The two Red Bull drivers were battling for position but as they cross the start/finish line, Ricciardo ran into the back of Verstappen which ended their race.
Verstappen has been in trouble with race stewards on several occasions this season but the Dutchman has escaped with just a reprimand while Ricciardo was also handed the same punishment.
The stewards said: “Both drivers contributed to the collision. The driver of car 33 made two moves, both of which were relatively minor.
“The driver of car 3 [Ricciardo] admitted he left his move to overtake on the left, too late. It was obvious to the stewards that although the incident had its origins in the moves by car 33, the driver of car 3 also contributed to the incident.
“Both drivers expressed regret about their respective contributions to the incident, during the Stewards’ hearing.”
Red Bull team principal Christian Horner blasted the pair saying: “They both recognise that they screwed up today and will be apologising to the team and to all members of the team.
“We allow them to race and allow them to go wheel-to-wheel. We spoke to them in team meetings about giving each other space, this was a culmination of two guys talking things into their own hands, which shouldn’t have happened.
“There were probably three incidents between them through the race.
“They touched wheels and were told to calm it down, we don’t want to interfere with them going wheel-to-wheel.
“We are not apportioning blame one way or the other, they are both to blame for this.
“Our intention is to continue to let them race but they have to show respect and give space.
“They have been reminded that they are part of a team, they are highly paid individuals with the team’s interest at heart. The message was delivered very clearly.
“They are both in the doghouse. They will apologise to all of the staff before Barcelona.”