He agreed to early elections and to surrender some of his powers after 77 people were killed as a geopolitical tug-of-war over whether Ukraine should embrace the West or Russia turned violent this week.
Yanukovych said he offered the concessions to "restore peace and to avoid further victims of the stand-off" and addressed his statement to "compatriots."
The deal states that:
Within 48 hours Ukraine must revert to its 2004 constitution, meaning some of Yanukovych's powers will be given to the parliament.
This was passed by lawmakers shortly after the deal was finalized.
A coalition government will be formed in the next 10 days and presidential elections will be brought forward from March 2015 until no later than December.
Illegal weapons must be handed in and there will also be an investigation into the deadly violence that has dominated Kiev this week.
The agreement was signed by the three main opposition leaders, including former boxing star Vitali Klitschko. However, it was almost immediately rejected by the extremist Right Sector party, which has been blamed for much of the civilian violence since protests in Kiev's Independence Square began in November.
"We are inclined to consider Yanukovych’s statement as another whitewash," Right Sector said in a statement. "National revolution continues."
Read more: http://www.nbcnews.com/storyline/ukraine-crisis/ukraine-president-backs-down-signs-peace-pact-protesters-n35171
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