I think Biden and the European leaders have two goals: first to stop Russia from acquiring any more of land in Ukraine and second, to avoid a larger war. That makes this a long, long war of attrition that has the goal of making this war cost the Russia state and Russian people much more than that acquisition of Ukrainian land is worth.
Since Putin has violated all relevant international laws and treaties by invading Ukraine, there is no rational basis for believing any new agreement signed by Putin would survive, so barring a massive change in popular sentiment in the US and Europe, which doesn't seem likely at this point, I don't see any possibility of any agreement until after a complete Russian withdrawal from Occupied Ukraine.