This looks to me like a fair and equitable basis for negotiations. It really amounts to exactly what the Russians wanted before the invasion, namely a commitment to not allowing Ukraine into NATO and the semi-autonomy of the Donbas and the full implementation of the Minsk 2 accords. The failure of Ukraine and the US to agree to these points is what precipitated the invasion. It would have been much better, obviously, if all this had been done before Feb. 24, but better late than never.
Let us watch closely how the various governments respond; ignoring them should not be an option!