How would Ukraine fit in the Union of Sovereign States if this happened?

In 1991, many republics of the Soviet Union expressed interest in recreating the union into a new federation of sovereign states, where things such the army and foreign policy would be United and agreed on.
While it did express interest in joining the new union of sovereign states, Ukraine created a declaration that their laws and customs would be placed higher than that of the new union. And if they were to join the new union, they would want this declaration be made into law.

But at first glance, it seems that this document expresses independence more that just sovereignty. What if the New Union was made and this document was made into law? What would Ukraine be like?
 
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