Written by: Beck

Ukraine just held elections. The votes are currently being counted. The official results are expected to be announced any minute now. Get ready for civil war.

OK, here's the story. You've got two players running for president. One is the current Prime Minister, the heir apparent of outgoing President Leonid Kuchma, from the pro-Russia political faction. Then you have the opposition candidate, an economist who is much more pro-West. In standard Eastern European fashion, their names are infuriatingly similar, so pay attention. The pro-Russian candidate is Mr. Yanukovych, the pro-Western candidate is Mr. Yushchenko.

Exit polls (of course exit polls are involved--can't have an election controversy without exit polls now can we?) show that Yushchenko should be winning handily. Public opinion polls confirm this. The election commission has said that Yanukovych has a "slim but unassailable" lead. American and European election observers all say that the election was fraudulent.

Now, tens of thousands of people have taken to the streets of Kiev in protest. The riot police have been called out in force. Yushchenko has claimed victory. Russia continues to back Yanukovych while NATO, the European Commission, Germany (ordinarily a big Russia backer), the White House, and even the Vatican, are all saying all manner of dire things.

What happens next is anyone's guess, but either way it will have a major impact on the future of the entire region. The Ukraine has the potential to be an economic dynamo for the entire region, it has the potential to go on slogging through poverty and corruption, and it has the potential to melt down into a massive civil war, spilling over into neighboring countries.

Yeah, this bears paying attention to in the hours and days going forward.

Update: CNN now has a banner announcing that the Ukraine elections commission has officially declared Yanukovych the winner. Links to follow.

Bloomberg has the story.