Aiming to defuse the latest crisis, Yanukovych had called earlier Tuesday for the release of the demonstrators previously arrested in the protests and vowed that Ukraine is still interested in integrating with Europe.
Yatsenyuk told demonstrators at the square that the protest leaders were still insisting on their key demands: that Yanukovych dismiss the government, appoint a new one committed to signing an association agreement with the EU, release all the arrested protesters, and punish police who beat peaceful demonstrators.
Riot police have twice previously dispersed demonstrators with clubs and tear gas, beating some severely enough to send them to intensive care.
Tim Ash, an emerging markets analyst with Standard Bank in London, said that Yanukovych's decision to use force against demonstrators on Wednesday would only escalate the crisis.
“The result of today's actions will be an even more confrontational situation on the ground,” Ash said.
“The opposition will dig in even more, demanding real changes in the administration.”
The crisis was deepened by Ukraine's troubled finances.
The economy is teetering on the brink of default and Yanukovych has been scrambling to get funding either from the International Monetary Fund or From Russia.
