True, the rude word is putain, which means what you say.....

However the way they transliterate Putins name is Poutine which doesn't mean anything other than french fries/chips with mozzarella cheese - fastfood
I don't think it sounds very similar to "putain", the pronunciation is different.

This type of thing happens to some foreign names in all countries. They need to spell it like that, for the pronunciation to make sense.