Ukraine’s new government swiftly reversed Mr. Yanukovych’s decision and, to Moscow’s fury, endorsed the trade deal he had rejected, which Russia views as part of an effort by the West to wrest Ukraine from its influence.

The cumulative impact of the measures was to take aim at the heart of Mr. Putin’s project to reshape and revive Russia’s flagging economy through the development of Chinese-style state capitalism. The sanctions targeted a raft of financial, defense and industrial companies in the vanguard of Mr. Putin’s push to replace the wild free-market capitalism of the 1990s with state-led development.

The measures were enacted despite a fragile cease-fire between pro-Russian rebels and Ukrainian government forces that took effect last week in eastern Ukraine, and officials on both sides of the Atlantic emphasized that they could be rolled back if Russia took more significant steps to settle the violent dispute there.

European Union officials plan to review their sanctions before the end of the month and could revise them if the peace holds.

European leaders agreed on the sanctions last month but held off amid calls by some countries to see how the cease-fire played out. But the European Council, a body representing the leaders of European Union member nations, said in a notice in its Official Journal announcing the measures on Friday, that it “considers it appropriate to take further restrictive measures in response to Russia’s action destabilizing the situation in Ukraine.”

In Moscow on Friday, the main stock market index, the Micex, rose 2.1 percent as details of the European measures became public. The index lost ground later in the day and closed up 0.6 percent, but that was before the tougher American measures were announced.

Addressing the new sanctions for the first time on Friday, Mr. Putin called them illogical and accused Western leaders of trying to derail the peace process in eastern Ukraine, according to Russian news agencies.