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Can't remember where I read it and it was a while ago, but someone said that there is a bit of a balance between him/his circle, the Oligarchs, mafia and military. Yes he can lock some of the Oligarchs up to show strength, but he can't lock all of them up and he does reply on their money and services in one way or another.
I thought most Oligarchs were wanted back now anyway if they weren't one of Putin's circle