Russian President Vladimir Putin labeled media reports surrounding the Panama Papers as "provocation" on Thursday and effectively pointed the finger at U.S. investment bank Goldman Sachs. Vladimir Putin launched his fourteenth annual citizen call-in session as Russian president on Thursday, just months ahead of a key parliamentary elections that will test support for the leader's party. The much-reported Panama Papers revelations came up within the second hour of questions. Putin didn't question their validity, but he said that Seuddeutsche Zeitung – a German newspaper that was heavily involved with the reporting – was obligated to Goldman Sachs. Both Goldman Sachs and Seuddeutsche Zeitung were not immediately available for comment when contacted by CNBC.

Russia's President Vladimir Putin seen ahead of an annual televised question-and-answer session at Moscow's Gostiny Dvor. Alexei Druzhinin | TASS | Getty Images

While Putin is not named in the documents there are allegations of a billion-dollar money-laundering ring controlled by a Russian bank that has links to associates of the Russian leader. The International Consortium of Investigative Journalists (ICIJ), one of the teams that has been analyzing the data, told CNBC the papers show Putin's close associates were involved in a $2 billion money trail with offshore firms and banks. Over 2.5 million phone calls were reportedly received by the end of the call-in's first hour on top of those sent via video and social media, touching on topics ranging from tense international relations, poor regional road infrastructure, food price inflation, and even Putin's love life. While the event is viewed as an opportunity for Putin to reach out to everyday citizens it has been widely criticized for being scripted and stage-managed. A report published by Russian business news channel RBC even claimed that the Kremlin was coaching the audience outside Moscow ahead of the broadcast. The live broadcast often runs for around four hours.