Before the parade in Sevastopol, Ukraine, Putin and Yanukovych laid flowers at a memorial dedicated to World War II fighters, RIA Novosti reported.
During the parade, Putin congratulated Russian and Ukrainian navy sailors and veterans.
"Valor, honor, faithful military service and adherence to combat traditions have been invariably inherent in sailors and are passed over from generation to generation," he said.
"Our blood and spiritual ties are inseparable," he said.
"We develop partnership relations, hold joint [military] exercises, together celebrate festivities and together commemorate our antecedents," Yanukovych said.