MOSCOW, March 14 (UPI) -- Billionaire businessman Roman Abramovich and his wife, Irina, have confirmed that they were divorced in Russia after 16 years of marriage.
A statement from the couple Tuesday confirmed that Abramovich recently divorced his second wife in Russia, ending more than a year of speculation that the marriage was ending, the Times of London said.
"Mr. and Mrs. Abramovich have divorced in Russia on a consensual basis and have agreed on terms in respect of arrangements for their children and a financial settlement," the statement said.
The former couple has five children together.
The settlement will likely cause the Russian businessman to lose a hefty portion of his nearly $21.3 billion estate, the newspaper said, but ending the marriage in Russia was likely beneficial.
Unlike the British court system, Russian courts do not view both marriage partners as equals, so Abramovich's payout was likely far less than it might have been in England.
The divorce follows persistent rumors connecting the billionaire romantically to 25-year-old former model Daria Zhukova.
