The Carnival Corporation brand will offer replacement stops, based on itinerary, to destinations such as Stockholm and Visby in Sweden and Gdansk in Poland.
Princess said it will protect travel agent commission on bookings that were paid in full in "recognition of the critical role they play in the line’s business and success".
A Princess spokesperson said: "Guests can remain booked on their long-awaited cruises, and have the opportunity to visit medieval architecture, world famous landmarks and natural beauty on these Northern Europe cruises.
"The safety and security of guests is the company’s highest priority, and Princess will continue updating impacted guests and travel advisors as more information is available."
The move comes after Royal Caribbean, Celebrity Cruises and MSC Cruises dropped calls to the Russian city in light of the escalating conflict in Ukraine.
