Photo: Reuters

Two Russian footballers have been punished by their respective clubs for being filmed celebrating at a lavish Monte Carlo party after the Russian national team had crashed out of the European Championships.

A video of Alexander Kokorin and Pavel Mamaev drinking champagne costing $500 a bottle whilst Russia’s national anthem played in the background appeared on Instagram, the TASS news agency reported Tuesday.

Reports claimed that the two men spent 250 thousand euros ($277,000) on champagne.

Kokorin, a player with Zenit St. Petersburg, was demoted to the club’s second team and fined a “substantial amount,” TASS reported.

Pavel Mamaev was also fined by his club Krasnodar and demoted to the club’s youth team.

Russian President Vladimir Putin’s spokesman has called a lavish Monaco party attended by members of the Russian national team “a shameless display of conceit.”