"Any movement in this direction will be considered by us as participation in an armed conflict by that country," the Russian leader said during a meeting with Aeroflot employees.
He added that imposing a no-fly zone would have "colossal and catastrophic consequences not only for Europe but also the whole world".
Putin also dismissed rumours that Russia is planning to declare martial law with his country's military incursion in Ukraine in its second week.
"Martial law should only be introduced in cases where there is external aggression ... we are not experiencing that at the moment and I hope we won't," Putin said.
Agence France-Presse