Russian President Vladimir Putin has signed a decree to recognize Crimea as a sovereign and independent state.

The move follows an official declaration of Crimean independence from Ukraine following a Sunday referendum, which has seen nearly 97-percent vote in-favor of seceding.

The Crimean parliament has since sent a formal request to Moscow to join the Russian Federation.

Russian President Vladimir Putin is due to address the Russian Federal Assembly later on this Tuesday in connection with the request by Crimea to join the Federation.

Ukrainian authorities in Kiev have dismissed the Crimean referendum as "illegal," saying it violates Ukraine's constitution.

Kiev has since recalled its ambassador to Moscow.

In the fallout from this, the Chinese government has issued a new statement reaffirming its position connected to the situation in Ukraine.

Chinese foreign ministry spokesperson Hong Lei.

"China always respects the independence, sovereignty and territorial integrity of all countries. The Crimea issue should be politically resolved in the framework of law and order. All sides should remain restrained and avoid acts that may escalate the tensions. The international community should play a constructive role in trying to ease the current tensions."

Meantime, US President Barack Obama has announced sanctions against 7-Russian and 4-Ukrainian officials, including ousted Ukrainian President Viktor Yanukovych and Russian Deputy Prime Minister Dmitry Rogozin.

The European Union has brought down sanctions against 21-individuals.

The United Nations has also issued a new statement, saying Secretary-General Ban Ki-moon is deeply concerned about the latest developments in Ukraine.

UN spokesperson Stephane Dujarric.

"The Secretary-General continues to closely follow the situation in Ukraine. Since the beginning of this crisis the Secretary-General has urged all parties to avoid hasty steps in this already complex and tense situation. The Secretary-General is deeply disappointed and concerned that the Crimea referendum will only exacerbate this situation. He encourages all parties to work for a solution that is guided by the principles of the United Nations charter, including respecting Ukraine's unity and sovereignty."

The referendum in Crimea follows the February ouster of Ukrainian President Viktor Yanukovych.