Sen. Ted Cruz, R-Texas, said President Obama was right to announce new sanctions against Russia in response to aggression in Ukraine, but suggested that his actions were “far too little and too late.”

Cruz pointed out in an interview with radio host Ben Shapiro on Tuesday that the Russian stock market actually jumped in response to Obama’s sanctions announcement, which he suggested was a result of continued weakness from the president.

“In my view, Putin’s aggressiveness and his act of war against Ukraine is a direct product of the lack of leadership of the United States over the last five years,” he said. “America has receded in leadership across the world and into that vacuum has stepped nations like Russia and Iran and China and made the world a much more dangerous place.”