Yes, exactly. Putin has already rejected the European version of the plan. The US is still pushing its original version, with some small modifications, on the Ukrainians, but they're sure to reject that.
The problem now is very obvious. Russia has the upper hand on the battlefield, so Putin has zero incentive to accept something *less* than what he (very realistically) can get from fighting on. And he is not just in it for land anymore. Now, he wants a post-partition Ukraine that is effectively subjugated to Russia, where Russia calls the shots in Kiev. Hence, small Ukrainian army size, no military agreements of any kind with anyone unless approved by Russia, Russian language sanctified in the Ukrainian constitution, and an election that Putin can manipulate and get an at least open to deal-making with Russia figure as the new Ukrainian leader. And why not? Putin does hold (almost) all the cards.
But of course the worst actors here are Macron and Merz. They went to Geneva on Sunday and told the Ukrainians to reject everything by selling Zelenskiy false hope. False hope that they will help to save Ukraine from Russia, including even if Trump walks away from the Ukrainians. Macron and Merz are using the Ukrainians as a pawn to be sacrificed to Putin to buy themselves some time to get their heads out of their asses.
Mark my words. If the war drags on, expect Ukraine to be fighting to hold on to Kiev by July or August '26.