"A straight clown, totally OK," the host said. "Bisexual lion tamer? Again -- totally fine. But 'gay' and 'clown?' Nyet, comrade."
"Because this is America -- for now -- and we can do anything we want," Colbert said, "'The Late Show' has put together our own artistic interpretation of Vladimir Putin," and called the Russian President a "gay icon."
Watch the hilarious video created by "The Late Show" in the video above.