Roman Abramovich quits as a politician in Chukotka

Reports say he has spent as much as $2.5 billion in improvement the area which was on the brink of catastrophe when he took over as governor. Until today he was speaker of the local parliament having earlier served for eight years as governor until 2008.

Sources say he took the decision because of a new law restricting state officials from owning overseas assets and property. The tycoon has key investments including London-listed Evraz and Highland Gold in his $10.2 billion fortune which are registered abroad.

'Today at a session of the Chukotka Autonomous Region Duma, the deputies accepted the voluntary resignation of Roman Arkadievich Abramovich from the post of deputy and speaker of the Duma', said the regional government said in a statement.

'Roman Abramovich will continue to take part in the like of the Chukotka Autonomous Region. In part, the implementation continues of a number of major regional business projects that will significant increase the tax base of the region in the future'.

The area has received untold wealth in recent years because the tycoon has paid his income tax in Chukotka. 

In April, Abramovich was ranked as Russia's most generous philanthropist. 

Over the past three years, Abramovich has donated $310 million to charitable causes, including $98 million toward infrastructure and humanitarian projects in Russia's far eastern Chukotka region, according to Bloomberg. 

Bloomberg also estimated that the oligarch has spent over $2.5 billion since 1999 on construction of schools, hospitals and other infrastructure in Chukotka, which is equivalent to approximately $179 million per year.