After months of nationalist euphoria, Russia’s financial upheaval has brought a sobering blast to the country’s political discourse and even opened up President Vladimir Putin to criticism.

Alexander Tkachev, governor of the southern region of Krasnodar, one of Mr Putin’s most loyal lieutenants, said on Wednesday the currency crisis was retribution for Russia’s annexation of Crimea. “We are reaping the fruits of our conquest, of our country’s political victories. This is the price both the economy and the citizens sooner or later had to share with the president.”

Although Mr Tkachev’s remarks raised eyebrows, they were not meant as criticism of Mr Putin but rather as a call for the country to face reality, in itself a sign of how financial upheaval is starting to transform Russia’s political debate.