Just tested it.
Played with Sion, took turret hits to 10% health, and popped ult to attack blue golem. Regenerated 54-55 HP per hit normally, had friend hit me first with Ignite and Executioner's Calling after that wore off. Kept regenerating for 54-55HP per hit under both circumstances.
So I guess that's a no, Grievous Wound doesn't affect lifesteal.
Didn't test spell vamp but I'd imagine that's the same deal.
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Originally Posted by Kyrokiza
yes, I've used it against nasus, ww, and alike
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They are special cases; their lifesteal is an innate ability. Much like Swain and Fiddlesticks' spell vamp, this (I guess) isn't considered "real" lifesteal/spell vamp and is therefore affected by the Grievous Wound debuff.