The call by Finnish President Alexander Stubb and Norwegian Prime Minister Jonas Gahr Stoere was an attempt to influence the diplomatic process after US President Donald Trump appeared to shift his position in favour of Russia and US ties with Ukraine hit their lowest point in 18 months.
Stoere said he and Stubb had spoken to Putin for about 90 minutes, and then to Ukrainian President Volodymyr Zelenskiy.
In a joint statement, they linked the initiative to planned peace discussions between Russian, Ukrainian and US officials in Abu Dhabi next month, their first since February.
Russia and Ukraine remain far apart on how to end the war that began with Russia's invasion in February 2022, and long-range air strikes by both sides have increased this year while battle lines have remained largely static.
"The discussion (with Putin) was frank and substantive. We are neighbouring countries to Russia. The outcome of this war will have a direct impact on our and the broader European security. Ending the war requires direct discussions," Stubb said.
Stoere said he and Stubb had "stressed the importance of de-escalation".
Both voiced strong support for Ukraine.
In later comments to Finnish journalists, Stubb said all allies of Ukraine were consulted on the initiative, adding that Ukraine had sought the opening of a new communications channel and Europe could no longer be a bystander to peace efforts giving Russia "the silent treatment".
The Kremlin's readout of the call did not suggest any softening of Putin's position.
"It was emphasised that achieving a just and long-term peace is possible only if the legitimate interests of the Russian Federation are fully and unconditionally taken into account," it said.
"At the same time, attention was drawn to the confrontational policies of EU and NATO countries, which are contributing to the prolongation of the hostilities."
Russian Foreign Minister Sergei Lavrov said Tuesday's call had offered nothing new on the Ukraine conflict, with an information war likely to escalate, and that European countries were simply seeking a role in the negotiation process.
Western European leaders have mostly refused to talk to Putin, hoping to isolate him.
Gerhard Mangott, an Austrian political analyst, said European governments had "manoeuvred themselves into a dead end" when it came to finding a solution to the war, and Tuesday's call was an effort to establish a channel for dialogue.
He drew attention to remarks by Kremlin aide Yuri Ushakov on Sunday suggesting Europe should be part of discussions.
"I interpret this as a shift in Russia's position, given that Moscow had previously consistently rejected the idea of discussing a settlement of the war in Ukraine with the Europeans," Mangott said.
Ukrainian Foreign Minister Andrii Sybiha said the call had been co-ordinated with his country and was "the right approach".
"We welcome such active support for our diplomatic efforts and peace process," he said, adding that he also hoped a local ceasefire around the Russian-occupied town of Oleshky could "pave the way to other steps in the peace process".
Polish Prime Minister Donald Tusk said he had told Stubb and Stoere that "absolute caution and vigilance are necessary in such contacts".
Stubb and Stoere said they acted as leaders of their respective countries and not on behalf of Europe, and had "consulted thoroughly with all our partners."
Russia has frequently accused European governments of stoking the war by arming Ukraine and refusing direct talks.
A source close to the Kremlin said French President Emmanuel Macron had been the last European Union leader to speak with Putin - in a northern hemisphere summer call that yielded no results and was not made public.
The source said Putin told Stubb and Stoere that the European involvement was welcome and that the war needed to end "taking into account the realities on the ground".
