Russian capitalism

Wonder how true this is:

"the Russians have created their own form of capitalism in the image of what was portrayed to them as the reality of the West by the old Soviet Union's propaganda machine. They were informed that there was nothing but gangsterism, gross and endemic corruption, naked profiteering, a vast, starving, utterly exploited underclass and a tiny number of rapacious, vicious capitalist crooks who were entirely above the law. Of course, even at its most laissez-faire the West was never remotely like that, but that's what the Russians have now created for themselves."

Excerpt From: Banks, Iain. "The Business." Simon & Schuster, 2001-12