Yes, Ukraine is a failed state, but there is not yet a civil war. There is also still a central government, not empty, bullet-ridden halls of government and different warlords trying to install themselves as president. I say there is till time to pull back from the abyss and call a peace conference.

There have been two internationally brokered accords between Ukrainian factions which have not lasted the time it took the ink to dry on them. Why should we expect a "peace conference" to work?

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman