From the Independent:

The Independent can reveal that the peace plan, being worked on by both Angela Merkel and Vladimir Putin, hinges on two main ambitions: stabilising the borders of Ukraine and providing the financially troubled country with a strong economic boost, particularly a new energy agreement ensuring security of gas supplies.

More controversially, if Ms Merkel’s deal were to be acceptable to the Russians, the international community would need to recognise Crimea’s independence and its annexation by Russia, a move that some members of the United Nations might find difficult to stomach.
The incident with the Malaysian flight stalled the negotiations. Also - the Crimean events remind me in some way of the U.S. annexation of Texas. Just a thought.

Anyway, seems like the Germans are the only ones offering a solution that restores functional political relationships and doesn't involve killing more people. Fancy that.