The Chinese Proposal Is A Start

You have to start somewhere. An obvious starting point would be to get both Russia and Ukraine to agree on a ceasefire and for Russia to pledge to no longer issue nuclear threats. With that the peace negotiations can begin.

It is not going to be possible for Ukraine to cede any territory, but it could proactively pledge to not join NATO and Russia could pledge to not cross its borders in the future, with China and the US as guarantors for the pledge.

Ukraine could pledge to rearchitect its constitution and have a federal structure and a major devolution of power.

War crimes and destroyed infrastructure and buildings are going to be thorny issues. Instead of making the Russians to pay for it all, the US, China and the EU could help take off some of the load. Bucha asks for judicial action. Some Russian army units might have to face The Hague, or something designed separately and of limited jurisdiction in time.

At that point all sanctions can be lifted.

And the refugees can come home.