I think the points about this not being unique to capitalism is that, since Russia has existed as a nation, it has always been ruled by a cabal of thugs who engage in ostentatious displays while the masses are in poverty. That part is not specific to capitalism at all. Even the specific manifestation of of this ostentation in the form of giant yachts and navies as part of a dick waving contest between their ruling class and other ruling classes predates capitalism in Russia, as in the rest of Europe.
Capitalism is the mechanism that the ruling class uses to maintain power and engage in these behaviors now, but none of these behaviors is unique to capitalism.
