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With recent events and Putin's abrasive relations with the west in general, the Russian economy hasn't exactly seen a great deal of benefit as sanctions mount and their currency finds new historic lows in value. As massive a military they may have, can Russia really be taken seriously as a world power anymore? Especially considering how nations such as China & India seem to be growing at far greater pace in this age of information and economics.
Strawpoll: Strawpoll.me
(By second class I mean so in the Victoria 2 sense. There are X number of nations or organizations of such power and status that occupy a position of effectively wielded stable or growing power. In the question lies the accusation of Russia having been diminished to something akin to the dying Ottoman Empire.)
Still better than their lot during the 90s where they couldn't even intervene to help their slavic brothers in the Balkans...
A supposed "second rate" power is still much better than a "third rate" nobody.
Russia reminds me of the Ottoman Empire around WW1. It was the weakest of all the Empires but it was still a force to be reckoned with. It had little power projection outside of its sphere of influence and control, but the power it did have was fairly substantial.
I would say that Russia is more powerful than that. Maybe more close to Austria-Hungary. Definitely not the weakest, but definitely not the strongest either and it lacked the ability to project its power globally in any serious manner, though its control in a local area was significant.