Putin spared some time during a Russian state TV broadcast on Sunday to address allegations that President Trump made during the most recent presidential debate with Biden.
Trump accused Biden and his son Hunter of engaging in unethical practices in Ukraine – allegations that elder Biden has called false and discredited.
"Yes, in Ukraine he (Hunter Biden) had or maybe still has a business, I don’t know. It doesn’t concern us. It concerns the Americans and the Ukrainians," Putin said, according to Reuters. "But well, yes, he had at least one company, which he practically headed up, and judging from everything he made good money."
He added: "I don’t see anything criminal about this, at least we don’t know anything about this (being criminal)."
A Republican Senate committee investigation previously alleged that the ex-mayor of Moscow, Yelena Baturina, sent $3.5 million to Rosemont Seneca Thornton in 2014 as a payment to a "consultancy agreement."
Hunter Biden was reportedly the co-founder and CEO of an investment firm called Rosemont Seneca Advisors.
But Putin denied knowledge of any such business relationship between Hunter Biden Baturina.
Hunter Biden's lawyer George Mesires said the GOP Senate Committee report's allegations were false. He also dismissed claims that the Biden son co-founded the company in question.
"The Senate report falsely alleges that Hunter Biden had a financial relationship with Russian business executive Yelena Baturina and that he received $3.5 million from Baturina," Mesires said in an email to International Business Times.
During the most recent debate, Joe Biden referred to former New York City Mayor Rudy Giuliani as a "Russian pawn" for pushing allegations about his son based on emails reportedly obtained from a laptop that belonged to Hunter Biden.
Trump has since then pushed the allegations, calling the Biden family corrupt and accusing Biden and his son of engaging in unethical business practices for personal gain.