Key facts
- Polar LNG executives resigned in September 2026 due to alleged Russian funding and control by Novatek.
- The U.S. company has applied to OFAC for authorization to purchase an unfinished liquefaction structure from Novatek.
- Novatek's Arctic LNG-2 project was blacklisted by the U.S. in 2023.
- Former CEO Joel Riddle stated Novatek was financing and controlling the company's strategic direction without U.S. approval.
- Polar LNG claims development activities are in full compliance with U.S. laws.
Top executives at U.S. energy startup Polar LNG have resigned amid controversy over alleged funding and strategic control by Russia's Novatek, the country's largest LNG developer. The resignations occurred in September 2026, six months after the company's launch. Former executives expressed discomfort with Novatek's financing and direction, particularly as the company seeks U.S. authorization to purchase an unfinished liquefaction structure from the Russian firm. While Novatek itself is not sanctioned, its Arctic LNG-2 project was blacklisted in 2023. Polar LNG maintains that its development activities comply with U.S. laws.