Two years of war against a superior enemy have weakened the military and worn out the soldiers. Ukraine can muster around 800,000 soldiers against the 1.3 million Russia has at its disposal.
Russia has twice as much money available for rearmament as Ukraine. The arms race cannot be won without massive Western support. At the negotiating table, Russia will never be willing to give up territory occupied by Russia. U.S. President Joe Biden's strategy, meanwhile, is to maintain Ukraine's defenses until after the presidential election in the hope of weakening Russian forces.