I believe what will happen is this:
- Crimea ceded to Russia.
- The "republics" get autonomy within Ukraine (so practically can do whatever the fuck they want, while being technically Ukraine).
- Ukraine will guarantee it won't join NATO (not like NATO will let it in any time next decade anyway).
- EU demand will get off the table.
- PM nonsense will get off the table.
IMO, it's the least bad option for Ukraine given the situation.
Then maybe down the road there will be some talk of Russian reparations in return for sanctions reduction.