Carrot and stick-approach in the sense that makes it clear that if Russian troups withdraw from any area administered by Ukraine on 23 February 2022 the new sanctions get lifted immediately.
At the same time, mobilize enough to make any excursion into NATO or the EU impossible. Not that I personally believe Russia's goals really extend further than Belarus and Ukraine for now. The only NATO zone at risk would be the land strip in Poland and Lithuania separating Belarus and Kaliningrad. Otherwise I don't see any real incentive for the Russian government to want more at the moment.
Speedily admit the Romanian-speaking part of Moldova to NATO. Make clear that Transnistria is neutral territory and not covered by Article 5 to avoid provocation. If Moldova so chooses, encourage Romania to absorb it into the country to automatically become part of EU and NATO under a UK-like arrangement of domestic countries, which is quite a popular idea (Romanian reunification).
Offer a settlement over the status of Crimea (such as free rights of residence for Ukrainians, making Ukrainian co-official) in exchange for Russia withdrawing support for the Donetsk and Luhansk rebellions. I'm not saying recognition of Crimea as part of Russia since it will be disputed territory for the rest of our lifetimes, but offer to mend its pariah status if Russia withdraw troops from elsewhere and remove sanctions from the peninsula if that happens.
Offer to make Crimea a visa-free travel zone under Ukrainian treaties with the EU if troops withdraw from mainland Ukraine. This would be in exchange for Russian citizens living in Crimea being able to get easier access to the EU more so than mainland Russians. Only applicable if the military withdrawal conditions are met. That's since we observe that Crimea is legally part of Ukraine so we extend favours also to local Russian citizens, which would be appealing to the locals. In turn that goodwill gesture could make Putin think twice about proceeding. Making Crimea a proper riviera and an international tourist destination means $$$$ and that's what the Russian government likes. Its summer weather is a lot drier than Sochi so has unparalleled tourism potential in the Russian-speaking world. My ultimate wish would be to solve the situation via Crimean independence as a third country but that's a long way off.
Offer a demilitarized border between the countries similar to in Korea, extend it to all of Donbass under the condition that Russia unequivocally recognizes the territory as Ukrainian.
Fund a border fence between Ukraine and Belarus to make military interventions from the north impossible.
Continue offering Russian citizens access to travel and cultural exchanges in the western world. Maintain diplomatic relations at all times. Make it crystal clear that all territories of the Russian Federation before 2014 are legitimate territories and that we never have any intention of disrupting their sovereign country.
Try and draw wedges between Russia and China and hint at future cooperation if there's a military withdrawal and respect for Ukrainian sovereignity.
Focus sanctions solely on government figures.
Additionally, give the Ukrainian army the tools they need to defend their territory while waiting for Russia to give in to the pressure put on it. They do it very well at this point and eventually I believe they'll take Kherson back.
I really like cheese either way and if it's radioactive that's tomorrow's problem
I doubt Putin would be too interested in these proposals now, but in a few months time that may well be very different. Having these terms on the table would likely appeal more to an eventual successor willing to normalize relations with the US and Europe if it meant a wealthier Russia in return.
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