President Viktor Yushchenko signed a decree Monday disbanding the parliament and calling for new legislative elections, promising they will be held in line with the Constitution and scheduling them for May 27.
"We have to wait until the decision of the Constitutional Court on the legitimacy of the presidential decree has been made," Viktor Yanukovych said at an extraordinary meeting of parliament. "Meanwhile, the Supreme Rada and the government will continue their regular work."
Yanukovych said Tuesday the Ukrainian leader's dismissal of parliament was an attempt to seize power in the country.
"We can only conclude that the presidential decree on the dissolution of parliament is aimed at usurping power, because it disbands a legitimately elected parliament," Yanukovych said during an extraordinary meeting of the Supreme Rada.
Ukraine's latest political crisis was triggered by the defection of 11 opposition members of the pro-presidential Our Ukraine and the Tymoshenko Bloc to the majority coalition March 23.
Yushchenko has accused the majority coalition, led by Yanukovych, of trying to expand its power base through unconstitutional means, notably by welcoming defecting lawmakers. By law, only entire factions can join the ruling coalition.
Despite the presidential decree, the Supreme Rada decided not to cancel its meeting and adopted a number of resolutions Monday night.
In its address to the nation, it said the president had no justification to dissolve the body.
During an emergency government meeting last night, Yanukovych said Yushchenko should cancel the order and sit down at the negotiating table.
On Monday, Yushchenko held consultations with the Rada speaker and faction leaders, following which he broadcast his dissolution order in a televised address to the Ukrainian nation.
The latest reports said that coalition supporters are converging on the Supreme Rada building in Kiev, where they intend to protect parliamentarians from "orange" forces, Ukraine's Channel 5 reported Tuesday.
The presidential press service said Yushchenko would meet Tuesday with the leadership of security agencies, G8 and EC ambassadors in Ukraine.
The Russian Foreign Ministry said Tuesday Russia calls on Ukrainian political forces to compromise and hopes the situation in the country will remain within the legal framework.
"Russia is following developments in Ukraine with attention and concern. We hope it will not go beyond the country's legal framework," the ministry said.
Rada Speaker Oleksandr Moroz said Tuesday Yuschenko will meet with Yanukovych at 11:00 a.m. GMT to discuss the political crisis following the president's decree on parliament's dissolution.