Putin said the new law will not impact attendees at the Olympic games.
"I couldn't care less about their sexual orientation. We will welcome all athletes and all visitors to the Olympics," he said. "None of our guests will have any problems."
The Russian president said that other countries should not interfere with his country's laws.
"The Russian people have their own cultural code, their own tradition," Putin said. "We don't interfere, don't stick our noses in their life and we ask that our traditions and culture are treated with the same respect."
Putin added that Russia will be ready to hold the Olympic games, despite some obstacles.
"Given the scale and, let's be honest about it, given the lack of experience of construction on such a vast scale in this country, in today's Russia, of course setbacks were inevitable," he said. "Everything has been done. Things need to be cleaned up."