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Explanation: The Novgorod Republic was a Medieval republic in what-is-now Russia. There is some evidence of a relatively high rate of literacy, and a complex system of governance that included democratic elements. Novgorod merchants were known throughout Europe (and had something of a rivalry with the Germanic Hanseatic League). The republic was eventually conquered by Ivan III of Moscow, and then massacred by his grandson Ivan the Terrible a few decades later.
I just came back from Wikipedia and they say it was actually considered an oligarchy thanks to the fact that wealthy merchants ran the entire show.
Good to know Russians enjoy the taste of oligarch dick since the 1200's. These dipshits should get the fuck out of Ukraine and kill all of their wealthy.