Bolsonaro, a far-right populist, recently snubbed US pleas not to visit Putin in Moscow ahead of the invasion, and angered Western allies by saying he was "in solidarity with Russia".
On Friday, Brazil voted for a draft UN Security Council resolution that would have denounced the Russian invasion of Ukraine, despite reluctance by Bolsonaro.
At a press conference, Bolsonaro said he spoke for two hours with Putin on Sunday.
Brazil will remain neutral in the conflict, he said, noting Russia and Ukraine were "practically brother nations".
"We will not take sides, we will continue being neutral, and help with whatever is possible," Bolsonaro said.
"A big part of Ukraine's population speaks Russian."
Asked by a reporter whether he was willing to condemn Putin's actions, the Brazilian leader said he would wait for a final report, or see how the situation is resolved, before giving his opinion.
He added he was against any sanctions that could bring negative repercussions for Brazil, citing Russian fertilisers which are crucial for its giant agribusiness sector.
Bolsonaro also said he did not think Putin's forces would carry out any mass bloodletting in Ukraine.
"A chief of state like that of Russia does not want to undertake a massacre, anywhere," he said, adding that in two southern regions of Ukraine, some 90 per cent of the population wanted to "approximate themselves to Russia".
In reference to Ukrainian leader Volodymyr Zelenskiy, Bolsonaro said Ukrainians have "placed the hope of their nation in the hands of a comedian".
