Ukrainian President Viktor Yushchenko (pictured) celebrating Epiphany. Thousands of men and women throughout Ukraine stripped to their underwear and plunged into the ice-cold water to celebrate Epiphany, one of the most important holidays in the Orthodox Church of Ukraine.To the Orthodox faithful, water blessed by a priest on Epiphany has miraculous powers, a belief that goes back to the baptism of Christ. Orthodox tradition holds that any water blessed on this day whether it comes from a river, pond or simply a tap or a shower becomes Christ`s baptismal water. This water is said to stay fresh for years, wash out all sins, protect from evil and heal.