Who are the people that holds the state power in an oligarchy?

An oligarchy is a government which is run by a small group of individuals which have given themselves a great deal of power. New members to the oligarchy's elite are carefully chosen to ensure that the members of the oligarchy are, for the most part, united on certain basic goals. One of which is that this type of government is the best one for its members first, and the nation second.Elections may be held, however, the elected representatives have limited power. For example the the Russian Federation, elections to a "popular" assembly takes place. However, the "power elite" governmental leaders, make the large decisions regarding defense policies and major taxation issues. The elected representatives of the people have limited powers.