Leonid Mikhelson, the founder and chief executive of Russian gas producer Novatek, was named by The New York Times on Oct. 23 as one of two Novatek executives who discussed sending money to the parent of an Alaska gas startup, Polar LNG. Since that report, the question of who actually owns and runs Novatek has become central to the story. This article sets out what official U.S. and UK records, and sourced reporting, say about Mikhelson, his fellow shareholders and the company.
Where it stands: As of Oct. 26, Novatek describes an April memorandum of understanding with Polar Train LNG and says it is pursuing a “minority shareholder” stake, while denying any hidden control. Business Standard, citing the FT, wrote that “No US authority has publicly established that the alleged financing constituted a sanctions violation.”
The companies dispute the core allegation. Polar LNG told the Financial Times that “Development activities are being pursued in full compliance with applicable US laws” and dismissed its ex-chief, Joel Riddle, as a “disgruntled former employee.” The Abu Dhabi holding company Tech Wave denies that Novatek owns any part of it. Novatek said any project of this size needs U.S. and Russian approvals and denied tying its participation to sanctions relief. The NYT said it saw no sign that Witkoff or Kushner, the president’s peace envoys, knew about Novatek’s role at the startup.
Leonid Mikhelson: founder, CEO and largest shareholder
Mikhelson built Novatek into what Treasury, in 2014, called “Russia’s largest independent natural gas producer.” The Anchorage Daily News describes it as Russia’s second-largest gas producer overall, and notes that it has “pioneered two LNG projects in the Siberian Arctic, known as Yamal LNG and Arctic 2 LNG.”
His role in the Alaska story comes from text messages. According to Raw Story’s account of the NYT report, the messages show Mikhelson and deputy chairman Denis Solovyov weighing a transfer of up to $15 million to Tech Wave. Solovyov wrote to Riddle in early September that “The first 5 million were supposed to arrive by today,” the Times reported. The FT separately reviewed WhatsApp messages from Solovyov, whom it described as a management board member. Neither paper reported any public comment from Mikhelson himself on the texts.
Who owns Novatek: the shareholder table
The most detailed breakdown found in a non-Russian outlet dates to March 2022, when LNG Prime reported the stakes below. Holdings may have changed since; we did not find a more recent figure in a readable Western source.
| Shareholder | Reported stake | Source |
|---|---|---|
| Leonid Mikhelson | About 28 percent | LNG Prime, March 2022 |
| Gennady Timchenko (via Volga Group) | About 23.5 percent | LNG Prime, March 2022 |
| TotalEnergies (France) | 19.4 percent | LNG Prime, March 2022 |
| Novatek’s stake in Polar LNG | None confirmed; seeks “minority shareholder” status | Novatek to the NYT, Oct. 2026 |
LNG Prime also reported that TotalEnergies holds 20 percent of Yamal LNG and 21.64 percent of Arctic LNG 2, and that the French company had said it would make no new investments in Russian projects. How Tech Wave itself is owned is covered in our article on Tech Wave and Polar LNG’s funding.
Gennady Timchenko and the 2014 Treasury designation
The second-largest holder, Gennady Timchenko, has been under U.S. sanctions since 2014. Treasury designated him in March 2014, after Russia moved into Crimea, under Executive Order 13661, which targets people acting for or supporting senior Russian officials. In the release, Treasury described him as a Gunvor co-founder and asserted that “Timchenko’s activities in the energy sector have been directly linked to Putin.” Treasury said assets of those named “that are within U.S. jurisdiction must be frozen.”
A follow-up release in April 2014 confirmed he “was designated on March 20, 2014 pursuant to E.O. 13661” and added his Volga Group, which Treasury said holds assets on his behalf, along with companies Volga owns. LNG Prime reported that the EU and UK also sanctioned Timchenko after the 2022 invasion, and that he left Novatek’s board in March 2022 while keeping his shares.
Is Leonid Mikhelson sanctioned?
In the UK, yes. In April 2022, the British government announced sanctions on a group of oligarchs that included “Leonid Mikhelson, the founder, and CEO of leading Russian natural gas producer Novatek.”
In the U.S., the record we could verify is different. The Treasury and State Department releases reviewed for this article designate Timchenko personally and impose restrictions on Novatek as a company; none of them designates Mikhelson. As of Oct. 26, we found no official U.S. record or news report in the coverage reviewed saying Mikhelson is on Treasury’s blocking list. We also could not confirm his EU status from an official EU record, so we do not characterize it here.
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What sanctions apply to Novatek the company
Novatek’s own U.S. sanctions are narrower than many posts suggest. In July 2014, Treasury barred U.S. persons from dealing in new Novatek debt with maturities of more than 90 days, and a later State Department release records that the company went onto OFAC’s sectoral list, under Directive 2, that September. That is a financing restriction, not a full freeze.
| Person or entity | Official action |
|---|---|
| Gennady Timchenko | U.S. designation, March 2014; EU and UK after 2022 |
| Volga Group | U.S. designation, April 2014 |
| Novatek (company) | U.S. debt restrictions, 2014 |
| Leonid Mikhelson | UK sanctions, April 2022 |
| LLC Arctic LNG 2 | U.S. State Department designation, November 2023 |
| Novatek subsidiaries | Named on a U.S. list, September 2023 (Barents Observer) |
The harsher measures hit its projects. In November 2023 the State Department designated the operator of Arctic LNG 2, which it called “a flagship LNG project of the major Russian natural gas company Novatek.” The Barents Observer reported that a U.S. list announced that September made Novatek “a key target,” naming several of its subsidiaries. For how those layers bear on an American buyer, see our Novatek sanctions guide.
What this means for the Polar LNG questions
The ownership picture explains why the NYT texts drew attention: they put the largest shareholder of a partly sanctioned company in a conversation about funding an American venture. It does not, on its own, establish any violation. In a statement quoted by the Anchorage Daily News in March, Novatek said “all the arrangements can only be implemented subject to support from the U.S. and Russian authorities.” Riddle’s allegation and every denial are covered in full in our Polar Train LNG news report.
Frequently Asked Questions
Who is Leonid Mikhelson?
Leonid Mikhelson is the founder and chief executive of Novatek, a Russian natural gas producer. LNG Prime reported in March 2022 that he held about 28 percent of the company, making him its largest shareholder.
Is Leonid Mikhelson under U.S. sanctions?
The UK sanctioned him in April 2022. The U.S. Treasury and State Department releases reviewed for this article do not designate him personally, and as of October 26 we found no official record or report saying he is on the U.S. blocking list.
Who owns Novatek?
As of March 2022, LNG Prime reported that Leonid Mikhelson held about 28 percent, Gennady Timchenko about 23.5 percent through Volga Group, and TotalEnergies 19.4 percent. More recent figures were not found in a readable Western source.
Why was Gennady Timchenko sanctioned?
The U.S. Treasury designated Timchenko in March 2014 under Executive Order 13661, saying his energy-sector activities were directly linked to Putin. The EU and UK added their own sanctions after the 2022 invasion.
Does Novatek own part of Polar LNG?
No stake has been confirmed. Novatek told the New York Times it is seeking minority shareholder status. Tech Wave, which owns Polar LNG, denies that Novatek holds any piece of it.
Sources
- Treasury Sanctions Russian Officials, Members of the Russian Leadership’s Inner Circle, and an Entity for Involvement in the Situation in Ukraine — U.S. Department of the Treasury, March 20, 2014
- Announcement of Additional Treasury Sanctions on Russian Government Officials and Entities — U.S. Department of the Treasury, April 28, 2014
- Announcement of Treasury Sanctions on Entities Within the Financial Services and Energy Sectors of Russia — U.S. Department of the Treasury, July 16, 2014
- Taking Additional Sweeping Measures Against Russia — U.S. Department of State (archived), November 2, 2023
- UK imposes sweeping new sanctions to starve Putin’s war machine — UK Government (GOV.UK), April 6, 2022
- Timchenko resigns from Novatek’s board — LNG Prime, March 21, 2022
- Americans attack Russian Arctic: new sanctions take aim at LNG and mining — The Barents Observer, September 15, 2023
- Texas investor with Trump family ties pursues project to tap North Slope gas — Anchorage Daily News, March 3, 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
- Former CEO: Russian Firm Backed Alaska Gas Venture — Newsmax via Yahoo News, October 24, 2026
- Top executives quit $25 bn US gas project over alleged Russian control — Business Standard (citing the Financial Times), October 25, 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.