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I will believe when I see the withdrawal of Ukrainian troops, and no more shelling of any kind. The problem for Kiev is that Donbass produces more than 25% of the Ukraines GDP. Without the Donbass, the rest of the country will fail, and no IMF loans for the Oligarchic criminals. Personally, I think it is just another Nuland/CIA fakeout, designed to make Russia look bad.
Wikipedia notes that, as of May 20th, the United Nations has not yet received any formal delegation from Lugansk etc. declaring statehood and asking to be recognized officially as a country.
Although this would complicate things substantially, vs. the eventual stable solution of a Federation, it should be weighed strategically. I guess it would turn the current illegal intra-country war crimes into perfectly ordinary inter-country aggression. Russia might think about raising the possibility of playing this card, one way or another.