About 200 people attended the protest in Brisbane's King George Square, as President Putin attended the first day of the G20 leaders summit.
Stefan Romaniw, president of the Australian Federation of Ukrainian Organisations, said the Russian leader should "get on his bike and go".
"You are not part of the international community," he yelled, urging G20 leaders to impose more sanctions on Russia.
"Mr Putin, you do not have a seat at that table but unfortunately some of the members of the G20 insisted."
Protesters, some wearing traditional Ukrainian dress, also chanted "glory to Ukraine, glory to the heroes" in Ukrainian.
Ukrainian group spokesman Peter Schmiggle said a rival pro-Putin protest in Brisbane was probably funded by the Russian government.
"I say to the people who are pro-Putin, who are your backers? Are you paid by the Russian government? Where do get your money?"
Obama keeps focus on warming
The Abbott Government has been backed into a corner on climate change after US President Barack Obama firmly put the issue back on the G20 agenda.
Action on climate change was a big talking point on day one of the Brisbane leaders' summit, despite government efforts to keep the focus on economic growth and jobs.
After striking a bold deal with China to slash emissions, Obama stole the limelight yesterday when he urged developed nations to do their bit in the "global fight" against climate change.
"No nation is immune and every nation must play its part," he said.
In a direct appeal to Australia, which holds the 2014 G20 presidency, the president warned natural wonders like the Great Barrier Reef were under threat and urgent action was needed from all.
"I want my daughters to be able to come back and I want them to be able to bring their daughters or sons to visit," he told an audience at the University of Queensland to much applause.
"And I want that there 50 years from now."
He announced the US would give US$3 billion ($3.8b) to the United Nations' Green Climate Fund to help poorer countries deal with the impacts of climate change, such as rising seas, higher temperatures and extreme weather.
The UN will now have about US$6 billion of the US$10 billion it hopes to raise.
Japan is also expected to unveil a US$1.5 billion contribution to the fund over the G20 summit weekend.
UN secretary-general Ban Ki-moon said G20 leaders would make a strong commitment to climate over the weekend.
"It's my understanding ... that they are actively discussing the issue of a climate change," he said.
"Of course climate change is the defining issue of our times."
- AAP
