That tallies with my own understanding, too: but there's more to the flow of money, when Putin is Russia (and the wider World's) pre-eminent money launderer.

Dividing up the spoils in a contracting and restricted economy is a way of making his supporters even richer: but Putin's ability to close or blow open the secret accounts and property holdings is the threat that keeps oligarchs in line.

That, and the fact that he can and will arrest them if they show the slightest hint of opposition.