Abramovich steps down as governor

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Russian billionaire Roman Abramovich has resigned as governor of the remote Russian region of Chukotka.

The Kremlin said Russian President Dmitry Medvedev had accepted the resignation of Mr Abramovich, one of Russia's richest men.

Elected eight years ago, Mr Abramovich became popular in the region after heavily investing in social services.

It was not immediately clear why Mr Abramovich - owner of Chelsea Football Club - had resigned.

According to a presidential decree issued by the Kremlin, Mr Abramovich had asked to be relieved of his duties.

Russian media have in the past suggested that Mr Abramovich had attempted repeatedly to leave his position as governor but that former President Vladimir Putin was opposed to the move.

His spokesman confirmed the decision, but would not make any comments on the reasons behind it.

Forty-one-year-old Mr Abramovich is ranked by Forbes magazine as Russia's second wealthiest businessman with a reported capital of $23bn (£11.5bn).

He made his wealth in oil and natural resources, following the liberalisation of Russian markets in the late 1980s and 1990s.