Peace talks are a non-starter at the moment, given that Putin's condition will be that all Ukrainian territory in Russian control is ceded to Russia. There is also the complication that 4 oblasts in the war zone have been annexed by Russia. I do not think that Russia can legally give away parts of itself to another country.
Back in the Iran-Iraq war, both Saddam Hussein and Khomeini insisted on :
- Capitulation of the Islamic Republic (Iraq)
- Fall of the Baathist Republic (Iran)
Yet in 1982 and 1988, both sides eventually dropped demand due to situations on the ground, for Iraq, they dropped the demand after suffering defeat at Khorramshahr (1982), and for Iran, they eventually accepted peace after defeat at the Faw Peninsula (1988).
Putin as a statesman should know when and where to fight, does the situation permits him to continue, or whether does situation necessitates him to freeze conflict. The problem with continuing the war is simple, very high cost for very little gain.
Peace doesn't necessarily mean ending the war, the two Koreas for example, are technically still at war since hostility erupted in 1950. DPRK still insisted that they are the legit Korea and all of the Peninsula rightly belongs to them, vice versa applies to the ROK.
