Ukraine's new leaders issued an arrest warrant for Yanukovych, who was impeached on Saturday and is on the run. The charges are linked to recent deadly violence in Kiev.
European officials say the two sides are nearing an agreement that would include reduced presidential powers and early elections in December.
Protesters retook Kiev's Independence Square this morning, driving back riot police in clashes that resulted in at least 22 deaths, mostly protesters.
The EU would have to move fast on sanctions before Ukrainian money is removed from foreign banks and protesters grow even more frustrated with the pace of EU support.
Conditions attached to the offer could place Ukraine once again at the center of tug-a-war between the West and Russia.