Outgoing president Leonid Kuchma formally accepted the resignation of defeated prime minister Viktor Yankukovich in Ukraine today.

In a statement, it was announced 'Ukraine President Leonid Kuchma has accepted the resignation of Prime Minister Viktor Yanukovich.'

Yankukovich had announced on Friday that he would resign as prime minister after holding the position for the past two years. Initially, Yanukovich tried to challenge the results of the run-off election held December 26th but the Supreme Court in Ukraine denied his appeals. Yanukovich has been accused of falsifying the results of the first run-off election held in November which sparked nationwide protests and made the December 26th run-off necessary.

'I have made a decision and am formally submitting my resignation,' Yanukovich said. 'I find it impossible to occupy any post in a government headed by these authorities.' He then added, 'Concerning the election results, we are keeping up the fight but I don't have much hope for a just decision from the central election commission and the supreme court.'

The preliminary results of the December 26th run-off indicate that Yanukovich lost the election by more than 2.2 million votes.

Yanukovich has the support of Russian President Vladimir Putin and wanted to keep Ukraine close to Moscow. His opponent, Viktor Yushchenko, wants to move Ukraine closer to the west including other members of the European Union and the United States.