They would recognize Crimea and all four partially occupied oblasts as Russian. They would support the annexation of additional oblasts that Russia claims belong to "Novorossia".
Freezing the conflict is NOT what Russia wants right now.
If one is extremely cynical, one could claim that the recent actions are a signal to Moscow to hurry up and finish the business in Donetsk/Zaphorizia so that a stable peace deal can be achieved instead of leaving things open yet again.
I'm not that cynical yet and think that Trump indeed attempts to extort a lend-and-lease deal of the same sort that the U.S. imposed on Britain in WW2.