Speaking at the St Petersburg International Economic Forum (SPIEF) on Friday, Putin accused the U.S. of "trying to extend its jurisdiction" across the world.
The U.S. has led allegations that Huawei's equipment can be used by Beijing for espionage, with Washington calling on Western allies to bar the company from next-generation 5G networks.
Huawei has repeatedly denied the allegations against it.
"Let's remember, Huawei, which has not just been put aside. There are unceremonious attempts at pushing Huawei away from the global markets," Putin said, according to a translation.
"Some call it the first technological war of the new digital era."
Huawei has become a point of contention in a broader trade dispute between Washington and Beijing, with other countries under pressure to decide whether to allow the world's largest maker of telecom equipment to help build their 5G networks.
The U.S. has targeted Huawei by putting the company on a blacklist that restricts its access to U.S. technology — on which it heavily relies.
Putin said Washington had sought to impose its authority in countries across the globe, adding "this certainly goes contrary to the logic of normal interstate cooperation and the emerging realities of a complex multi-polar world."
On Wednesday, Huawei announced it had signed a deal with Russia's top mobile operator MTS to develop 5G technology in Russia.
Russia has been courting Chinese investment at its annual business conference this week.
Moscow and Beijing appear to be intent on strengthening their alliance and fostering deeper cooperation in the face of increased political and economic hostility from the U.S.
It comes as Russia's relations with the U.S. are at a low ebb amid ongoing U.S. sanctions on the country (mainly related to Ukraine, the annexation of Crimea and U.S. election interference), and China's relationship with the U.S. is fraught with trade war tensions.
Their traditional economic models — for Russia the export of energy products and for China the export of goods — looks increasingly uncertain.
Both Putin and Xi have vowed to fight protectionist policies, an accusation leveled at their U.S. counterpart.
— CNBC's Holly Ellyatt contributed to this report.