A close result may lead to further political unrest and market declines in a country that has been pushed into deep recession by the global financial crisis. Ukrainians are voting for a new president to steer the country of recession, unfreeze a $16.4 billion International Monetary Fund loan and forge deeper trade ties with the European Union.

Polling booths opened at 8 a.m. Kiev time today and are expected to close at 8 p.m., when the first exit polls are due to be released. The Electoral Commission will begin releasing official results later in the evening, with a final count not due before tomorrow morning.

Viktor Yanukovych, who lost his first bid for the presidency five years ago in the Orange Revolution, is leading Prime Minister Yulia Timoshenko to replace Viktor Yushchenko, whose popularity plunged after he failed to deliver on promises and his bickering with the two rivals led to political gridlock. The two finalists have accused each other of planning fraud, though a repeat of the mass demonstrations that followed the 2004 election are not expected this time around.

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