Ukraine would continue to receive arms and economic support from the West and work toward membership in the European Union, but it would formally embrace the neutral status that it adopted after separation from the Soviet Union in 1991. Earlier in the war, Mr. Zelensky himself suggested that Ukrainian neutrality could be part of a peace deal with Russia.

Second — the harder part — Moscow and Kyiv would need to arrive at a territorial settlement. A reasonable starting point for negotiations would be to aim for a Russian withdrawal to the “line of contact” that existed before Russia’s invasion began in February.