Roman Abramovich, the richest businessman in Russia and one of the most richest men in the world, will remain governor of the far-eastern Chukotka region despite previously handing in his notice.

That's according to the Kremlin, which says Russia's leader has praised Abramovich's work there.

The governor submitted his resignation to the President in December, saying that his mission to restore Chukotka's economy had been accomplished.

Some western media at the time suggested the Kremlin had put pressure on him to stay in the job.

Abramovich's spokesman says the tycoon wants to implement a new development plan the government adopted for Chukotka last year, as many more improvements in the region are still to be done.