It's not a question of possibility, but rather probability.
In theory, of course it's possible for Russia to re-integrate into a rule-based world order. But it is contingent on several factors:
Succession principle: Russia currently does not have a stable succession principle, which means Putin's death will lead to a bloody and violent power struggle. Whoever emerges as the next leader will be a dictator, and the cycle continues. Russia cannot break free from this cycle until it develops a stable, democratic succession principle. It's not clear how it can get to that point given where we are now.
Corruption: Corruption is a feature, not a bug in the Russian system. This means that a democratic transition will be difficult since Russia has to rebuild its administration from scratch. The Yeltsin years was marked with disappointment towards democracy due to mismanagement and internal chaos. If people get fed up with democracy they will revert back to authoritarian rule again just as they did with Putin. Whoever becomes Russia's democratic leader has their work cut out, and it's not clear whether they can even succeed.
Renewable energy transition: Russia's current economy relies heavily on gas export, which means stopping gas extraction will spell economic collapse. This is critical because if Russia is to re-integrate into rule-based world order, it has to be a democracy, but to be a demcoracy means facing the hard question of climate change and energy transition. It's not clear at all whether even a demcocratic Russia has the ability to make this leap, the easier path may just be going back to the authoritarian model and sedate your population with propaganda detached from reality.
The most consequential thing that the European Union did recently is cutting itself from Russian gas. While it has manifested in the form of a painful cost-of-living crisis, it is backing Russia into an existential corner, and creating the necessary condition for Russia to consider democratic transition.
Once Russia no longer has an easy revenue stream from fossil fuel, it would be forced to turn to its own people as a source of revenue (i.e. taxes). But to tax your people you need a functional administration / economy, and to do that you need to reduce corruption, and to do that you need a more decentralized power structure (i.e. something that resembles democracy).
The truth is empires don't transition to democracy until they have to. It's entirely possible that Russia could come out of the Ukraine experience and think the problem is not that emprie is untenable, but that they just don't have enough empire (they've arrived at this juncture many times). We just have to wait and see.