His concern is with propaganda targeting minors.
Putin has no problem with gays, but specifically with the June legislation aimed at protecting children from nontraditional sexual propaganda. Russia doesn't discriminate against homosexual relations. ABC reports,
"We have no ban on nontraditional sexual relations. We have a ban on propaganda of homosexuality and pedophilia. I want to underline that, on propaganda to minors." he said.
Putin and other politicians have defended the June propaganda law a a protecton of child rights [...]
The political researchers at Politifact agree with this assessment, noting that:
Russia is not listed as one of the 76 countries where homosexuality is banned.
In fact, according to the ILGA’s [International Lesbian, Gay, Bisexual, Trans and Intersex Association ] profile of Russia on its website, male-to-male and female-to-female relations are not legally discriminated against there. Gays and lesbians can also serve in the military in Russia. [...]
In June 2013, Putin signed a law banning promotion of "non-traditional sexual relations" toward minors, a prohibition on so-called "homosexual propaganda." The Russian law places stiff fines on individuals and companies that promote homosexualtiy in front of children, whether in public or through media or the Internet.