Vladimir Putin has been informed of an extravagant party featuring forward Alexander Kokorin and midfielder Pavel Mamaev, with a representative of the Russian President calling for an investigation into the incident.
The two Russian players have been fined by their clubs for featuring in the video following the national team's group-stage exit from the European Championship.
The footage posted online appeared to show Kokorin and Mamaev in a nightclub, with waiters carrying dozens of bottles of champagne as the Russian anthem played.
However, Russian presidential spokesperson Dmitry Peskov has told reporters that an investigation is needed to "find out whether this vain disgrace was paid by our footballers or by someone else," before the two players are punished by the national team.
"Everyone heard about this incident including the Russian president ... [who] is informed about the incident just like all the rest." Peskov said. "The incident was widely covered by media and received an enormous public response.
"It is easy casting stones into someone without any proof. We need to clearly understand whether that braggadocio was at their own expense or paid by their friends."
Fans commenting online have said the party was inappropriate after Russia's poor performance at Euro 2016, while Kokorin's club Zenit Saint Petersburg and Mamaev's team FC Krasnodar have both released statements saying that the players will be fined and sent to train with the youth players.
"Zenit Football Club wish to state our extreme disappointment over the incident involving our player Alexander Kokorin," Zenit director Maxim Mitrofanov said.
"Unfortunately, some Russian players can find themselves in these scandalous situations due to a lack of common sense and culture norms in their behavior in public places."
The Zenit forward has told reporters that he didn't order the champagne and that he and Mamaev were simply present at someone else's birthday celebrations.
Russia -- who will host the World Cup in two years' time -- finished bottom of Group B after scoring just twice in their three Euro 2016 games.