Yes but the US can not place sanctions on Russia that stop them trading with Europe or Asia or anywhere else, they can only affect anything connected with the US.
The EU can place restrictions on trade between Russia and the EU, but such sanctions would only ever be things that would hurt Russia (as opposed to the EU), such as sales of military equipment; banking/financial transactions; travel restrictions etc. for example there is growing pressure on France to cancel the order for 2 hi-tech Mistral Class assault ships, the first is due to be delivered in October and the US in particular are fuming with France about this:
http://www.bbc.co.uk/news/world-europe-27722256
http://www.themoscowtimes.com/business/a...03223.html
http://www.themoscowtimes.com/business/a...02705.html
Alternatively the UN can place sanctions which have a worldwide effect, but that will NEVER happen because Russia and the Chinese will veto it.