Madrid, March 5 (IANS): Russian Foreign Minister Sergei Lavrov Wednesday said the agreement signed Feb 21 between ousted Ukrainian president Viktor Yanukovych and the opposition must be respected as it was the way out of the crisis in Ukraine.

Lavrov made this statement while speaking about the position of the Russian government in the crisis-stricken Ukraine at a press conference here held jointly with his Spanish counterpart, Jose Manuel Garcia-Margallo, Xinhua reported.

He highlighted that the Feb 21 agreement must be respected because it was a way out of the current crisis in Ukraine. He also added that it was necessary "to be honest" with the terms included in the agreement.

The agreement between Viktor Yanukovych and the three main opposition leaders announced early elections and the reduction of presidential powers.

It called for constitutional amendments in order to reduce the power of the president, the formation of a national unity government within 10 days and early elections this year.

During his two-day visit to Spain, Lavrov met EU foreign policy chief Catherine Ashton Tuesday.