Yelena Baturina, Russia's richest woman and the developer behind Project Orange, applies for government-backed loans

One of Russia's largest private developers is seeking a government-backed loan to help it stay afloat.

Inteko, the company run by billionairess Yelena Baturina, is reportedly seeking $1.4bn to help shore up its ailing business and ensure that Project Orange, a Foster + Partners-designed development on the banks of the Volga, does not fall prey to the recession.

Baturina, Russia's wealthiest woman, has helped to redevelop vast swathes of the country, including several key schemes in Moscow. At one point her company was thought to control 20% of construction projects in the capital.

The billionaire's fortune is believed to have fallen from around $4.2bn to $1bn, thanks to the collapse in oil prices

The billionaire is married to Yuri Luzkhov, mayor of Moscow, and reaped much of her estimated $4.2bn fortune during his term in office.

But reports suggest that Baturina's wealth is now closer to $1bn, thanks to the collapse in oil prices. Inteko's plea for a government bail out is a further sign that the outlook for developments in Russia is extremely bleak.