A gas venture that came up in President Donald Trump’s Ukraine peace talks had a hidden backer, according to its former boss.
Polar LNG, a startup pitching a plan to export natural gas from Alaska’s North Slope, received secret funding from Russian energy giant Novatek, The New York Times reported Friday. Joel Riddle, who ran the company until he resigned in September, told the Times he was misled into believing the money came from a firm in the United Arab Emirates.
Russian President Vladimir Putin discussed the project last month with Trump envoys Steve Witkoff and Jared Kushner, people familiar with the negotiations told the Times. White House officials see energy deals like it as a way to smooth relations with Moscow.
“It’s not only unlawful, but it’s not in the U.S. interest,” Riddle told the Times. Novatek, which is under partial U.S. sanctions, was already set to supply the project’s technology.
Text messages reviewed by the Times show Novatek deputy chairman Denis Solovyov and chief executive Leonid Mikhelson discussed sending as much as $15 million to Polar LNG’s Abu Dhabi parent company, Tech Wave, to keep the effort going. “The first 5 million were supposed to arrive by today,” Solovyov wrote to Riddle in early September.
In a statement to the Times, Novatek said it was moving to become a “minority shareholder” in the project. Polar LNG named Tim Talkington acting chief executive and called Riddle a “disgruntled former employee” who was fired for cause. Documents obtained by the Times show Riddle resigned six days before the company sent him a termination letter.
Memos from law firm Baker Botts, attached to Riddle’s resignation letter, said Treasury Department sanctions enforcers had flagged “potential Russia-related sanctions concerns.” Recent sanctions legislation specifically targets Novatek, but Trump temporarily waived the law’s Russia sanctions last week, saying the move was needed to keep peace talks alive.
The push to bring Novatek equipment to Alaska also involved Gentry Beach, a college friend of Donald Trump Jr. who said in February he had negotiated with the Russian company. A spokesman for Trump Jr. said the two are no longer close, and Novatek said Beach played no role in its talks over a Polar LNG stake.
There is no indication Witkoff or Kushner knew about Polar LNG’s ties to Novatek, the Times reported. Still, Geoffrey Pyatt, a former State Department energy official under President Joe Biden, warned the idea “feeds the belief that Putin can get an out-of-jail-free card.”
Riddle said he and two other departing executives warned the Trump administration about the Russian financing and urged officials to investigate. The Energy Department did not respond to the Times.
“I felt like I did the right thing to notify authorities at the appropriate time,” Riddle said.
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