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Paris is set to cancel a 1.4 billion euro deal to deliver two Mistral-class warships to the Russian Navy.
Beijing said the Western-backed UN resolution would have resulted in confrontation.
International observers have arrived in Crimea on Saturday ahead of the controversial referendum.
The MICEX Index fell 1.64 per cent after trading began in Moscow.
Putin has backed Crimea's decision to secede from Ukraine.
New Delhi has said Moscow has "legitimate" interests in Ukraine.
The US cancelled trade talks, joint military exercises and extended visa bans on Russians.
Crimeans will now vote to approve or reject that decision on March 16.
Xi also told Putin Beijing wants to step up anti-terror cooperation with Russia.
Putin on Tuesday said the Ukraine change of government is “unconstitutional, armed seizure of power.
