It would have been the first face-to-face with Putin since Russian troops entered Crimea.
The House on Tuesday is expected to formally condemn Russia for its military action in the Crimean peninsula in Ukraine, less than a week after passing a bill giving financial aid to Ukraine.
Biden will instead attend meetings with Ukraine's prime minister.
President Nicolás Maduro says the U.S. "aims to generate a false image of war."
The two leaders agreed on the importance of sovereignty in Ukraine, the White House said.
He said Russia has clearly crossed a line in Ukraine.
Biden made the remarks as he visits Chile to attend the swearing in of Michelle Bachelet.
Another trip scheduled for this week, to the Dominican Republic, was cancelled.
The visit “will highlight the strong support of the United States," the White House said.
The former national security advisor warned standoff with Putin could spiral out of control.