The Russian president also questioned Mr Cameron’s decision to call the vote, as it has caused a “great problem”.
However, Mr Putin refrained from voicing his opinion on the matter and said the decision is "the business of the people of the UK".
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The comments are the leader’s first in public regarding the referendum.
Politicians and geopolitical observers have speculated that the controversial world leader would welcome the prospect of Britain leaving the EU, as it would greatly weaken the political bloc – which currently serves as a check on Russian power.
However, speaking in St Petersburg, Mr Putin said: "I don't think this is very proper to engage Russia in all the problems, even if we are not involved in it, to make Russia a scarecrow. Civilised people do not do things this way.
"As for the Prime Minister of the UK, there is a great problem with Brexit, why did he initiate this vote in the first place? Why did he do that? So he wanted to blackmail Europe or to scare someone, what was the goal if he was against?
The most scaremongering arguments for Brexit
Show all 7
The most scaremongering arguments for Brexit
1/7 22 May 2015
In his regular column in The Express Nigel Farage utilised the concerns over Putin and the EU to deliver a tongue in cheek conclusion.
“With friends like these, who needs enemies?”
PA
2/7 13 November 2015
UKIP MEP for Yorkshire and North Lincolnshire Mike Hookem, was one of several political figures who took no time to harness the toxic atmosphere just moments after Paris attacks to push an agenda.
“Cameron says we’re safer in the EU. Well I’m in the centre of the EU and it doesn’t feel very safe.”
Getty Images
3/7 19 April 2016
In an article written for The Guardian, Michael Gove attempts to bolster his argument with a highly charged metaphor in which he likens UK remaining in the EU to a hostage situation.
“We’re voting to be hostages locked in the back of the car and driven headlong towards deeper EU integration.”
Rex
4/7 26 April 2016
In a move that is hard to decipher, let alone understand, Mike Hookem stuck it to Obama re-tweeting a UKIP advertisement that utilises a quote from the film: ‘Love Actually’ to dishonour the US stance on the EU.
“A friend who bullies us is no longer a friend”
5/7 10 May 2016
During a speech in London former work and pensions secretary Ian Duncan Smith said that EU migration would cause an increasing divide between people who benefit from immigration and people who couldn’t not find work because of uncontrolled migration.
“The European Union is a ‘force for social injustice’ which backs the ‘haves rather than the have-nots.”
EPA
6/7 15 May 2016
Cartoon character Boris Johnson made the news again over controversial comments that the EU had the same goal as Hitler in trying to create a political super state.
“Napoleon, Hitler, various people tried this out, and it ends tragically.”
“The EU is an attempt to do this by different methods.”
PA
7/7 16 May 2016
During a tour of the women’s clothing manufacturer David Nieper, Boris had ample time to cook up a new metaphor, arguably eclipsing Gove’s in which he compares the EU to ‘badly designed undergarments.’
“So I just say to all those who prophecy doom and gloom for the British Business, I say their pants are on fire. Let’s say knickers to the pessimists, knickers to all those who talk Britain down.”
Getty Images
1/7 22 May 2015
In his regular column in The Express Nigel Farage utilised the concerns over Putin and the EU to deliver a tongue in cheek conclusion.
“With friends like these, who needs enemies?”
PA
2/7 13 November 2015
UKIP MEP for Yorkshire and North Lincolnshire Mike Hookem, was one of several political figures who took no time to harness the toxic atmosphere just moments after Paris attacks to push an agenda.
“Cameron says we’re safer in the EU. Well I’m in the centre of the EU and it doesn’t feel very safe.”
Getty Images
3/7 19 April 2016
In an article written for The Guardian, Michael Gove attempts to bolster his argument with a highly charged metaphor in which he likens UK remaining in the EU to a hostage situation.
“We’re voting to be hostages locked in the back of the car and driven headlong towards deeper EU integration.”
Rex
4/7 26 April 2016
In a move that is hard to decipher, let alone understand, Mike Hookem stuck it to Obama re-tweeting a UKIP advertisement that utilises a quote from the film: ‘Love Actually’ to dishonour the US stance on the EU.
“A friend who bullies us is no longer a friend”
5/7 10 May 2016
During a speech in London former work and pensions secretary Ian Duncan Smith said that EU migration would cause an increasing divide between people who benefit from immigration and people who couldn’t not find work because of uncontrolled migration.
“The European Union is a ‘force for social injustice’ which backs the ‘haves rather than the have-nots.”
EPA
6/7 15 May 2016
Cartoon character Boris Johnson made the news again over controversial comments that the EU had the same goal as Hitler in trying to create a political super state.
“Napoleon, Hitler, various people tried this out, and it ends tragically.”
“The EU is an attempt to do this by different methods.”
PA
7/7 16 May 2016
During a tour of the women’s clothing manufacturer David Nieper, Boris had ample time to cook up a new metaphor, arguably eclipsing Gove’s in which he compares the EU to ‘badly designed undergarments.’
“So I just say to all those who prophecy doom and gloom for the British Business, I say their pants are on fire. Let’s say knickers to the pessimists, knickers to all those who talk Britain down.”
Getty Images
"I want to say it is none of our business, it is the business of the people of the UK. I have my own opinion on this matter, I cannot talk about the result yet - no one knows about the result yet, I think it is 50-50 with a certain margin of error."
According to journalists present, the Russian president appeared well informed on the domestic arguments raging in Britain about membership, singling out controversial EU fishing laws as a particularly contentious issue for some Britons.
But he kept his opinion on the outcome of the plebiscite to himself and said: "Who can predict it? No one can predict it. I have my own opinion on this matter - whether it is good or bad - but I will refrain from giving the forecast. I think it would be improper on my part to do that.
"Whatever I say will be interpreted to the benefit of either side, that's the business of the EU and the people of the UK.
"Different experts have different estimates about whether Brexit will benefit Great Britain or not, some say it will be to the detriment and some say the EU will be more stable and stronger.
Several EU member states border Russia, but are wary about the country’s intentions, particularly since the annexation of Crimea from Ukraine in 2014 following the country’s revolution.
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Independent Minds Comments can be posted by members of our membership scheme, Independent Minds. It allows our most engaged readers to debate the big issues, share their own experiences, discuss real-world solutions, and more. Our journalists will try to respond by joining the threads when they can to create a true meeting of independent minds. The most insightful comments on all subjects will be published daily in dedicated articles. You can also choose to be emailed when someone replies to your comment.
The existing Open Comments threads will continue to exist for those who do not subscribe to Independent Minds. Due to the sheer scale of this comment community, we are not able to give each post the same level of attention, but we have preserved this area in the interests of open debate. Please continue to respect all commenters and create constructive debates.