Fires continued to burn in Kiev overnight Wednesday- but a respite may be on the way.

A statement on the government's website late Wednesday said Ukrainian President Viktor Yanukovich and opposition leaders have agreed to a truce and to the start of negotiations with the aim of ending the bloodshed.

The opposition later released a video saying they had called off a planned assault on Independence Square.

The agreement comes after a day of calls by world leaders to end the violence or face severe sanctions.

German Chancellor Angela Merkel, along with French President Francois Hollande and European Commission President Jose Manuel Barroso held a news conference to discuss earlier conversations they had with Yanukovich.

(SOUNDBITE) (French) EUROPEAN COMMISSION PRESIDENT JOSE MANUEL BARROSO, SAYING:

I told him that in a Europe that remains open to the idea of developing the relations with Ukraine there will be consequences, in particular for those who ha