Having buffer countries with no nato is what got us into this mess. Checkmate if russia invate nato or nato invade russia, it makes and keeps the buffer countries weak and easy to invade (unless putin signs that it’s sovereign and non-russian territory) just as we've seen before. During an invasion “its an internal russia issue” line gets trotted out thus becomes a russia-nato checkmate.
Russia is simply attempting to dictate the rules and stall. Paused it will regroup and seek to continue where it left off. maybe in few years time.
It’s almost impossible to trust him as a leader given the demonstration of his respect for any agreement. I suspect that putin is also hoping the terms sow dissatisfaction over the next 5 years.
Xi has basically said “behave yourselves” to russia, belarus and ukraine.
I think Putin is realising the clock is ticking - he might not be keen to put things off even 5 let alone more years.