Russia is not backing out after all. A country with huge potential and massive industrial base at the end of the USSR. Now Russia is a rogue petro-state, run by cartels, where political opponents are poisoned. Neighboring states(not in NATO) are attacked and annexed. The irony is that those countries on its periphery that are not in NATO, like Finland might actually look in that direction.
Putin's real fear is not Ukraine joining NATO(NATO has never seriously considered accepting Ukraine), but rather Ukraine doing better than Russia as it looks west. He has nothing left to sell his people
Here is a trending take on it by Kenya at the UNSC.