The 12 young women who were photographed for the calendar, which is called "Vladimir Vladimirovich, We love you. Happy Birthday Mr Putin," are journalism students at the Moscow State University.
Journalism faculty spokeswoman Larisa Bakulina called the calendar a "work of erotic tastelessness."
"We are not happy that they used the brand of the journalism faculty," The Telegraph
quoted her as saying. "It is tactless on the part of the publishers."
Maxim Perlin, 22, an internet television channel producer and Vladimir Tabak, publisher, created the calendar.
Perlin said that those who posed did it for free and the project had an empowering message.
"The idea of the calendar was to show girls who are not simply models who turn up for $100, but girls who have some political opinion, who have already achieved some success," The Telegraph reported her said.
He explained that the models were in underwear because that made it āmore beautiful and more interesting."
The calendars cost 260 roubles ($8.71) each and are being sold in various locations in Russia.