What do you think?
I think it smells of bullshit because if he was actually trying to protect people he wouldn't have done it this way and there would be evidence of the problem he claims to be solving. The Russian actions have engendered a chaotic conflict. He hasn't been transparent with the Ukrainian government. That just makes it impossible to defuse the conflict and ensures that there be tons of fog of war that gets civilians killed. Maybe you want to say that "The West" would have pissed in the well but Putin never gave them the chance. He started a civil war before even trying to protect civilians. The worst possible thing that could happen for a civilian population in the modern era is a civil war. Long grinding conflicts are what encourage partisan massacres and retaliation.
And like UR pointed out, where's the evidence of oppression of Russian civilians? Most Russian civilians are in territory firmly held by the Ukrainian government. Russian civilians aren't fleeing these areas in terror. There isn't ethnic cleansing. Given that this is supposedly an ethnic civil war we would expect much, much, much worse. We wouldn't expect complaints about changes in the language laws, we would expect mobs going through neighborhoods burning homes and looting shops or dragging corpses through the streets.
In a nutshell, chaos is the danger that the humanitarian seeks to avoid in war and the only chaos we see here wouldn't have occured without Russian action. Maybe someone would want to justify that Russian intervention was necessary for other reasons. However it's very clear that Russia wasn't forced to intervene to protect the civilian population, the civilian population would have been far, far safer without Russian actions.