Yanukovich also said he will start the process of creating a national unity government.

The government and the opposition leaders have been negotiating a deal throughout the night, following two days of violence that has seen 80 people killed.

The Ukrainian constitution of 2004 limits the powers of the president and gives more authority to the parliament.

“I declare the initiation of early presidential elections. I also invoke a return to the Constitution of 2004 with the redistribution of powers in the direction of a parliamentary republic,” says the official statement on the presidential website.

“I summon to begin formation of the government of national trust,” declared the Ukrainian president.

Earlier the Ukrainian LB.ua news outlet published the main details of the draft peace agreement between the Ukrainian authorities and the united opposition. The conciliation agreement was discussed yesterday by leaders of the united opposition and President Viktor Yanukovich.

The document specifies the major steps needed to be taken towards national reconciliation.

First and foremost it declares that the “constitutional takeover” of 2010 must be eliminated within 24 hours and the previous variant of the constitution adopted in 2004 must be returned. The document considers it necessary to “polish up” the 2004 constitution designed for the transition of Ukraine from a presidential form of government to a parliamentary one.

Formation of a new coalition government must be fulfilled within 10 days.

Official Kiev must undertake an obligation to conduct a joint investigation together with the EU of the “crimes against peaceful civilians” in downtown Kiev in December 2013 – February 2014 that took the lives of approximately 80 people.

DETAILS TO FOLLOW