Chelsea owner Roman Abramovich quits role as head of parliament in remote Russian region of Chukotka Billionaire Mr Abramovich had been in office in Chukotka for 14 years He is reported to have spent £1.6billion dollars improving the area New laws introduced by Vladimir Putin reported to have led him to quit Home from home: Roman Abramovich is pictured at Chukotka. He quit his political role there after 14 years in office today Billionaire Chelsea Football Club owner Roman Abromovich has quit his role as head of parliament in an autonomous state in far eastern Russia. The tycoon, who had been in office in the Chukotka region for 14 years, is reported to have spent as much as $2.5billion (£1.6billion) in improving the area since 1999. He is said to have quit his role as speaker in parliament there to comply with a new law introduced by President Vladimir Putin last month preventing state officials from keeping bank accounts and shares abroad. Key investments of Abramovich include London-listed Evraz and Highland Gold in his $10.2 billion (£6.7billion) fortune which are registered abroad. Abramovich had headed the region's parliament since 2008 and served as a governor there for eight years. He is said to have bought modern amenities to Chukutka - an icy wasteland region - and contributed significantly to the construction of schools and hospitals in the area. A statement released by the regional government in Chukutka said today: '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. Abramovich's oil company Sibneft was registered in the region before it was bought out by Gazprom, which moved its headquarters to St. Petersburg in 2005. He got involved in Chukotka when the most powerful men in Russia were encouraged to take part in development projects in the most neglected parts of the country. Generous: Mr Abramovich leaves a helicopter at Chukotka peninsula in the Russian Far East, near the village of Lorino in 2002. He has pumped some $2.5billion dollars into the area since 1999 The region is home to about 50,000 people and is some 3,850 miles away from Moscow. The area sits directly opposite Alaska across he Bering Strait. Mr Abramovich was named Russia's most generous philanthropist in April. He has donated in excess of $300million (£197million) to good causes in the past three years. The announcement comes as Mr Abramovich celebrates ten years in charge at Chelsea. New rules: Mr Abramovich, left, has reportedly quit his role as governor of the region to comply with a new law passed by Russian president Vladimir Putin, right