Ukrainian Rebels Declare Victory on Self-Rule

Pro-Moscow rebels declared a resounding victory in a referendum on self-rule for eastern Ukraine, with some saying that meant independence and others eventual union with Russia as fighting flared in a conflict increasingly out of control.

Organizers in the main region holding the makeshift vote on Sunday said nearly 90 percent had voted in favor.

Well before polls closed, one separatist leader said the region would form its own state bodies and military after the referendum, formalizing a split that began with the armed takeover of state buildings in a dozen eastern towns last month.

Another said the vote simply showed that the East wanted to decide its own fate, whether in Ukraine, on its own, or as part of Russia.

“Eighty-nine percent, that’s it,” the head of the separatist electoral commission in Donetsk, Roman Lyagin, said by telephone when asked for the result of a vote that the pro-Western Ukrainian government in Kiev has condemned as illegal.

A festive atmosphere at makeshift polling stations in some areas belied the potentially grave implications of the event. In others, clashes broke out between separatists and troops over ballot papers and control of a television tower.

via CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza