If I'm Big Z...
The first bit is laughable, Russia only occupies small swaths in these 3 areas near Kharkiv. But at least it shows Russia is willing to Concede something. To get the rest of Donbas in exchange is wildly unfair (but, ya know, life and especially war isn't fair)
In Skyrim terms this is Stormcloaks giving up Riften to gain Morthal. <_<
Fair enough, these lines haven't moved in years and the river seems to make it too risky for either side to even try anymore. But still, this isn't a concession, the deal hasn't been swayed my direction by this because I don't believe Russia can cross the river even if it wanted to without massive casualties it isn't prepared to sustain.
See now this is the tough one. If Russia does not plan on launching another land grab invasion, what difference does it make if the now greatly diminished Ukraine joins NATO? Wind down the military, sure, that's kind of implied by ending the war and thus ending mobilization.
This last part must be trolling. China may or may not support Russia in this mediation, but it sure as shit does not support the West and represents a glaringly obvious bias. I'd feel better if it was America under Trump - though a NATO country, is the one that doesn't need permission to wag its power around and its current leader benefits enormously from a clean mediation and peace agreement.
Consider it in terms of how much is being conceded by each side.
The lands in the Donbas are more than what Russia is offering, that's for sure. But its also lands it looks like Russia will inevitably conquer in a few months/years, versus land being given up by Russia that Ukraine can't retake.
Conceding NATO aspirations and military armament and having unaligned peacekeepers is a concession of sovereignty, but not of livelihood. As long as the peace is kept, Ukraine doesn't lose anything- their only loss is unrealized risk, the risk of further warfare and invasion. Which has to be weighed against the war they are already in, and whether a peace can actually hold.