times estimate of the total project cost. The money described in text messages the New York Times reviewed was up to $15 million discussed for Tech Wave, the Abu Dhabi parent of Polar LNG.
Did Witkoff and Kushner know Novatek was funding Polar LNG?
The New York Times reported there is no indication they knew of Polar LNG ties to Novatek, even though Putin discussed the broader plan with them in September.
Has anyone been charged over Polar LNG?
As of October 26, no charge, penalty or lawsuit had been reported. Treasury said it does not comment on alleged sanctions violations but takes potential violations seriously. The company maintains it follows U.S. law.
Is Novatek a sanctioned company?
In part. Since 2014 Treasury has restricted U.S. dealings in new Novatek debt, and the operator of its Arctic LNG 2 project is under blocking sanctions. Not every transaction with Novatek is automatically prohibited.
Sources
- Former CEO: Russian Firm Backed Alaska Gas Venture — Newsmax via Yahoo News, October 24, 2026
- Whistleblower CEO quits over hidden Russian cash behind gas deal in Trump peace talks: NYT — Raw Story (summarizing The New York Times), October 24, 2026
- Top executives quit $25 bn US gas project over alleged Russian control — Business Standard (citing the Financial Times), October 25, 2026
- Alaska’s Polar LNG looking to buy discounted equipment from sanctioned Russian firm — Baird Maritime (Reuters), March 31, 2026
- Trump ally ties up with Russia’s Novatek on natural gas in Alaska, NYT reports — Reuters via Internazionale, February 20, 2026
- Texas investor with Trump family ties pursues project to tap North Slope gas — Anchorage Daily News, March 3, 2026
- Secret Russian Funding Revealed in Trump-Putin Energy Scheme — The Daily Beast via Yahoo News (citing The New York Times), October 24, 2026
- Trump signs order waiving Graham Act sanctions on Russia, drawing backlash from some lawmakers and Zelenskyy — ABC News, October 17, 2026
- Announcement of Treasury Sanctions on Entities Within the Financial Services and Energy Sectors of Russia — U.S. Department of the Treasury, July 16, 2014
- The Constitution of the United States: A Transcription — National Archives, accessed October 26, 2026
This article is news reporting and analysis based on the public sources listed above, as they stood on the dates shown. Where officials, lawmakers or analysts disagree, including on whether an action is lawful, their positions are attributed to them; Donald Trump Class Action is not a court and nothing here is legal advice. Facts in a developing story can change.