Yanukovych enjoyed a narrow 2.7 percent lead over his rival, Prime Minister Yulia Tymoshenko, with 98 percent of the votes counted, Ukrainian electoral officials said Monday.

"I think that Yulia Tymoshenko should prepare to resign," Russian news agency Interfax quoted Yanukovych as saying.

Tymoshenko is refusing to admit her defeat just yet, and observers expect she might challenge the result.

No matter her strategy, the poll represents an impressive comeback for Yanukovych, who was ousted by the people in the 2004 Orange Revolution.

Yet the revolutionaries, led by Tymoshenko and current President Viktor Yushchenko, have since frustrated ordinary Ukrainians with their internal quarreling and a failure to stabilize the country's economy.

Yushchenko, who came in an embarrassing sixth place in the first round of voting and has long fallen out with former ally Tymoshenko, refused to endorse either candidate in the runoff.

The likely winner Yanukovych has altered his overly pro-Russian profile into a more moderate leader, although he is expected to lead his country closer to Russia by at least questioning the current government's ambitions to join NATO and the European Union. He will nevertheless have to appeal to the country's western half, which is strongly pro-European and in the runoff sided with Tymoshenko.

Observers are eager to see how Yanukovych will draft the country's energy policy. Ukraine is a key energy transit country for Europe -- most of Europe's gas imports from Russia are sent through pipelines in Ukraine.

Several price rows with Russia have affected gas transit to Europe, and the West is eager to see Ukraine become a politically and economically stable player.

It could be several days before the official election results are announced, but international observers have already lauded the vote.

"For everyone in Ukraine, this election was a victory," the observers, led by the Organization for Security and Cooperation in Europe, said in a statement. "It is now time for the country's political leaders to listen to the people's verdict and make sure that the transition of power is peaceful and constructive."

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