Putin met Kostunica on the margins of an economic forum in Saint Petersburg at which leading Russian politicians and business people were discussing the future of Russia's economy.
Kostunica said that his country entirely refused the plan by UN mediator Martti Ahtisaari envisaging internationally supervised independence for Kosovo.
Countries must not be punished and humiliated by taking away a part of their territory, Kostunica was quoted by DPA as saying.
Kosovo was one of the main topics of the summit of the G8 leading industrial countries that was taking place in Heiligendamm from Wednesday to Friday.
Speaking at a joint press conference with Italian Prime Minister Romano Prodi on Saturday, US President George W. Bush dismissed any compromise solution that would delay a decision on Kosovo's status.
We don't need any deadlines regarding Kosovo, we need a UN Security Council resolution, said Bush, who advocates implementation of Ahtisaari's plan.