Putin is willing to make a deal with Trump in which he cedes invaded land that he doesn’t actually control?
That might work for him, at least until Russia can build up a few new tanks and artillery units. More likely they make all kinds of outrageous claims and when Ukraine (rightfully) rejects them Russia can claim that Ukraine doesn't want peace.
Or the fools hope option: Cracks in Russia start to show. Money is tight, there's no workforce, no resources to cover up any kind of losses on the battlefield and so on, so they're starting to push on whatever peace treaty they can before the whole country collapses.
Well, that is also a possibility, but the end result doesn't change. Either way it's possible to spin that so Ukraine would look bad. In the normal sensible world that wouldn't fly, but with the global circus we're experiencing it seems like anything goes.