It was reported in the Soviet press, and Soviet leaders offered congratulations on the accomplishment.

One of the many weak parts on moon landing hoax conspiracy theory is that the Soviets didn't question the veracity of the landing, at the time. They'd be best-placed to know if it was fake, and would have a massive propaganda coup if true. Nor (with them conducting their own Luna XV mission at the same time) possibly a case of ignorance due to inattention. The whole Soviet space program wasn't on summer vacation.

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The following extracts are all from NASA's official history of 1969. While plainly not an unbiased source, the first three items (at least) are public/published statements. It reports similarly for other communist nations--even some less reliable "man on the street" reports, though not in the case of the USSR. It includes (p. 231) reproduced front pages from Izvestia and newspapers from Warsaw and Belgrade.

• "U.S.S.R. radio and TV gave factual accounts of Apollo 11 launch but maintained third day of silence on Luna XV."
• "Soviet Premier Alexsey Kosygin complimented US. on lunar landing and expressed interest in widening US.-U.S.S.R. space cooperation during July 21 Moscow discussion with former Vice President Hubert H. Humphrey, who was ending Soviet visit. Soviet TV did not carry live coverage of Apollo 11 lunar landing July 20; Tass announcement was read by newscaster and carried in two-paragraph item on Pravda’s front page. Evening paper, Izvestia, accorded story more space and featured photo of astronauts on moon. On TV, Cosmonaut Konstantin P. Feoktistov described landing as “major landmark” and said crew had coped “brilliantly” with mission.
• "U.S. delegate to U.N. William B. Buffum, responding to Soviet tribute to Apollo 11 astronauts by U.S.S.R. delegate Aleksey V. Zakharov, said before Security Council he hoped “fraternal spirit” demonstrated by astronauts and cosmonauts would lead to greater cooperation on earth also."
• "Gloom and embarrassment over Apollo 11 success and crash of Luna XV on moon had caused controversy among Soviet leaders, including Communist Party Secretary Leonid I. Brezhnev and President Nikolay V. Podgorny, at July 21-23 meeting of Eastern European leaders in Warsaw"
• "Norrlandska Social-Demokraten, Boden, Sweden, editorial commented that Russian press was surprisingly generous with praise of men behind Apollo 11 and American space research in general during mission, but now press seemed to fear landing might have increased respect for US. around the world."

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>Where there any major political ramifications that resulted as result of the loss of the Space Race?

I can't imagine why the Soviets (or any reasonable person) would regard this as "the loss of the Space Race." Even if they regarded it as a process with a terminus, they'd hardly agree to an arbitrary finish-line selected by the Americans.

And even if a "win" for the US, it's beyond the control of the USSR (shy of sabotage) as there were no other entrants in this "leg of the relay".