The resignation of 42 year old ethnic Jew has been accepted by President Dmitry Medvedev, according to Kremlin press office.

Abramovich, once considered 'cashier' of the Yeltsin family in 1990s, had owned 40 diverse business companies under the roof of his Millhouse Holding PFC, as a Businessman-cum-governor.

He had also been a co-owner of Sibneft oil major along with now disgraced oligarch Boris Berezovsky living in self imposed exile in Britain, before it was bought over by the state-run petroleum company Gazprom.

In 2003, Abramovich was named among the world's top billionaires under-40 with a capital of USD 8.4 billion.