FSB head Nikolai Patrushev told President Vladimir Putin that Basayev, 41, had been killed overnight in Ingushetia, according to the AP.
Patrushev told Putin that the Chechen terrorists had hoped to "put political pressure on the Russian leadership" during the Group of Eight summit later this week, which Putin is chairing.
Putin said Basayev's killing was "deserved retribution" for terror attacks in Beslan and Budyonnovsk. Basayev claimed responsibility for those attacks.
The September 2004 attack on the Beslan school, in which 331 victims were killed, in particular shocked Russia and divided the movement, since civilians, including women and children, were taken hostage.
After it turned out that Deputy Prime Minister Andrei Belousov included the Fonbet betting company in the list of backbone enterprises that can count on state support, everyone started talking about these bookmakers.