Russian analyst Tatyana Stanovaya said Putin's plan was a series of “maximalist” demands that did not provide timely concessions to devalue them before peace talks began.
Prime Minister Zelenskyy will attend a summit near Lake Lucerne on Saturday, where he will hope to show he still has broad international support.
The Swiss government said the goal of the summit was “to provide a forum for world leaders to discuss a path toward a just and lasting peace in Ukraine based on international law and the United Nations Charter.”
Other attendees will include U.S. Vice President Kamala Harris, French President Emmanuel Macron, German Chancellor Olaf Scholz, Italian Prime Minister Giorgia Meloni and European Commission President Ursula von der Leyen.
Russia was not invited and China said it would not attend without Russia's presence.
The peace summit came after G7 leaders agreed to use interest in frozen Russian assets to help Ukraine fight Russian aggressors.
Some $325 billion (£256 billion) worth of assets have been frozen by G7 countries and the EU following Russia's full-scale invasion of Ukraine in February 2022. The pot of assets is generating about $3 billion a year in interest.
According to the G7 plan, this $3 billion will be used to repay annual interest on $50 billion in loans for Ukrainian nationals exported to international markets.
The money is not expected to arrive until the end of the year, but is seen as a long-term solution to support Ukraine's war effort and economy.
Separately from the G7 summit, the United States and Ukraine also signed a 10-year bilateral security agreement that Kiev praised as “historic.”
