The letter, posted by an unknown person on the petitonline.com website, reads, "Dear Roman Abramovich. As you may already know our homeland Latvia went bankrupt and is currently holding talks with the International Monetary Fund on the sale of our country for 7.5 billion euros ($10.7 billion)."
"I would like you to consider the possibility of purchasing Latvia: the population are hard working and pleasant, environmentally clean area and plenty of space to dock your yacht," the letter said.
Latvia has experienced the worst economic decline in the European Union, with the country's GDP declining for a third quarter this year by 4.6% against the same period last year.
Abramovich is ranked Russia's second richest man by Forbes magazine with an estimated $23 billion. His business interests include steel plants and coal companies in Russia and abroad. In the West, he is more famous as the owner of Chelsea soccer club.
Earlier in the year some 2,000 Latvian residents, the country has a population of around 2.3 million, posted a petition on the internet asking the government of Sweden "to occupy" their country.