The British newspaper said the NTV channel, owned by Russian gas giant Gazprom, screened the sketch during a weekend political satire show featuring an actress with her face painted black.
During the episode, Obama’s presidency was described as the “dark side” of American history, according to The Times.
It added that the former president was portrayed singing “I’m a chocolate bunny”, from a popular Russian pop song.
The show is hosted by Tigran Keosayan. His wife, Margarita Simonyan, is the editor-in-chief of Kremlin-funded Russian television broadcaster RT, The Times reported.
Polish media noted that Gazprom is one of the main sponsors of the UEFA Champions League.
UEFA, European football’s governing body, has been making efforts to step up its fight against racism, according to Polish media reports.