Signs with the new name – Volodymyr Zelenskyy Street – have been plastered outside the Ukrainian consulate on Windsor Street.
Locals have tied banners with messages of support and sunflowers – Ukraine’s national flower – onto railings on the street.
Council chiefs have also been urged to change the name of another street in Edinburgh.
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Scottish Liberal Democrat leader Alex Cole-Hamilton wants Melville Street in Edinburgh to instead be called Zelensky Street.
He has written to Edinburgh City Council asking them to make the change “urgently”, saying it would remind everyone visiting the consulate of Vladimir “Putin’s murderous and destructive invasion of Ukraine”.
Naming the street after Ukraine’s president would be a “small, but meaningful gesture”, Mr Cole-Hamilton insisted.
In a letter to Edinburgh City Council leader, Adam McVey, Mr Cole-Hamilton said: “We must seek to shame Putin at every possible opportunity.
“As such, everyone visiting or writing to the consulate should be reminded of Putin’s murderous and destructive invasion of Ukraine.”
Renaming the street “mirrors the kind of protest that was used against South African embassies during Apartheid,” he added.
Mr Cole-Hamilton also insisted it would highlight the “proud tradition of solidarity shown by Scots to oppressed and persecuted people the world over”.
The consulate in Melville Street has been the focal point for several protests following the Russian invasion of Ukraine two weeks ago.
Mr McVey said councillors would consider what action they could take at a meeting next week.
The council leader said: “As a city, Edinburgh stands by everyone suffering in this conflict and are committed to showing our solidarity with the people of our twin city, Kyiv, and all of Ukraine.
“Last week, when we met with the Ukrainian community, we pledged to offer support in whatever way we can and continue to fly their flag above the City Chambers.
“We’re considering the most suitable way of honouring the immense courage being shown by President Zelensky and his people and what further measures we can take as a council to express our condemnation against the actions of Putin.
“All parties are standing as one on this and we’ll approve initial measures.”