The agreement, thrashed out during intense discussions overnight, addresses an array of issues that have lain at the heart of the demand of protestors and the government of President Viktor Yanukovych.
However, concerns have been raised that the agreement cobbled together with the assistance of envoys from the European Union and Russia, may not last the test of time.
A look at the agreement's main points and what they mean to both sides:
The agreement envisions early presidential elections, but says they can wait until December. That is a sore point with many of the demonstrators who have occupied central Kiev — one of their aims was the immediate resignation of Yanukovych. The country's next presidential election was scheduled to be held in March 2015, so even if Yanukovych is defeated in early elections, his tenure may be shortened by only three months.
After becoming president in 2010, Yanukovych pushed through a measure to abandon changes to the constitution in 2004 that reduced the power of the president. The move, which is seen by many as having questionable legality, was reversed under the terms of the agreement and the parliament passed the relevant measure hours later. The president loses the power to nominate the prime minister and fire the Cabinet. That leaves Yanukovych with reduced powers.
CLEAR THE CAMP
The agreement calls for "serious efforts" to get life back to normal, including the withdrawal of protestors from streets and squares. Effectively, that's an order for the massive encampment in Kiev's Independence Square to pack up. No deadline for leaving has been set and many protesters are likely to move out slowly because of the solidarity the camp fostered and doubts over whether the agreement will actually be implemented. In the 2004 Orange Revolution protests, which paved the way for Viktor Yushchenko to become president, some demonstrators stayed in their camp until his inauguration.
Even before this week's bloodshed, which saw demonstrators shot by snipers, the police were already facing sharp criticism for their heavy-handed approach. Police in turn faced peril from protesters throwing stones, bricks and firebombs. As a result, the investigation into the violence that the agreement calls for is likely to be one of the post contentious issues in the days and weeks ahead. The envisioned investigation is to be done jointly by representatives from the authorities, the opposition and the Council of Europe, the continent's leading human rights body.
STATE OF EMERGENCY
Throughout the past few months, concerns were high that the government would declare a state of emergency to give police more powers to deal with the demonstrators. The agreement stipulates that no state of emergency will be imposed, but doesn't state a period for which that ban would be in effect.
THE ORIGINAL ISSUE
The agreement does not address the grievance that set off the protests in the first place -- Yanukovych's shelving of an agreement to deepen ties with the European Union and his decision to turn toward Russia for financial assistance instead. The avid desire of many Ukrainians to step out of Russia's long shadow and become more integrated with the West remains a serious, unresolved issue for Ukraine.
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