Cameron had called Putin to urge him to "de-escalate" the situation in Ukraine and to support the formation of a contact group that could lead to direct talks between Moscow and the new leaders in Kiev.
"President Putin agreed that it is in all our interests to have a stable Ukraine," a Downing Street spokeswoman said.
"He said that Russia did want to find a diplomatic solution to the crisis and that he would discuss the proposals on the contact group with Foreign Minister (Sergei) Lavrov tomorrow."
Cameron had made clear to Putin that Britain, along with its European partners and the United States, "want to work with Russia to find a diplomatic solution to the situation in Ukraine, including Crimea".
The British prime minister told Putin that "we recognise the right of all Ukrainian people to choose their future" and that elections scheduled for May "provide the best way to do this".
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