Is Russia ruled by oligarchs?

I don't mean to put down the Russians but it seems, to an outside observer, that their economy and politics are dominated by very few people like Putin who are extremely powerful both politically and economically. We also often hear of opposition figures and members of the press being harassed by agents of the government. What happened? They've had a very promising democracy in the 1990s but it seems it was hijacked along the way by the oligarchs.