Ukrainian President Viktor Yanukovych has agreed to a truce with the opposition.

This comes amid another tense night in the Ukrainian capital, Kiev, as protesters continue to occupy Independence Square after a series of bloody battles this week which have left over two dozen people dead.

Casualty figures from the deadly clashes which first erupted Tuesday now stand at 26 dead and over 600-others injured, including close to 350-police officers and over 250-protesters.

Yanukovych has already sacked the head of the armed forces in the fallout from the violence.

This comes as speculation continues to fester that the armed forces could be deployed for the first time since the protests began some 3-months ago.

Massive fighting broke out Tuesday afternoon after riot police in Kiev moved in to try to clear Independence Square.

Yanukovych has since ordered the authorities to back down for the time being.

The deadly clashes have drawn sharp reactions from world powers.

Martin Nesirky is a spokesperson for UN Secretary General Ban Ki-moon.

"The use of force that we've seen from both sides is clearly excessive and has no place in an ancient European capital of Kiev. It is something that seems inexplicable at this point."

The Chinese government has also offered its thoughts on the situation.

Chinese foreign minitry spokesperson Hua Chunying.

"China has been paying close attention to the situation in Ukraine. We think the casualties caused by the current conflict are regrettable. We hope the various parties involved will consider the larger national interests and restore order via dialogue and negotiation as soon as possible. We think the international community should play a constructive role in this matter."

The United States and a number of EU countries are now talking about possible sanctions against the Yanukovych government.

For more on the situation in Ukraine, we spoke earlier with journalist Andre Koulikov who is based in Kiev.

Journalist Andre Koulikov based in Ukraine's capital, Kiev.