Zelensky says Ukraine won't give up territory to end war with Russia
lite.cnn.com
lite.cnn.com
https://en.m.wikipedia.org/wiki/Russian_war_crimes
..it is very hard to imagine any way that a durable peace treaty could be concluded with the current Russian administration.
So maybe there won't be a formal peace treaty but at some point fighting will stop and both sides will hang on to what they have.
High level, Russia’s days as a superpower are over. People will continue to flee (~200k highly skilled Russians have fled the country, several million more Ukrainians as well), and the world will accelerate the transition off of oil to not be beholden to Russian petroleum.
For instance, as far as I know all is fine and quiet in Crimea, and as I wrote in my previous comment even if Ukraine does not officially accept the situation, in practice the border has moved since 2014 and no-one fights.
So we'll need to wait and see how the situation stabilises and which territories Russia can grab and decides to hold on to.
It's no unusual for armed conflicts to end that way, with an armistice.