Ukrainian Prime Minister Viktor Yanukovych has resigned, but is refusing to concede defeat in last Sunday's presidential re-run election.

In a nationally televised address today (Friday), Mr. Yanukovych said he has formally submitted his resignation. He said he will appeal the election results but does not have much hope his legal challenges will succeed.

His resignation as prime minister comes one day after Ukraine's Supreme Court and Central Election Commission both rejected his complaints of election fraud.

Final unofficial results show opposition leader Viktor Yushchenko winning the presidential election by more than two million votes.

Meanwhile, Mr. Yushchenko is hosting Georgian President Mikhail Saakashvili for a New Year's Eve celebration rally in Kiev's main square.