Hungary will hold up a final deal on a $50 billion G7 loan to Ukraine until after the U.S. presidential election by delaying its decision on the timing of the renewal of EU sanctions against Russia, Hungary's finance minister said.

"We believe that this issue, the prolongation of the Russian sanctions, should be decided after the U.S. elections. We have to see in which direction the future U.S. administration is going with this issue,

The Group of Seven (G7) countries want to reach a political agreement on the $50 billion loan for Ukraine by the end of October for the cash to be able to available before the end of this year, a senior European Commission official said on Monday.

Hungary has opted not to support the EU decision to provide Ukraine with a US$35 billion loan at the expense of profits of frozen Russian assets, until the presidential election in the United States.