Whilst the Ukrainians have desperately fought tooth and nail, Russia is the better resourced aggressor and is likely to win the war.
If there is any merit in the peace talks (that’s a big if), this is only due to the response of the West and the substantial economic sanctions against Russia. Meanwhile Zelensky is strategically offering to sacrifice NATO membership as a sop to Putin, a way of allowing Putin to save face and to let him claim that he’s ‘won’. But this would mean nothing without the significance and leverage of those sanctions and the fact that Putin now has trouble accessing his ~$500 billion in foreign exchange reserves. It is only the sanctions that may have nudged him to the table.
Though in my current depressed mood, I can’t see him accepting anything less than total annexation of Ukraine and the crushing of any resistance along with a public execution of zelensky. He is so clearly narcissistic that anything less would be anathema to him now.