# Novatek energy project and sanctions developments

> Live situation record from CLSTR: https://clstr.news/situations/novatek-energy-project-and-sanctions-developments
> Updated: 2026-10-24T02:46:48.000Z. Sources: 20. Developments: 2.

Novatek, Russia’s largest liquefied natural gas producer, has taken steps to expand its fleet to support Arctic projects. The company acquired at least two Arc4 ice-class LNG tankers, including the North Ocean and North Moon, which were previously managed by Mitsui O.S.K. Lines. This acquisition is viewed as a strategic move to bypass fleet limitations affecting projects such as Arctic LNG 2.

Simultaneously, allegations have emerged regarding Novatek’s involvement in a $25 billion LNG project in Alaska. The leadership of the American firm Polar Train LNG resigned following claims by former CEO Joel Riddle that Novatek was secretly financing and directing the venture. While Riddle alleged that funds originated from Novatek rather than expected investors, Polar LNG has denied these claims, asserting that its affiliate, Tech Wave, provided the financing and that all operations comply with U.S. law.

Reports suggest that discussions regarding the Alaskan venture may have occurred between Vladimir Putin and U.S. envoys as part of broader diplomatic efforts concerning the war in Ukraine. Novatek has stated it granted Tech Wave the right to use its technology in Alaska and intends to become a minority owner in the project.

## Claims

- The Alaska LNG project is valued at $25 billion. (corroborated by 18 sources)
- Novatek is secretly financing and controlling the Polar Train LNG project. (corroborated by 18 sources)
- The leadership team of Polar Train LNG has resigned. (corroborated by 13 sources)
- Polar LNG has not yet received authorization from the U.S. Treasury to negotiate with Novatek. (corroborated by 10 sources)
- Gentry Beach did not invest capital or hold an official position in the company. (corroborated by 7 sources)
- The project was discussed between Putin and Trump's peace envoys. (corroborated by 6 sources)
- Novatek agreed to grant Tech Wave the right to use its technology in Alaska. (corroborated by 4 sources)
- Polar LNG claims Joel Riddle was a disgruntled employee who was terminated. (corroborated by 3 sources)

## Timeline

### 2026-10-24: Novatek accused of secretly funding $25 billion Alaska LNG project

The leadership of Polar Train LNG resigned following allegations that sanctioned Russian firm Novatek is secretly funding and controlling a $25 billion Alaska gas project.

20 sources. https://clstr.news/cluster/polar-lng-faces-allegations-of-secret-russian-funding

### 2026-10-14: Novatek acquires ice-class LNG tankers for Arctic projects

Russia's Novatek is acquiring Arc4 ice-class LNG tankers to support Arctic projects like Arctic LNG 2, bypassing fleet constraints and navigating Western sanctions through new ownership and management.

4 sources. https://clstr.news/cluster/novatek-acquires-ice-class-lng-tankers-for-arctic-projects

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Cite as: Novatek energy project and sanctions developments. CLSTR, https://clstr.news/situations/novatek-energy-project-and-sanctions-developments