Here's my ill-informed and biased cliff's note of the situation:

1.  In 1990 you had a nomenklatura raised and educated entirely within the Soviet system.  It was a Cold War mentality.  Cold War lite, to be sure.  But for all the openess to democratic reform, there was also a good deal of bloody panic as everything fell apart.  In 1991 it did.

2.  There was the idea that since Russia was enacting democratic reform, the West would give them a helping hand.  You're moving from Cold Ward enemies -> willingness to work together as equals -> Russian economic dependence on the West.  

3.  So during the 90's it's basically chaos as the formerly Communist elite try to embrace free-market reform.  The West loves Russia outwardly for embracing democracy, inwardly for embracing capitalism, a system they enter totally in debt to the West, putting them in a position of little power.  Meanwhile, within Russia people were thinking more about power grabs (a la Yeltsin) and land/money grabs (a la the Oligarchs) than foreign policy.  It's madness and eventually the whole economy collapses in 98.  

4.  In 2000 Putin's put in power with the idea he'll continue the the "democratic reforms" of Yeltsin.  Outwardly, this means freedom of speech, etc.  Inwardly it means unchecked capitalism, privatization.  He slowly reverses some of both.  Pissing off the West and some Oligarchs alike.  In doing so he manages to stabilize the economy and return Russia to a position where it is not forced to do the bidding of the West and can have political leverage to protect its national interests on the global stage.  

5.  The West does not congratulate Russia on finally getting its act together but becomes bitter and bullying because this is not what they'd planned.

6.  Russia is like, what up, hommies?  This is the game you sold to us.  And we are winning.  So shut up and do what we say!  

7.  And the West is like, Gah!  It's the Cold War all over again!