'I'm still in a state of shock to be honest with you,' said Fraser. 'That was the most pressure I've ever played under and I'm just absolutely delighted to have secured an exemption for the European Tour next year. It's a dream for me and now I can hopefully go and win a few more tournaments on the main tour and work my way up the rankings.'
Fraser and Wiegele shared the lead heading into the final round at Le Meridien Moscow Golf & Country Club and after matching rounds of 68, the duo stood at 19-under-par 269 with the title still up in the air.
The pair returned to the par-4 18th to begin the playoff and both Fraser and Wiegele birdied the hole.
It was back to the 18th tee to play a second extra hole and this time Fraser walked away victorious with a par in contrast to Wiegele's bogey.
'This is my second playoff win in the last two tournaments I've played and I'd like to try and not make a habit of it,' said the Australian, who also earned his third Challenge Tour victory of 2003. 'But I'm not complaining at the moment.'
Fraser picked up three birdies and one bogey over his first seven holes but found himself two shots behind Wiegele, who ran off four consecutive birdies from the fifth to reach 19-under.
Wiegele held the advantage around the turn but Fraser battled back with back- to-back birdies starting at the 14th to move to minus-19.
Wiegele kept plugging along, however, and held a one-shot lead after a birdie at the 15th pushed him to 20-under. However, the Austrian found trouble with a bogey at the very next hole and parred his way in to finish regulation in a tie with Fraser.
Sweden's Peter Hanson finished alone in third place at 16-under-par 272 after a round of 66. The English duo of Graeme Storm and Tim Milford were two shots further back at 14-under-par 274 along with Spain's Jose Manuel Carriles and Scotland's Andrew Coltart.
'It was a good week,' said Coltart. 'I played nicely and managed to continue my good form so I'm quite happy.'
Mads Vibe-Hastrup of Denmark finished alone in eighth place at 13-under-par 275.
England's Robert Rock and Kalle Brink of Sweden shared ninth place at 12- under-par 276.
This event featured players from the European Tour and the Challenge Tour. This is the tournament's first year on the European Tour.