He spoke out as Prime Minister David Cameron said the next G8 summit would not take place in Russia in June.
The EU and US have imposed sanctions on Russian officials after Russia's annexation of Crimea from Ukraine.
Mr Cameron, US President Barack Obama and other G7 leaders are at a summit in The Hague. Russian President Vladimir Putin was not invited.
The G7 leaders plus EU representatives issued a declaration noting that "international law prohibits the acquisition of part or all of another state's territory through coercion or force".
Mr Hague said: "It's of course a huge blow to the G8; it means there is no G8 this year. [Mr Obama] was very clear that it will then be hard to revive in the immediate future. It would need our values to be clear, our shared values to be clear again, and clearly those shared values are not shared by Russia in violating the independence and territorial integrity of a neighbouring nation state."