Russian Novatek Funded US Gas Project Amid Sanctions Violations

• •Novatek's funding of Polar LNG may violate U.S. sanctions.
• •Former CEO John Riddle raised alarms and resigned over undisclosed Russian control.
• •The project is tied to U.S.-Russia negotiations amid ongoing conflict in Ukraine.

Russian energy company Novatek has reportedly provided secret funding to the Polar LNG project in Alaska, potentially violating U.S. sanctions. The funding was disclosed by former CEO John Riddle, who resigned after uncovering Novatek's financial involvement. Polar LNG, aiming to liquefy and export natural gas, had applied for U.S. Treasury approval to negotiate with Novatek but had not received it. The project has been linked to discussions between U.S. and Russian officials regarding energy deals that could influence the ongoing war in Ukraine. Riddle initially believed funding was from other sources, including ties to Donald Trump's family. The situation has led to significant management turnover at Polar LNG, raising concerns about compliance with U.S. law. Novatek has confirmed its interest in acquiring a minority stake in the project, while Polar LNG has dismissed Riddle's claims as those of a disgruntled employee. The backdrop includes intensified Russian attacks on Ukraine and a perceived withdrawal of U.S. support.