The former chief executive of Polar Train LNG, a startup that wants to ship liquefied natural gas off Alaska’s North Slope, says Russia’s Novatek was quietly bankrolling and directing the company before Washington signed off on anything. Joel Riddle laid out the claim to two London- and New York-based papers, the FT and the NYT, in reports published Oct. 23 and 24, and the Novatek Alaska connection he describes is disputed by every company involved.
Where it stands: Through Monday, Oct. 26, no U.S. authority had publicly found that any law was broken. Polar LNG said in its Oct. 23 statement that it has asked Treasury’s sanctions office, known as OFAC, for a license to buy an unfinished Russian-built plant base, and that Riddle was fired for cause.
The denials are broad. Polar LNG called Riddle a “disgruntled former employee” and said “Development activities are being pursued in full compliance with applicable US laws,” according to Newsmax’s account of the FT story. Novatek told the FT it signed a memorandum of understanding with Polar Train in April and that “requisite approvals will need to be obtained from US and Russian authorities,” and it denied that its role depended on sanctions relief. Tech Wave, the Abu Dhabi company the NYT describes as the parent, said Novatek owns no part of it, Business Standard reported.
What the Novatek Alaska reports actually say
The project is large on paper. Business Standard, summarizing the FT, called it a $25 billion venture. Polar LNG’s own figures are smaller: at its launch, the company told Reuters that a first phase would need $8 billion to $9 billion, with room for later expansion. The gap likely reflects full build-out versus phase one, but neither outlet spells that out, so both numbers are given here.
Riddle’s central claim, in his own words to the FT: “I resigned as chief executive of Polar LNG because I felt uncomfortable that the Russian company Novatek was financing and ultimately controlling the strategic direction of the company.”
He told the NYT something sharper. “It’s not only unlawful, but it’s not in the U.S. interest,” he said, as quoted by Raw Story’s summary of the Times report. That is Riddle’s legal opinion. No regulator or court has endorsed it, and Polar LNG says the opposite.
For a longer look at how Riddle tells it and how the company answers, see our profile of Joel Riddle’s account.
Who left, and when
According to the FT, as relayed by Business Standard, Riddle quit in September and was followed out the door by finance chief Dan Chandra, Jim Smith, an executive vice-president, and Jody Trantham, who managed executions. The NYT described Riddle as one of at least three executives who departed.
The circumstances of Riddle’s exit are contested. Polar LNG told Bloomberg he “had been terminated.” The NYT, though, said paperwork it obtained dates his resignation to six days before Polar LNG issued its termination letter. Polar LNG has also said it is looking into “claims concerning Riddle that may result in litigation.” No suit had been filed publicly by Oct. 26, based on the coverage reviewed.
Tim Talkington, a former head of Goldman Sachs’ Russian bank, has taken over as acting chief executive, the company said.
The messages about money
Both newspapers say they saw written messages. The NYT reported that texts it reviewed include Denis Solovyov, Novatek’s deputy chairman, and Leonid Mikhelson, its chief executive, talking about sending as much as $15 million to Tech Wave “to keep the effort going.” One message from Solovyov to Riddle in early September read: “The first 5 million were supposed to arrive by today.”
The FT said it reviewed WhatsApp exchanges in which Solovyov discussed financing and efforts to “expedite the money transfer process” to Polar Train LNG. Neither outlet, in the coverage reviewed here, said how much money actually arrived. Readers should treat the $15 million as a figure discussed in messages, not a confirmed transfer.
Novatek, for its part, told the NYT it was moving to become a “minority shareholder” in the project, a point the Kyiv Independent also highlighted. How Tech Wave, Polar Eagle LNG and Polar Train LNG fit together is laid out in our ownership explainer.
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Treasury’s line and the sanctions backdrop
Treasury did not take a position on the specifics. An official told the FT: “While we do not comment on allegations of sanctions violations, we take potential violations extremely seriously.”
Novatek is not fully blocked by the United States. A State Department fact sheet from November 2023 notes that Novatek was placed on OFAC’s Sectoral Sanctions Identifications List in September 2014, which restricts certain financing. The same release imposed full blocking sanctions on the operator of Arctic LNG 2, Novatek’s flagship Arctic export plant. That distinction is why, as Business Standard put it, not every deal with Novatek is automatically prohibited. Our sanctions explainer covers what is and is not barred.
The FT added that Polar LNG had asked Treasury for permission to negotiate with Novatek but had not received it. Polar LNG’s statement describes a pending license application to buy an unfinished gravity-based structure, the concrete base that carries a liquefaction plant, from Novatek.
Dated timeline
| When | What happened | Source |
|---|---|---|
| Sept. 2014 | Novatek added to OFAC’s sectoral list | State Dept. |
| Nov. 2023 | U.S. blocks Arctic LNG 2 operator | State Dept. |
| March 2026 | Polar LNG launches, names Riddle CEO | Reuters |
| April 2026 | Novatek signs MOU with Polar Train | Novatek via FT |
| Early Sept. 2026 | Solovyov text on first 5 million | NYT |
| Sept. 2026 | Riddle and other executives leave | FT, NYT |
| Oct. 23, 2026 | Polar LNG names acting CEO, denies claims | Polar LNG |
| Oct. 23-24, 2026 | FT and NYT publish Riddle’s account | FT, NYT |
What is established, and what is only alleged
| Point | Status as of Oct. 26 |
|---|---|
| Polar LNG sought an OFAC license | Confirmed by the company |
| Novatek signed an MOU in April | Confirmed by Novatek |
| Novatek seeks a minority stake | Confirmed by Novatek to NYT |
| Novatek financed and controlled it | Riddle’s allegation; denied |
| Up to $15 million discussed | NYT, citing texts; transfer unconfirmed |
| Riddle was fired for cause | Company’s claim; NYT says he resigned first |
| Any sanctions violation | No U.S. finding reported |
The story has a diplomatic layer. People familiar with the talks told the NYT that Vladimir Putin raised the plan in September with Trump envoys Steve Witkoff and Jared Kushner. The Times also reported there is no indication either man knew of Polar LNG’s ties to Novatek, while a White House official, quoted by the FT, described the plan as having “only been broadly and briefly mentioned.” Details are in our report on the envoy talks.
When Bloomberg asked Novatek and Treasury for comment on the FT story, neither had responded at the time of its Oct. 24 report.
Frequently Asked Questions
What is Polar Train LNG?
Polar Train LNG LLC is the operating company behind Polar LNG, a startup that launched in March 2026 with a plan to liquefy North Slope gas near Prudhoe Bay and ship it to Asia. It wants to buy a partly built gravity-based plant structure from Russia’s Novatek and has applied to OFAC for a license to do so.
Did Novatek fund the Alaska project?
That is what former CEO Joel Riddle alleges in interviews with two newspapers, the FT and the NYT. Polar LNG, Novatek and Tech Wave dispute it. Novatek says it signed an April memorandum and wants a minority stake, but denies secret control. No U.S. authority had reported a finding as of October 26.
Is it illegal to do business with Novatek?
Not automatically. Novatek has been on OFAC’s sectoral list since 2014, which limits certain financing, while the Arctic LNG 2 operator is fully blocked. Whether a specific deal needs a license depends on its terms, which is why Polar LNG says it applied to OFAC.
Who runs Polar LNG now?
Tim Talkington, president of parent company Polar Eagle LNG and a former head of Goldman Sachs Bank Russia, was named acting chief executive of Polar Train LNG on October 23, according to the company.
What did the Treasury Department say?
Treasury declined to address the specific claims. An official told the Financial Times that the department treats possible violations very seriously. As of October 26, Treasury had not announced any action involving Polar LNG.
Sources
- Top executives quit $25 bn US gas project over alleged Russian control — Business Standard, October 25, 2026
- 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, October 24, 2026
- Alaska LNG export terminal got funding from Russia’s sanctioned Novatek before US nod—FT report — ThePrint (Bloomberg wire), October 24, 2026
- Polar LNG Announces Leadership Change and Outlines Vision for Alaska North Slope Development — Polar LNG (company statement), October 23, 2026
- Sanctioned Russian energy giant secretly funded US gas project, NYT reports — The Kyiv Independent, October 25, 2026
- Planned LNG plant in Alaska seeks equipment from sanctioned Russia firm — Reuters (via Eye on the Arctic), April 1, 2026
- Taking Additional Sweeping Measures Against Russia — U.S. Department of State, November 2, 2023
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.