US energy executives quit startup over alleged hidden Russian funding from Novatek
A group of American executives left Polar LNG, saying the Alaska gas project was secretly funded by Russia's Novatek, according to The Wall Street Journal.
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what happened
According to The Wall Street Journal, a group of American executives has left Polar LNG, an energy startup that aimed to liquefy and export Alaska's natural gas. They allege that shortly before leaving they learned the project was actually run and at least partly financed by Russian gas company Novatek.
Polar wanted a US Treasury license to import a half-built liquefaction unit from Novatek's Arctic LNG 2 project, which has been under US sanctions since the Biden administration. The license has not been granted, and sources say there are no signs the effort is gaining momentum. Former CEO Joel Riddle said he resigned after budget talks over the summer revealed that senior Novatek executives were effectively allocating capital.
Novatek did not respond to a request for comment, and the White House, Treasury and State Department did not return calls.
why it matters
The story matters for the LNG market: Novatek is not sanctioned by the US, but its Arctic LNG 2 project is, so any attempt to work around those limits raises regulatory risk for Russian and North American gas projects.
market impact
LNG market: sanctions and regulatory risk for Russian and North American liquefaction projects
tags
instruments
sources
- U.S. Energy Execs Say They Quit Startup Over Undisclosed Russian Funding — WSJ, 24 October 2026 at 22:24 UTC
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