Roman Abramovich Quits Russian Governor Post

It is remote, frozen and inhospitable, and a long way away from Moscow. But for the past seven years Roman Abramovich - the billionaire owner of Chelsea FC - has spent his spare time and dollars in Russia's far-eastern region of Chukotka.

But yesterday Abramovich stepped down from his job as Chukotka's governor. The Kremlin confirmed that the oligarch was bowing out of Russian politics, and had relinquished his task of administering one of the world's most far-flung places. Abramovich left the post at "his own request", the Kremlin said. He had tried to give up the role last year - only for Vladimir Putin to tell him to carry on.

Abramovich's spokesman said he was quitting because his work in Chukotka was over. As governor, he pumped billions into the impoverished province, which has a population of just over 50,000. Analysts suggested however that he had been allowed to give up his government job following Putin's departure as president.

Sergei Mikheyev, vice-president of Moscow's Center for Political Technologies, said: "Chukotka will really miss him. It is impossible for anybody else to invest as much money into the region." Abramovich was previously Russia's richest man. But he has recently slipped down the table following the sale of his oil firm Sibneft in 2005. Most of his assets are now held by Millhouse Capital, his private investment vehicle.