The event will bring together the leaders of the 21 Asia-Pacific Economic Cooperation member states, which include economic giants China and the United States, and cumulatively make up about half the world's economy.
Preparations for the summit are "a good opportunity to give an extra impetus to the development of our Far East region," Vladimir Putin said.
The decision to provide extra funding was made by the government budget commission, he said.
The government had earmarked 149 billion rubles ($62 billion) for summit preparations, but a senior government official said earlier that figure would have to be doubled.
The funds do not include the cost of building a huge bridge linking Vladivostok and Russky Island, where the summit is to be held.
Experts say it will cost at least $10 billion to construct the bridge, and that if construction does not begin this year, it may not be ready by 2012. Without the bridge, the cost of other projects will be substantially higher.
