What the reporting found
The Financial Times said an Alaska liquefied natural gas developer took financing from Novatek PJSC, a major Russian energy company under US sanctions. In an FT interview, former chief executive Joel Riddle said Novatek offered funding to the Polar Train LNG venture and steered its operations before approvals from the US Treasury were in hand.
The FT added that, according to a Novatek statement, Polar Train and the company entered into an MOU in April, noting that an undertaking of this scale would need sign-offs from regulators in both the US and Russia.
Company response and leadership moves
Polar LNG pushed back, calling Riddle a "disgruntled former employee" who had been terminated, and said "Development activities are being pursued in full compliance with applicable US laws." The company said it submitted an application to the US Treasury's Office of Foreign Assets Control seeking authorization to buy a partly built gravity-based unit - part of an LNG plant - from Novatek.
Leadership also shifted. Polar Train LNG appointed Tim Talkington, a former CEO of Goldman Sachs Bank Russia, as acting CEO. He additionally serves as the president of Polar Eagle LNG, the parent company. Separately, the FT and the New York Times reported Riddle resigned last month, with other executives leaving after.
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What officials and timing signal
A US Treasury official told the FT that the department declines to address claims of sanctions violations, but takes "potential violations extremely seriously." Bloomberg reported that Novatek and the US Treasury did not immediately respond to emailed requests sent outside regular business hours.
Polar LNG plans to commence gas deliveries from Alaska's North Slope no later than the end of 2030. For energy investors, the bottom line is simple: regulatory clearance and counterparty exposure can dictate both timelines and risk, even when the project clock is already ticking.
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