Close, but not quite. This flag was used on the first Russian ships in 17th century. At that time Russia didn't have it's own fleet, so they just used the flag of the most powerful fleet at the time, that just happened to be Dutch. But it was not considered as the national flag. Later, after the February revolution, the flag of the Russian Empire was considered a "symbol of tsarism" at could no longer be used, so the provisional government just decided to use this flag as a placeholder, before the new one could be created. And after the fall of USSR Russian Federation just returned everything to how it was between February an October revolutions.