The controversial bill, nicknamed the Dima Yakovlev Act, has been passed by both houses of parliament and arrived at the Kremlin Thursday for the president's consideration. Yakovlev was a Russian-born boy who died in the United States due to his foster parents' negligence.

The bill is widely seen as retaliation for the U.S. "Magnitsky Act," which imposes visa bans and asset freezes on Russian officials thought responsible for the death of Sergei Magnitsky, a lawyer who died in 2009 in a Moscow jail after accusing officials of tax fraud.

In his address to the State Council meeting, Putin said there were many places in the world with living standards exceeding those in Russia but this was not an excuse to send Russian children there.

"In the world, perhaps, there are many places where the living standards are better than ours. And so what? Will we send all children there? Will we ourselves move there?" Putin said.

Along with the anti-Magnitsky Act, Putin said he would sign a decree for state support of orphans in Russia.

"This is our national task," Putin said, adding the government would have to work hard on that task.