(Not in any particular order or precedence.)
1. Ukraine promises not to join NATO and pledges neutrality. But Ukraine gets to join the EU if she and EU wish it.
2. Russia removes her forces from all Ukrainian territory.
3. Ukraine does NOT disarm. THAT is out of the question considering the events of the last month. Ukraine will not allow foreign forces on her soil, except for small units to train her own people in the use of purchased and donated weapons.
4.Ukraine gets Crimea and the Black Sea coast ports back. That is Ukraine’s gate to world trade, it is not negotiable.
5. Russia gets to keep the Donbas.
6. Russia pays Ukraine reparations, in oil. Selling the oil to Europe will help reconstruct the war damage. The amount can be negotiated.
7. Both sides can negotiate a demilitarized zone along their border. This may not stop future conflict, but it will give plenty of warning the next time. Ukraine can pledge a ban on all offensive weapons, but she will not give up defensive arms (Anti-aircraft missiles and radars, jet interceptor bases, etc.). That’s pretty much what she had in place when this all started anyway, so neither side suffers a tactical disadvantage.
If Russia cheats on withdrawals or reparations, Ukraine can quickly join with NATO, or even invite NATO forces to help her defend the territory. If Ukraine cheats on NATO and/or neutrality, or starts moving in offensive weaponry, Russia can halt her oil reparations at any time.
This gives Putin an out, he gets to save face, but his expansionist dreams with Ukraine are over. Ukraine has to give up the Donbas, but I have a feeling that’s a lost cause anyway.
Both sides have every incentive to stop the war, Ukraine gets to stop her country and people from getting trashed. Putin gets to dodge sanctions, and save his once-great army from further losses and humiliation. Both sides are spending a fortune every second this war continues. Fighting costs money. Lots of it.
Actually, Russia should get nothing at all, but practically, without some incentives for Putin, this war will continue indefinitely and world peace will eventually suffer. So Ukrainian neutrality and the Donbas will be his prize. Which he pretty much already had last month anyway.
Essentially, Ukraine will become a buffer state between Russia and NATO, like Sweden or Finland are today. Without offensive capability, t will be no threat to Russia, but it will be armed to the teeth defensively. It will preserve the status quo. Now that Sweden and Finland have dropped all pretense of neutrality, its a small price for the West to have to pay.
Russia, of course, will declare this to be totally unacceptable. But as long as the Ukrainians are willing to fight and absorb casualties, and as long as the West continues pouring in arms, money and sanctions, Russia will find it easier and easier to deal.