Turning to the once prevailing view that Russia was ruled by a business-based oligarchy during the Yeltsin presidency, as well as to another prevailing view that the first view appeared to be dealt its death blow with the accession to power of V.Putin, the author adduces and analyzes considerable material appearing to testify to the weakened positions of the oligarchs, to their greatly weakened political weight. Nevertheless, his article argues the case for the existence of a business-based oligarchy in Russia. He makes an attempt, a propos, to explain the nature of the oligarchy's relationship with Putin, as well as the nature of the economic base of the oligarchy, which is a resource-based oligarchy, whose existence, however, appears doubtful under the "virtual economy" model that corresponds to some key economic policy positions. But, the author insists, narrower policy positions become less important, provided a resorce-based elite can be confident of having two basic demands met, their own property rights and freedom from regulation. Finally, the question entitling the article receives the author's positive answer.