Russian President Vladimir Putin has fired the governor of a far-flung region who has been arrested on charges of corruption.

Alexander Khoroshavin, governor of the island of Sakhalin just north of Japan, was arrested earlier this month on suspicion of receiving a bribe for building a power station. Investigators said they found 1 billion rubles ($17 million) in cash at his home as well as troves of expensive jewelry.

Despite the arrest on March 8, it was only on Wednesday that Putin formally dismissed him from his job, citing "the loss of confidence" in Khoroshavin.

Russia is high on the list of the world's most corrupt countries but very few high-ranking officials get indicted or face prison time.