In pictures: Ukraine - Russia ceasefire deal

Despite the requirement of an "immediate bilateral ceasefire," fresh clashes have erupted and a woman was reportedly killed in the government-held port city of Mariupol since the ceasefire was signed. The truce will also be monitored and verifed by the Organization of Security and Cooperation in Europe (OSCE).

Fragmenting power will allow for temporary, local self-government in the areas of Donetsk and Lugansk in eastern Ukraine under a "special status" law. Eastern Ukraine has seen the worst of the conflict since Russia annexed Crimea in February.

The protocal calls for all prisoners and illegally detained people to be released immediately. Ukraine officials said nearly 700 of their soldiers had been taken prisoner since the pro-Russian rebel offensive began.

A law will be passed to legislate for the prosecution of people for certain incidents in the Donetsk and Lugansk regions. Illegal armed groups, military hardware, and all fighters and mercenaries will also be removed from Ukrainian territory.

In a bid to ensure the success of the truce, inclusive national dialogues will continue. The aim is to widen participation in political transition beyond the country's political and military elites.

In order to allow for decentralization of power in the areas of Donetsk and Lugansk, snap local elections will be held. Measures must also be taken to improve the humanitarian situation in the Donbass region.

A program will also be adopted to aid the economic revival of the Donbass region and to boost activity in the area. Speaking last month, Ukrainian Prime Minister Arseniy Yatsenyuk said that rebuilding the Donbass will cost "not millions but billions of hryvnia."