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I've seen some stupid takes on what Russia and Ukraine should negotiate about. So let's write about that.
Appropriate points for negotiations are:
(1) Russian armed forces withdraw from Ukraine's territory (as of 2013) within 7 days
(2) Russia recognises the internationally recognised borders of Ukraine (as of 2013)
(3) Russia hands over all minefield maps regarding the Ukrainian territory
(4) All persons who UKR considers to be POW in Russian hands have to be repatriated within 14 days.
(5) All UKR-identified abducted children have to be repatriated within 14 days of UKR demanding it (could be years later)
(6) Russia has to pay reparations equal to UKR loss of GDP relative to trend path PLUS Ukrainian increases of military spending during invasion 2014 - date of peace treaty relative to 2013 military budget PLUS 200 billion € (for damage done)
(7) Russia has to withdraw all armed personnel from Moldova (Transnistria)
Further appropriate (though not necessary) points for negotiations are:
(8) Destruction of the Tu-160, Tu-95 and Tu-22M bombers save for a handful thoroughly demilitarised museum pieces
(9) Demilitarisation of the Russian oblast bordering on Ukraine
(10) Russia recognising the sovereignty and internationally recognised borders of all other CIS countries
(11) Payment of reparations through transfer of seized Russian assets abroad, in USD/EUR/JPY/CHF in annual (inflation correcting) rates for the next 30 years, ten years of steady natural gas deliveries in yearly amount of Ukraine's consumption in 2013 valued at the price it paid for Russian gas in 2013 (no inflation correction)
(12) Russia accepts that the treaty about Russian use of Sevastopol for its navy is voided
(13) Russia recognises the Holodomor genocide committed by the Soviet government (capital Moscow) against the Ukrainian people
(14) Russia permits all ethnic Ukrainians and Tatars to move to Ukraine including their wealth
(15) Russia accepts repatriation of all voluntary Russian passport holders in Ukraine
Nice to have:
(16) Demilitarisation of Kaliningrad Oblast
(17) Ban on Russian warships in the Black Sea
(18) Russian withdrawal of armed Personnel from Georgia (Abkhazia, South Ossetia)
(19) Russia returns all captured heavy equipment to Ukraine (to avoid war propaganda shows)
(20) Russia is banned from having airborne ground forces
(21) Russia is banned from having surface target missiles of 100...5.000 km range for 25 years
(22) Russia reimburses the foreign countries who assisted Ukraine for their deliveries to Ukraine (not for domestic capacity building)
(23) Russia reimburses the foreign countries who had expenses for war refugees due to this war
(24) Russia joins the cluster ban convention (destruction of all covered cluster munitions within 6 months) and permits international inspections to verify its compliance with it
Ukrainian bargaining chips are:
(1) occupied Kursk Oblast territory (though it's of symbolic size)
(2) whether, when and which sanctions of Russia end
(3) when Russian POWs will be released
(4) continuing attacks to collapse the Russian economy (especially attacks on and sabotage of oil refineries)
(5) threat of advance on the ground
(6) threat of commerce raiding Russian maritime commerce with auxiliary cruisers with European help
Acceptable locations for the negotiations: Switzerland, Ukraine
War losers don't gain territory or reparations.
Aggressors should not be rewarded with territory or reparations.
The Russian Federation is both aggressor and (soon) loser in this war.
Framing the conversation matters. It's irresponsible to let Russians or American idiots frame the discussion on how a peace settlement should look like.