Russian company Novatek secretly financed a multibillion-dollar U.S. gas project that was discussed during negotiations between the White House and the Kremlin over ending the war in Ukraine, the New York Times (NYT) first reported on October 23.
Novatek is Russia’s second-largest producer of liquefied natural gas (LNG) and has been subject to US sanctions since the full-scale invasion of Ukraine in 2022.
Polar LNG, a U.S. company aiming to liquefy and export natural gas from Alaska, received secret financing from Novatek in potential sanctions violation, The New York Times reported, citing the company’s former CEO and two other sources familiar with the matter.
John Riddle, former CEO of Polar LNG, resigned from the company in September after learning of the hidden ties to Novatek. Riddle said he was told the funding came from a company in the United Arab Emirates.
“It is not only illegal, but it is not in the interest of the United States for Russian technology to control the marketing of Arctic gas on the Northern Slope,” Riddle told the New York Times.
Riddle said he informed Trump administration officials about the secret Russian funding and urged them to investigate the situation.
Novatek wasn’t just funneling funds to Polar LNG: it was also negotiating a deal to sell its technology to the American company as part of a trade deal between Washington and Moscow. U.S. peace envoys Steve Witkoff and Jared Kushner discussed the proposal with Russian President Vladimir Putin during their September visit, sources told The New York Times.
It is unclear whether Witkoff or Kushner knew about the financial dealings between Novatek and Polar LNG because the deal was only widely discussed, sources said.
The Novatek-Polar LNG proposal would be one of several energy deals that U.S. President Donald Trump is considering with Russia as he tries to negotiate an end to the war with Ukraine. Another solution is to sell parts of Russian energy giant Lukoil to the U.S. government and other investors, including some with ties to Kushner and Wiktoff.
In a statement to the New York Times, Novatek confirmed that it was seeking to acquire “minority shareholder” status in the Polar LNG project.
The clandestine energy deals between the Kremlin and the White House took place against the backdrop of intensifying Russian attacks on Ukraine – and a marked withdrawal of US support for kyiv.
Trump made clear his indifference to Russian sanctions when he announced a surprise deal with Putin to buy diesel from Moscow to offset U.S. fuel prices. Russia’s first diesel tanker now said to be heading to the United States
The White House also granted a new waiver of sanctions against Russia. Last week, Witkoff praised Putin as a “humanitarian” and US Secretary of State Marco Rubio said the war in Ukraine is a narrow regional conflict that involves only “11 percent of part of this country.”
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