[Vigilanteman]

The only long term agreement I could see to save face for both sides is three pronged:

1. Ukraine agrees to territorial autonomy or some sort of semi-independent status for the Donbass and other regions with an ethnic Russian majority.
   
2. Russia agrees to provide these regions plus the rest of the Ukraine with massive amounts of natural gas as war repairations (though they would have to find some other term) for a period of no less than 25 years; the longer the better.
   
3. At the end of that period and every five years thereafter, the demilitarized semi-independent regions vote on three options:
   
   1. Annexation by Russia
      
   2. Annexation by Ukraine
      
   3. Continuance of the semi-independent status which would also continue if Annexation by either country fails to get a clear majority or even super-majority (60% or more) of the vote. Such an arrangement incentives both countries to treat these regions gently.

[Reily]

I third party would have to monitor the elections. Who would both sides trust? The UN?