Dictatorships generally do not foster, or even tolerate, the kind of creative disruption of the status quo necessary to the existence of a dynamic free market. Plus, the economy of the Russian state can best be described as a mafia state, or kleptocracy. Thus Vladimir Putin needs to find other ways to shore up both the national finances and the support of his cronies (much less so, of his people, who are primarily afterthoughts in the Russian power structure).
Here is a granular look at major indicators of the economy of the Russian Federation.
We Americans thought it ended, anyhow — but we were wrong. The revanchism that in some sense was of high potential after the fall of the former Soviet Union indeed came to pass — and later to be accelerated by the rise of Vladimir Putin to power.
Along with that trajectory, a curious development path for the former Soviet state: mostly, a descent into organized crime at the highest echelons of government. In some sense, organized crime is the government.