Of note, this line:

Putin used his speech not only to announce recognition of the separatist republics but to make a broader argument that Ukraine is not truly a separate country from Russia, that the West is responsible for this standoff, and that Ukraine will bear responsibility for any "future bloodletting."

For people who have dismissed accusations that Russia building an excuse for war, is this not at least ominous? This is the final sentence from the Kremlin's transcript:

That raises another question: why was it necessary to make such generous gifts, beyond the wildest dreams of the most zealous nationalists and, on top of all that, give the republics the right to secede from the unified state without any conditions?

Reading over his speech, it's hard to see him as viewing Ukraine with its own will. Instead, it is merely a breakaway nation that should be subject to Russia's will.