The Russian leader is a “lunatic”, the Defence Secretary also suggested.
Mr Wallace told LBC Radio: “Well I certainly think President Putin’s view of himself and the world is a small man syndrome, macho view.”
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He added “you rarely hear the phrase small woman syndrome, you always hear small man syndrome”.
“I think he’s certainly got it in spades,” he said.
“But I think the real challenge here is the Russian system’s view that somehow some states are lesser than others, their rights don’t count. If they want to paint themselves into a new history, they seem to think the way to do that is through violence and invasion.
“And I think that’s something to worry about.”
He also mocked Russian foreign ministry spokeswoman Maria Zakharova.
Mr Wallace said: “To be fair there is that lady, the spokeswoman in the Ministry of Foreign Affairs, she’s like a comedy turn, she does her statement every week, threatening to nuke everyone or doing something or another.
“She’s definitely a woman… She’s a lunatic like he is, so I’ll leave it to that.”
Mr Johnson told German TV that Mr Putin would not have started the “crazy, macho” war in Ukraine if he were a woman.
He told ZDF: “If Putin was a woman, which he obviously isn’t, but if he were, I really don’t think he would’ve embarked on a crazy, macho war of invasion and violence in the way that he has.
“If you want a perfect example of toxic masculinity, it’s what he’s doing in Ukraine”.
He made the comments arguing that “you need more women in positions of power”.
Putin is under growing pressure after Sweden and Finland signed an agreement paving the way for both nations to join NATO.
Finland has the longest land border with Russia and an accomplished army and reserve force. Sweden has a powerful and well trained air force.