WASHINGTON - House Speaker Paul Ryan says the Obama administration's new sanctions against Russia are long overdue after eight years of "failed policy" with Russia.

The Wisconsin Republican said in a statement Thursday that "Russia does not share America's interests" and has consistently sought to undermine U.S. values while "sowing dangerous instability around the world."

Ryan says the sanctions announced Thursday were overdue, but were "an appropriate way to end eight years of failed policy with Russia."

He said Russia's interference in U.S. elections showed the Obama administration's "ineffective foreign policy that has left America weaker in the eyes of the world."

The Obama administration announced sanctions in response to Russia hacking the U.S. elections. Russia denies the accusation.

Republican Sens. John McCain and Lindsey Graham say sanctions are "a small price" for Russia to pay for interfering with U.S. elections. They say they'll lead efforts in Congress to impose stronger sanctions.

McCain, of Arizona, and Graham, of South Carolina, called Russian cyberattacks on the 2016 election a "brazen attack on American democracy" and say retaliation measures announced Thursday by Obama are long overdue.