Witnesses saw the plane burst into flames shortly after taking off from an airport at the city of Yaroslavl, about 250km (160 miles) north-east of Moscow.
Investigators found wreckage of the plane in the Volga river.
Members of the Lokomotiv Yaroslavl hockey team were on board the plane, on their way to Belarus for the first match of the season.
Officials said two people were unaccounted for after the crash, the cause of which has not been confirmed.
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