Ukrainian President Viktor Yanukovych is among those slapped with travel bans and asset freezes as Western powers hit back over Crimea's referendum.
The US list targets seven Russian officials and four from Ukraine blamed for Moscow's military incursion into the peninsula.
Among them are Dmitry Rogozin, deputy prime minister of the Russian Federation, and Sergey Aksyonov, PM of Crimea's regional government, as well as several top advisers to Russian President Vladimir Putin.
The US sanctions include freezes on all assets over which America has control, a block on all transactions in dollars, and a ban on travel to the US.
Thousands turned out in Simferopol and Sevastopol to celebrate the voteThe EU measures target 21 people but their names have not been released.
However, Germany's foreign minister Frank-Walter Steinmeier said the list included Crimean and Russian politicians and three members of the Russian military.
Mr Putin himself was not sanctioned in the US list and President Barack Obama described the measures as an "initial step".
He said they targeted Russian officials and those "operating in the arms sector in Russia and individuals who provide material support to senior officials of the Russian government.
Viktor Yanukovych, who fled Ukraine, is named on the US list"If Russia continues to interfere in Ukraine we stand ready to impose further sanctions."
Foreign Secretary William Hague said the EU measures targeted "people who are associated with the decisions Russia has made about Crimea" such as figures in the armed forces and parliament.
"I think that's an important statement of European unity and resolve," said Mr Hague.
Mr Rogozin did not seem fazed by his inclusion on the US list. He posted on Twitter: "Comrade @BarackObama, what should do those who have neither accounts nor property abroad? Or U didn't think about it?)"
Duma deputy Yelena Mizulina, who is best-known for writing the gay propaganda law in Russia, was also on the list.
She reportedly said she was "surprised" to be included, saying: "I believe that my role in this (Crimea) case is very modest. I have no real estate there - neither I nor my family members."
Upper house of parliament speaker and close Putin ally, Valentina Matviyenko, said the sanctions were "political blackmail".
And Russian federation council member Andrei Klishas brushed off being included, telling the Interfax news agency the list was "no tragedy for myself." He added: "The company that I found myself in, I was quite happy."
The sanctions came hours after Crimea's parliament declared the region an independent state.
Almost 97% of voters in Crimea decided at the weekend that they wanted to break away from Ukraine and join Russia.
The Ukraine crisis has led to a Cold War-style stand-offHowever, the referendum has been widely criticised as being illegal and a "sham".
Ukraine's parliament has approved a partial mobilisation of troops in the wake of the vote. It said 20,000 reserve troops were being called up, plus 20,000 more from the newly-formed National Guard.
Crimea's regional assembly has already formally applied to join Russia and announced the nationalisation of all Ukrainian state property, including the disbanding of military bases.
"The republic of Crimea appeals to the United Nations and to all countries of the world to recognise it as an independent state," read a document by the Crimean assembly on Monday.
Ukraine opposition leader Vitali Klitschko claimed the country stands on the verge of a humanitarian crisis, with the danger of ethnic cleansing of Crimea's Tatar minority.
There is also "concrete evidence" that some voting papers were "pre-marked", a senior US official told the Reuters news agency.
Lenin Square was full of patriotism towards RussiaMr Putin insists the vote is legal and is set to speak on the issue at the Russian parliament on Tuesday.
Crimea wasted no time following the landslide vote - officials are expected to fly to Moscow and the rouble has been introduced as a second official currency.
It also wants Ukrainian military outposts in the region disbanded, but the Kiev government said they are staying put.
"Those (troops) who want to live here? No problem. Those who want to swear allegiance we will examine," said Crimea's assembly chief Volodymyr Konstantynov.
Sky News' Nick Martin, at an army base near Crimean capital Simferopol, said it was a tense time for the solders and their families.
"There are many Ukrainian soldiers inside, pretty much surrounded by Russian soldiers - no one really knows how this will work."
The vote has been condemned as illegal by many governments in the WestHe said many practical questions also hung over Crimea, such as the payment of salaries and social security, and the supply of gas and electricity.
The intervention of Russian forces in Crimea followed last month's ousting of Kremlin ally, President Viktor Yanukovych who fled Kiev after days of anti-government clashes left scores of police and protesters dead.
Moscow justified the occupation of Crimea, saying it wanted to protect the majority ethnic Russian population.
Kiev has accused "Kremlin agents" of trying to stoke violence in other Ukrainian cities, such as Donetsk.
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